It’s typically considered as Nevada’s “different” gaming market, or the little brother to Las Vegas. However Reno-Tahoe is by itself blistering tempo of attracting vacationers this yr. That’s validated by room tax income surging to document ranges within the not too long ago accomplished 2022 fiscal yr.
Harrah’s Lake Tahoe casino-resort. The Reno-Tahoe market is breaking room tax data. (Picture: Twitter)
New knowledge from the Reno-Sparks Conference and Guests Authority (RSCVA) signifies the area, which incorporates Reno, Sparks, and Incline Village are benefiting from greater room charges. But there’s nonetheless work to be achieved when it comes to returning to pre-pandemic occupancy ranges.
Taxable room revenues for the month of June 2022 of $47,554,579 are above June 2019 by $10,525,339 (28.4%). Money occupied room nights of 308,467 are under 2019 by 9,781 (-3.1%). Comp occupied room nights of 70,125 are under 2019 by 6,585 (-8.6%), and 28-day occupied room nights of 90,105 are under 2019 by 31,453 (-25.9%). Whole occupied rooms for the month of June 2022 (Money, Comp, 28-day) are 47,819 (-9.3%) under 2019,” in keeping with the RSCVA.
By June, general occupancy charges in Washoe County are 70.3% in contrast with 70.9% in the identical interval in 2019.
“12 months-to-date money occupied room nights of three,220,884 are (-7.2%) under 2019. Money common charges year-to-date of $141.89 is $26.36 (22.8%) above 2019. 12 months-to-date, complete taxable room revenues of $457,004,892 are $55,847,659 (13.9%) above 2019,” added the RSCVA.
Catalysts for Potential Reno Visitation Improve
Reno-Tahoe won’t ever rival Las Vegas from a gross gaming income (GGR) and general visitation perspective. However there are potential catalysts that might lure extra guests to Northern Nevada.
Notably, Legends Bay On line casino opens in Sparks later this month, marking the area’s first from-the-ground-up built-in resort in 30 years. That venue can even embody a Circa Sports activities sportsbook, that means one of many greatest names in Las Vegas sports activities wagering is making its debut in Northern Nevada.
Legends Bay was conceived 15 years in the past, and has since encountered its share of hurdles. It was initially stymied by the worldwide monetary disaster, which ravaged Nevada’s financial system. That prompted builders to make use of a phased strategy to getting the venue going. Extra not too long ago, the coronavirus pandemic slowed building on the property.
Moreover, Yahoo! not too long ago named Monarch On line casino & Resorts’ Atlantis among the many greatest home casinos. One of many operator’s two venues, Atlantis, is situated in Reno.
Different Constructive Indicators for Reno
Knowledge from the Reno-Tahoe Airport Authority confirms year-to-date arrivals on the Reno-Tahoe Worldwide Airport are simply eclipsing pre-pandemic ranges. This yr, first-quarter passenger site visitors on the airport was 74.2% forward of the identical interval a yr earlier.
New entrants to the market, together with Bally’s and Century Casinos, might allocate capital to sprucing up acquainted venues in Reno-Tahoe. That would doubtlessly luring extra guests to the area within the course of.
Caesars Leisure is the most important operator available in the market with three Reno casinos and Harrah’s and Harveys in Lake Tahoe.
