Las Vegas is known for being the convention hub of the United States. This year, convention attendance in Las Vegas could set new records. It’s clear that individuals continue to value this city as a business center.
There’s a lot to be excited about in Las Vegas right now. Today, we’re going to look at how much rates of tourism and convention attendance have increased this year.
Gambling Revenue Continues to Surge in Las Vegas
At the beginning of the year, casinos in Las Vegas were struggling to increase their gambling revenue. For several reasons, visitors to the city were not gambling as much as initially projected. This led some to claim that Las Vegas’ best days were in the past.
Much of this has to do with the rise in competition around the country. In the past, Vegas was one of the only areas of the country that allowed full gambling and sports betting options. This is no longer the case.
Many states now have fully operational commercial casinos and sportsbooks up and running. New Jersey, in particular, is experiencing a huge surge in tourism and revenue thanks to its expanded gambling options. Amazingly, New Jersey’s sports betting revenue has even surpassed Las Vegas’ on several occasions this year.
Gambling revenue has been increasing in Las Vegas for months now. September was one of Nevada’s best months in recent memory. Overall, casinos here generated more than $1 billion.
Unsurprisingly, Las Vegas generated the vast majority of this money. Clark County, in which Las Vegas lies, brought in $913.6 million. Baccarat helped to generate serious revenue for casinos in the city.
New reports now claim that convention attendance in Las Vegas is reaching an all-time high.
Tourism and Convention Attendance in Las Vegas Are Increasing
An increase in gambling revenue generally indicates an increase in tourism, as well. This theory is proving to be correct. The Las Vegas Convention and Visitors Authority has just released reports that show tourism in this city is strong.
As of the end of September, more than 31.9 million people have visited Las Vegas this year. It’s 0.6% higher than the visitor volume in 2018. There’s still a chance that 2016’s record of 42.9 million total visitors will be broken this year.
Convention attendance in Las Vegas is where things get really surprising. New reports indicate that as of now, more than 5.165 million convention attendees have visited Las Vegas this year. There’s a great chance that Las Vegas manages to break 2017’s total record of 6.646 total convention attendees.
Hotel occupancy numbers are also looking solid so far this year. The current room inventory in this city stands at 149,050. That’s not too far behind 2013’s record of 150,593. Currently, Las Vegas’ hotel occupancy level is at 89.2%. This could indicate that another record is set to be broken.
Overall, Las Vegas is having a fantastic year. We’ll simply need to wait and see how 2019’s fourth-quarter plays out.
Las Vegas Property Sales Continue
Never before have so many major Las Vegas hotel-casinos gone up for sale. It’s a fascinating time in the city. Amazingly, more major property sales are likely to take place over the next few months.
MGM Resorts claims that it’s still interested in putting properties up for sale. Not long ago, this company sold both the Circus Circus Hotel & Casino and the Bellagio Casino-Resort. The latter proved to be the largest hotel-casino sale in Las Vegas history.
Caesars has also been looking to sell some of its LV venues. The company sold its Rio Hotel & Casino to Imperial Companies earlier this year. Caesars Entertainment is scheduled to merge with Eldorado Resorts sometime in 2020.
Officials within Hard Rock International have recently claimed that they’re interested in purchasing a Las Vegas Strip property. It would be fitting, considering the Hard Rock casino in Las Vegas has now been taken over by Virgin Hotels.
There’s clearly a lot going on here. Convention attendance in Las Vegas is up and could soon break the all-time record.
Stay tuned for more Las Vegas casino news over the next few months!