Las Vegas remains the world’s gambling and entertainment hub. Throughout 2021, gambling revenue has been steadily increasing in this city. Tourism rates are going up, too. New reports claim that Las Vegas room rates are now higher than they were in 2019.
This is a very impressive statistic. It goes to show just how far the casino industry in Las Vegas has come in a short period of time. Today, we’ll talk about exactly how Las Vegas seems to be faring right now.
Let’s get into it!
Las Vegas Room Rates Have Continued to Rise Throughout 2021
A huge amount of attention has been put on Las Vegas over the past two years. Obviously, 2020 proved to be one of the worst years in history for this city. Things quickly turned around in 2021 and several monthly revenue records have already been set this year.
This week, reports surfaced claiming that Las Vegas room rates are now higher than they were prior to the pandemic. The Las Vegas Convention and Visitors Authority confirmed this to the media. Hotel room rates are about a third higher this last October than they were in October of 2019.
The daily average room rate in Las Vegas last October was $173.68. That is a high figure and represents a 28.3% increase compared to October of 2019. Some were also surprised to find that 3.39 million tourists flocked to Las Vegas in October, a huge increase compared to the same month in 2020 and 2019. Kevin Bagger, vice president of the LVCVA, spoke about this news to the media this week.
“With significant events and an improving convention segment, October saw the strongest visitation of the pandemic era both on weekends and midweek as the destination welcomed nearly 3.4 million visitors,” Bagger said.
Many are now looking ahead to how Las Vegas will fare in 2022. There are certainly reasons to believe that the casino industry here will continue to thrive.
Las Vegas Casino Companies are Expecting More Success in 2022
Las Vegas is still home to many of the world’s most powerful gaming companies. That includes MGM Resorts International, Las Vegas Sands, and Wynn Resorts. All of these companies saw impressive revenue figures flowing in from their operations in Las Vegas.
Executives in these companies seem to be expecting another very successful year in 2022. As the LVCVA just reported, tourism rates continue to increase in the city. A massive number of individuals will likely make the journey to this city over the next few months.
Some exciting new properties opened in Las Vegas recently. That includes Resorts World, which opened its doors to the public over the summer. This property cost $4.2 billion to construct and is seeing more visitors every single month.
A huge number of major musical acts are making their way to Las Vegas soon, too. That includes Adele, who just announced a residency at Caesars Palace. More of these major 2022 residencies will be announced in the coming weeks.
The American Gaming Association’s prediction that 2021 would be the best year in history for the US gambling industry appears to be correct. Las Vegas is far from the only city to experience major revenue growth. Let’s take a quick look at how some of the other US casino hubs have been faring lately.
More US Casino Hubs Report Revenue Surges
Toward the end of 2020, gaming analysts seemed torn as to how 2021 would play out. Some pointed toward the easing of health restrictions as a sign that things would go well for casino companies. Others were unsure of how the pandemic would play out and expected another very difficult year for the industry.
The former proved to be correct. States around the country have been reporting very impressive casino revenue figures throughout the year. Some have fared better than others for one reason or another.
New Jersey is one state to see very impressive revenue figures. All of the casino companies in Atlantic City have seen very large increases in their monthly earnings. Sports betting revenue in this city has also hit several records throughout the year.
Places like Pennsylvania, Massachusetts, and Colorado have posted solid casino revenue figures, as well. Most feel that 2022 will be an even better year for the casinos in these states. Stay tuned for more information leading into 2022.
Are you surprised to see how high Las Vegas room rates are right now? How do you expect the casinos in Las Vegas to fare in 2022? Let us know in the comments section below.