Las Vegas bustled in 2023 as greater than 40.8 million folks traveled to Southern Nevada.
Vacationers courageous the warmth on a Las Vegas Strip pedestrian overpass on June 29, 2023. Las Vegas welcomed almost 41 million guests final 12 months. (Picture: Las Vegas Evaluate-Journal)
The 2023 visitation quantity represented a 5.2% year-over-year enhance and the town’s finest mark since pre-pandemic 2019 when the on line casino city drew 42.5 million guests. Conference attendance soared 20% to about six million guests.
The all-time excessive for annual guests got here in 2016 when 42.9 million folks ventured to Las Vegas.
Calling 2023 “an epic 12 months,” Steve Hill, the CEO of the Las Vegas Conference and Guests Authority (LVCVA), mentioned the return of main conventions paired with premier occasions just like the inaugural Components One Las Vegas Grand Prix powered the customer haul.
Las Vegas will set one other annual gaming income file when the Nevada Gaming Management Board reveals December and full-year 2023 outcomes this week.
By means of 11 months, statewide gross gaming income (GGR) was greater than $14 billion, simply shy of the $14.84 billion state casinos received in 2022. Clark County, residence to Las Vegas and the Strip, received about $12.8 billion in 2022.
File Room Charges
Enterprise vacationers and well-to-do guests who got here for F1 and different main occasions, similar to NFL soccer allowed Strip casinos to considerably enhance their resort room charges.
Town’s 154,662 visitor rooms went for a mean nightly price of $191.29. That represents a virtually 12% surge from 2022 and set a brand new price file. Strip rooms averaged greater than $204 an evening, a brand new excessive.
Income per obtainable room, a measure of room profitability, jumped virtually 19% on the Strip to $176. Citywide room RevPAR climbed 18% to $160.
Las Vegas rooms have been occupied 79% of the time, 4% larger than within the earlier 12 months. Weekend occupancy climbed 1.4% to 90.7%, whereas midweek benefited from the return of conventions. Midweek occupancy was up virtually 6% to 80.3%.
Harry Reid Worldwide Airport will quickly unveil its December and full-year passenger site visitors numbers. Las Vegas’ major airport was exceedingly busy final 12 months.
By means of November, the airport served greater than 52.8 million arriving and departing passengers, a 9.4% year-over-year enchancment. Worldwide site visitors soared 28%, whereas home journey climbed virtually 9%.
2024 Headwinds
Unemployment stays low, and the inventory market continues to complement financial savings accounts. Nonetheless, there are issues about shopper spending within the 12 months forward. Inflation and bank card debt are two paramount points going through shopper liquidity and the general well being of the U.S. financial system.
Whereas the Las Vegas Strip and downtown casinos rely totally on guests for his or her gaming and resort enterprise, native’ casinos in Clark County cater to residents. And people residents are going through larger rents and mortgages, as Southern Nevada stays a most well-liked vacation spot for Californians to relocate to.
Nevadans are additionally going through a few of the highest grocery prices within the nation. HelpAdvisor, an internet useful resource devoted to aiding customers in receiving federal and state advantages, experiences that Nevada has the second-highest grocery value, behind solely California.
The common family in Nevada spends about $298 every week on groceries. That’s about $40 larger than the nationwide common. Wisconsin is residence to the most affordable groceries at $221 every week.
HelpAdvisor calculates its groceries value primarily based on the Family Pulse Survey performed by the U.S. Census Bureau.
