Market Report Las Vegas

HVS Report - Las Vegas Casino and Hotel Market Outlook 2014 - By Shannon S. Okada (PDF Download)

Las Vegas is well positioned for growth with major new hotel openings in 2014. New gaming, arena, convention, and entertainment developments are also part of the city’s evolution and will define Las Vegas' future landscape.
Las Vegas at night
HVS Report - Las Vegas Casino and Hotel Market Outlook 2014

HVS Las Vegas is well positioned for growth with the openings of SLS Las Vegas, Delano Las Vegas, The LINQ, and The Cromwellin 2014. The Las Vegas Convention and Visitors Authority’s plans for the Global Business District, Genting’s Resorts World Las Vegas development, and MGM-AEG’s 20,000-seat arena are all part of the city’s evolution that will define Las Vegas' future competitive landscape as a destination. The market also benefits from the growth in baccarat revenue, which is an off-shoot of operators leveraging Asian marketing opportunities.

 

TOURISM

Las Vegas continues to enjoy high tourism levels year- round, with 39.7 million people visiting the city in 2013. Visitation in the first four months of 2014 compared to 2013 continues to trend upwards; the growth in total visitors YTD April 2014 was up 4.8%. The Las Vegas Convention and Visitors Authority (“LVCVA”) reported nearly 3.7 million visitors in March 2014, which was the highest total ever recorded in one month. Convention attendance in particular boosted that monthly total. Given the year’s strong start, the Las Vegas market is on track to break the 40 million visitor mark in 2014. The new resorts and attractions opening this year will induce additional demand and visitation as people continue to seek out new and unique experiences found only in Las Vegas.

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