Shannon Okada
HVS Las Vegas Casino and Hotel Market Outlook 2024
Shannon S. Okada | April 16, 2024
By Shannon S. Okada Las Vegas continues to evolve, with billions of dollars being spent on the development of new world-class venues in recent years. The market hosted 40.8 million visitors in 2023, exceeding the 40.0 million visitor threshold for the first time since 2019. Gaming revenue for Clark County in 2023 was $13.5 billion, which set a market record for the second straight year. In 2023, occupied room nights, as well as total occupancy (83.5%), continued to lag 2019 performance; however, like gaming revenue, the market’s ADR ($191.29) and RevPAR ($159.73) for 2023 reached record levels for the second year in a row. As Las Vegas l...
HVS Las Vegas Casino and Hotel Market Outlook 2022
Shannon S. Okada | March 7, 2022
By Shannon Okada The number of visitors to Las Vegas exceeded 32.2 million in 2021, which was 10.7 million below the peak number of visitors in 2016. However, gaming revenue in Clark County in 2021 was $11.5 billion, which was approximately $600 million above the prior peak achieved in 2007. Occupied rooms in Las Vegas grew 70.7% in 2021, compared to 2020, from 21.2 million to 36.2 million; total occupancy for the year was 66.8%. Although the number of occupied rooms in 2021 was still 25.1% below that of 2019, ADR for the market in 2021 was a record-setting $137, and total RevPAR was $92. The impact of the COVID-19 pandemic on th...
HVS Las Vegas Casino & Hotel Market Outlook 2021 Mid-Year Update
Shannon S. Okada | September 2, 2021
By Shannon Okada The Las Vegas market benefited from pent-up demand, government stimulus checks, limited international travel options, increased vaccination rates, and the easing of COVID-19 restrictions during the first half of 2021. However, major COVID-19 metrics notably surged during the summer, and indoor masking rules have been reimplemented in Clark County. Additional efforts are underway to increase state resident vaccination levels through education, encouragement, and mandates. The market’s performance during the rest of 2021 will be an important indicator of the velocity of recovery that may be anticipated in the com...
HVS Las Vegas Casino & Hotel Market Outlook 2021
Shannon S. Okada | March 2, 2021
March 2, 2021 - The impact of the COVID-19 pandemic on the Las Vegas economy has been extremely harsh given the market’s reliance on visitation and conventions. Following five consecutive years of accommodating more than 42 million visitors, Las Vegas hosted just over 19 million people in 2020 (the lowest number of visitors since 18.1 million in 1989). While vaccination rollouts have begun in Nevada, measures to curb the spread of the COVID-19 virus remain in place. Continued weak performance is anticipated through the first half of 2021. Thereafter, the recovery of travel and general economic performance is expected to accelerate as vacc...
Las Vegas COVID-19 Pandemic Update
Shannon S. Okada | September 11, 2020
By Shannon S. Okada The Las Vegas Convention and Visitors Authority (LVCVA) reported that the number of visitors to Las Vegas in June and July of 2020 totaled 2,503,100, which represented a 65.7% decrease from 7,293,300 visitors in June and July of 2019. Visitors to Las Vegas in the year-to-date period through July 2020 totaled 11,170,700, a 55.0% decline from the 24,825,500 visitors during the same period of 2019. However, visitor numbers increased 35.0% from June 2020 to July 2020. Las Vegas Visitor Statistics Source: Las Vegas Convention & Visitors Authority McCarran International Airport reported passenger traffic of 2,665...
The Importance of Sporting Events for the Las Vegas Market
Shannon Okada | June 30, 2020
By the time Nevada’s Governor Sisolak ordered the closure of Nevada’s non-essential businesses and urged residents to implement social-distancing measures to reduce the spreading of COVID-19 on March 17, 2020, the National Hockey League (NHL) and National Basketball Association (NBA)had suspended their 2019-20 regular seasons, and Major League Baseball (MLB) had suspended its Spring Training and delayed the start of the 2020 regular season. In addition, the National Collegiate Athletic Association (NCAA) Division I Men’s Basketball Tournament, commonly known as March Madness, and the National Football League (NFL)’s plans to hold its ...
Major Las Vegas Development Projects Status Update
Shannon Okada | June 22, 2020
As of the end of January 2020, prior to the closures of businesses determined to be non-essential and the announcement of stay-at-home recommendations due to COVID-19, the Las Vegas Convention and Visitors Authority (LVCVA) indicated that construction of over 12,000 hotel rooms was scheduled to be completed by 2023. While all announced projects may have not ended up being completed, strong visitation over the past few years, overall market hotel/motel occupancy of 88.9% in 2019, and the construction of projects that were expected to be major demand generators, warranted the development of significant guestroom supply at that time. While the p...
