For months, officials in Nevada have been working hard to increase tourism rates to Las Vegas. Doing so while keeping things safe has proven to be extremely difficult. News has just come out that tourism in LV increased once again during the month of October.
It’s great news for the casino companies here. Of course, these tourism rates remain significantly lower than what was seen in 2019. Now is a great time to look at exactly how much tourism in the city of Las Vegas increased last month.
Let’s get into it!
Casino Companies in Nevada Brace for New Regulations
Nevada is home to many of the world’s biggest and most profitable casino companies. Throughout 2020, all of these companies have seen massive drops in their revenue. Progress has been made in recent months, yet many believe that a new set of regulations will soon be coming to the state.
It’s easy to see why. Nevada has been experiencing large increases in Covid-19 cases for weeks. As a result, Governor Sisolak announced new regulations towards many of the businesses throughout the state.
These are guaranteed to affect casinos in a major way. As of now, however, Sisolak hasn’t ordered any casino shutdowns.
Many of the casino companies are already bracing for more intense regulations. It’s clear that the governor doesn’t want to make this decision. The casino shutdowns back in March had devastating impacts on the state’s economy.
We’ll hear more about what is coming here by mid-December. State leaders are trying to understand how to keep the economy afloat while lowering rates of infections. More regulations will probably come, yet mass casino closures seem unlikely at this point.
Interestingly, visitation rates into Las Vegas are increasing right now. Let’s take a look at how many tourists visited Sin City last month.
Here’s a Look at Tourism in LV During the Month of October
Many analysts have been waiting to see where tourism rates in Las Vegas stand during October. Some feared that the increase of Covid-10 cases would cause these rates to plummet. It’s now clear that this is not the case.
Tourism in LV actually increased by 9% in October when compared to September. It’s a fantastic sign for the casino companies here. Tourism rates are still down by 50% compared to the same month in 2019.
1,856,900 visitors were recorded during October of 2020. That’s strong numbers this year, yet it’s significantly lower than the 3,668,100 visitors recorded in October of 2019. Unfortunately, it seems these numbers aren’t enough to keep all of the casinos in this city afloat.
News has just come out that MGM Resorts plans to close the Mirage, and Mandalay Bay from Monday to Thursday. Company officials claim there simply aren’t enough visitors in the city to keep these properties open.
“We are constantly evaluating occupancy levels and adjusting operations accordingly,” an official statement from MGM Resorts said.
Available hotel rooms in Las Vegas were calculated at 104,658 in October. This also represents a massive drop from the 149,282 last year. Room rates remain significantly cheaper right now than they were in 2019, too.
It could take months, if not years for tourism in LV to get back to pre-pandemic levels. Additional regulations will only make this situation worse. We’ll need to wait and see how things play out throughout the next two months.
US Casino Revenue Remains Low Right Now
Nevada is far from being the only state with a struggling casino industry. Casinos around the entire country are seeing major revenue drops right now. Some states have even ordered their casinos to close down for the time being.
Over in Colorado, many of the casinos have been forced to close. Not all, however, are being ordered to abide by this new law. Some of the casinos in Cripple Creek are able to remain open, as infection rates in this city remain very low.
New Jersey is seeing fluctuating revenue from its casino industry. New reports claim that the state’s third-quarter casino earnings fell by 37% compared to 2019’s Q3. That’s a major drop, yet it’s higher than what many other states are seeing this year.
The next few months could end up reversing much of the progress being made here. Many experts are predicting additional regulations being set in place soon. Hopefully, no more casino shutdowns are ordered.
Tourism in LV is still increasing each month. It’s still not enough to keep major casino-resorts open during weekdays, though. We’ll continue offering updates on tourism rates here throughout the rest of the year.
Are you surprised at the tourism numbers in Las Vegas? When do you expect things to return to pre-pandemic levels? Let us know in the comments section below!