By
Jane Shaw
Senior Editor Updated: 02/07/2024
We count on Jane to inform our readers about the latest slot games in the US market. With her passion for video games and a degree in engineering, she’s our gambling tech expert. Jane’s also active in our blog section, where she tackles the curiosities and changes in the industry.
Las Vegas Casinos
According to recently released figures. Las Vegas has reclaimed its throne as the entertainment capital with a stunning recovery in 2023. Data shows that the city welcomed over 40.8 million visitors, marking a significant 5.2 percent increase from the previous year, and setting the highest record since the pre-pandemic days in 2019, which saw 42.5 million guests.
The Las Vegas Convention and Visitors Authority CEO, Steve Hill, referred to 2023 as an ‘epic year.’ The higher visitor numbers were partly fueled by the return of major conventions and popular events like the inaugural Formula 1 Las Vegas Grand Prix. Data showed that convention attendance alone soared by 20 percent, attracting around six million visitors.
Figures also show that 2016 still holds the all-time high for annual visitors, with 42.9 million. However, 2023’s figures suggest a remarkable rebound for the city’s economy.
One of the factors behind this growth has been the substantial increase in hotel room rates, particularly on the Las Vegas Strip, stemming from business travel and wealthy visitors attending events like F1 races and NFL football.
The average nightly rate for the city’s 154,662 guest rooms rose to a record $191.29, close to a 12 percent increase compared to 2022. Strip rooms saw an average rate of over $204 per night. Revenue per available room on the Strip jumped nearly 19 percent to $176, with the citywide RevPAR climbing 18 percent to $160.
Occupancy rates also saw a boost, with Las Vegas rooms filled 79 percent of the time. This was 4 percent higher than in 2022. Weekend occupancy reached 90.7 percent, a 1.4 percent increase, while midweek occupancy benefited from the return of conventions, rising nearly 6 percent to 80.3 percent.
Harry Reid International Airport, which is the main airport in Las Vegas, experienced a busy year as well. During November, over 52.8 million passengers passed through, marking a 9.4 percent year-on-year increase. This growth included a 28 percent surge in international traffic and almost 9 percent in domestic travel.
Despite these positive figures, 2024 presents some economic challenges. With low unemployment numbers along with other issues, there are concerns about consumer spending in the face of rising inflation and mounting credit card debt.
In a recent report, TransUnion officials stated:
A more cautious consumer may weigh heavily on the gaming industry. Gaming participation in the fourth quarter registered its lowest reading of the year; 24% of consumers said they participated in some kind of betting activity, down from 28% in the previous quarter.
Southern Nevada continues to attract Californians relocating due to its appeal, leading to higher rents and mortgages for locals. Also, Nevada locals are contending with some of the highest grocery prices in the country.
According to HelpAdvisor, which is an online resource for federal and state benefits, Nevada ranks second in terms of grocery costs across the country. The data shows that the average household is spending about $298 per week on groceries, which is around $40 above the national average.
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