As the city of Las Vegas derives a large portion of its revenue from the tourism sector, it has logically been heavily impacted by the international Covid-19 coronavirus pandemic.
While its hotel-casinos have managed to post impressive revenues for around twenty months now, visitor numbers are still struggling to reach pre-global health crisis levels.
However, things are almost back to normal by October 2022. That’s according to the latest figures released recently by the Las Vegas Convention and Visitors Authority (LVCVA).
Only 1% fewer tourists compared to before the health crisis
During October 2022, more than 3.6 million tourists visited Las Vegas, according to the LVCVA. This represents a 7% increase compared to the same period last year and only a 1% decrease compared to October 2019, before the international COVID-19 coronavirus pandemic.
This strong performance is largely due to the improvement in the convention sector. Over 628,000 people traveled to Las Vegas for a convention last month, a 32% increase compared to October 2021. Additionally, several major events were held there, including the When We Were Young music festival, two Raiders home games, and the NASCAR South Point 400 race.
It is also worth noting that hotel occupancy reached 87.7%, which is the highest level since November 2019. This percentage is 6.1% higher than in October 2021 and 2.3% lower than in October 2019.
The average daily rate for a hotel room in Las Vegas reached a record high of $210 per night, representing a 20.8% increase compared to October 2021 and a 55.1% increase compared to October 2019.
Las Vegas visitor numbers expected to decline in 2023 and 2024
The latest figures published by the LVCVA are therefore rather reassuring for the entire tourism sector in Las Vegas, including land-based casinos.
However, a group of economic researchers from the University of Nevada, Las Vegas, estimates that the number of visitors to the city is expected to decline in 2023 and 2024 due to rising inflation and the expected slowdown in the US economy. In fact, they estimate that there will be approximately one million fewer tourists per month in Las Vegas next year than this year.
Between January and October 2022, Las Vegas attracted just under 32.3 million visitors. This compares to approximately 26 million and 35.3 million tourists in the first ten months of 2021 and 2019, respectively.
Laisser un commentaire