Casinos in Las Vegas are way above the mark of $1 billion when it comes to monthly wins. The most recent figure of $1.40 billion for July 2023 makes it evident why Las Vegas is a hot destination for entertainment, no matter the conditions. The rise is at the rate of 6.7% in comparison to the previous year. Also, July 2023 is now the 29th month for Las Vegas to stay above the said mark consecutively.
This comes to light during the times when the traffic and number of visitors are dancing up and down. According to the latest casino news, the Las Vegas Convention & Visitors Authority has said that the convention traffic in July was down by a huge margin. Reports claim that the fall was in double-digit percentage; however, the LVCVA has also added that not the entire traffic means that it has tourists on board.
Approximately 3.5 million visitors were noted in the last month. This is an increase of 1% on a YoY basis, but the convention attendance remains down. That was at 16.8% to bring a number of 270,300. July 2022 had 23 conventions. July 2023 brought that down to 17 conventions. The assumption is that this could be a reason for the fall in the number. Fewer events, hence fewer people in town.
Seven months into the current year, the numbers are not doing that bad for conventions. As a matter of fact, they are said to be ahead of the previous year’s pace of 3.5 million.
Kevin Bagger from the LVCVA Research Center has highlighted that the hotel occupancy went up by 1.8% to touch an 85.2% margin. The number for the weekend is rather more amazing, with 92.6% hotel occupancy. While the overall occupancy is somewhere around 85% despite the weekends doing their jobs, it is a lot due to the midweek occupancy structure that has pulled the graph down.
Hotels were occupied only 82.2% of the time during that gap between the weekends. The majority of the days have surpassed the number for the previous year, but we were able to pull the overall score down all alone. The Vice President of the Research Center has further stated that the numbers are actually stabilizing after the drastic effects of the COVID-19 pandemic. The average Daily Room rate was $163, with the Revenue per Available Room being close to $139.
Traffic from Southern California is down. The Nevada Department of Transportation has acknowledged this and said that not every traffic movement reflects the entry of tourists.
Moving forward, experts have pitched authorities to continue investing in developing or improving the infrastructure of Las Vegas. One such personality is Brendan Bussmann from B Global. Brendan has highlighted that reinvestment will help the region in meeting future requirements.
Products by casino operators are indeed getting better in entertaining players. The fact can still not be ignored that the region has to be prepared for what is about to come in the future.