Las Vegas is a city that relies almost entirely on tourists. For months in 2020, almost no one was making the journey to this city. Things have begun to completely turn around, however, and new reports indicate that tourism rates in Las Vegas are starting to reach pre-pandemic levels.
This is extremely exciting news for the gambling companies here. Many are hopeful that Las Vegas breaks an all-time gaming revenue record in 2021.
Here’s what we know about this situation!
Las Vegas Casino Companies Continue to Report Revenue Surges
There are more world-class casinos operating in Las Vegas than anywhere else in the world. This city relies on these properties to fuel tourism and bring in revenue. Up until 2020, these properties were effective at doing so.
State officials ordered all of the casinos in Las Vegas to close their doors back in April of 2020. As a result, tourism rates into the city came to a screeching halt. Gaming revenue immediately plummeted too, and many residents in the city were left without work.
Since January of 2021, things have been steadily improving. Millions of individuals around the US are making the trip to Las Vegas every single month. Casino companies here have been reporting consistent revenue increases throughout the year.
Companies such as MGM Resorts International, Wynn Resorts, and more are enjoying these revenue surges. Most analysts expect them to continue for the rest of 2021. It’s exciting news for the gambling industry, as a whole.
It seems that tourism rates into Las Vegas are rapidly increasing right now. Here’s a quick look at exactly how many individuals have been making the journey into this city.
Here’s an Exciting Update on Tourism Rates in Las Vegas
2020 made it very apparent that Las Vegas is a city that relies on tourism. Without visitors, the casinos here are unable to generate any revenue. Fortunately, it seems that this city is continuing to attract a new number of visitors from around the country.
New reports from the Las Vegas Review-Journal have just surfaced claiming that tourism rates in Las Vegas have been surging throughout the year. Interestingly, these rates remain below what was seen in 2019. It’s still extremely exciting news for the gambling operators in the state.
The Las Vegas Convention and Visitors Authority reported that 3.3 million individuals made the journey to Las Vegas last July. That represents a staggering 129.7% increase compared to July of 2020. That also represents a 10.4% decrease when compared to July of 2019. Kevin Bagger, vice president of the LVCVA research center, spoke to the media about this situation.
“July marked the strongest visitation month since the pandemic began as the destination hosted 3.3 million visitors, up 11.2 percent month over month (from June),” Bagger said.
Things are clearly going well for the US casino industry. Analysts predict that tourism rates in Las Vegas are going to increase as the year continues. Stay tuned for updates!
Gambling Revenue in Las Vegas Smashes Another Record
The city of Las Vegas is experiencing a wave of tourism. With that surge in visitors also comes an increase in revenue, it appears. New reports have surfaced this week that show gambling revenue in Las Vegas has just surpassed another monthly record.
Casinos on the Las Vegas Strip managed to bring in over $793 million this July. Nevada’s total GGR came out to $1.35 billion. Certain analysts credit the opening of Resorts World Las Vegas for this massive surge of gaming revenue.
It appears that the mask mandate recently set in place here has not affected tourism rates. That is excellent news for the casinos here. Some worried that once again ordering masks on the casino floor would result in a drop in overall tourism.
August is always a successful month for the US casino industry. It seems likely that casino revenue in Las Vegas will hit another new record that month. We’ll be sure to offer updates on this situation over the next few months.
Are you surprised to see where tourism rates in Las Vegas stand right now? Let us know in the comments section below!