As they do every year, the Las Vegas Convention and Visitors Authority has released their summary of key metrics and numbers from 2015 visitors to Las Vegas. There is tons of interesting data nuggets in these reports, and it really paints an overall picture of how healthy the Vegas economy is in a given year. Based on what we can see from the report, LV is doing very well with high occupancy rates, hotel costs and conference attendance. Below we’ve broken down some of the key numbers from the 2015 summary report.
Hotels By The Numbers
Hotel occupancy rates in Vegas as a whole were very very high last year, with the average across the whole city coming in at 87.7%, which is excellent. That’s only a 1.0% increase over 2014, however it’s safe to say that Vegas is moving full steam ahead when rooms are occupied at almost 88% throughout the year. Strip hotels had much higher occupancy rates than downtown (89.4% vs. 82.3%), however they both still represent a healthy tourist economy.
When it comes to average daily rates, the combined average of both the Strip and Downtown Vegas was $119.94 per night. The strip skews this number quite a bit, with the average for a strip room being $129.21, with downtown rooms on average costing $61.29 per night. That means it’s about 110% more expensive to stay on the strip instead of downtown, so if you are a budget conscious traveler, definitely avoid the high prices of the strip hotels.
Conferences By The Numbers
The year of 2015 saw a total of 5.89M conference attendees, representing a 13.4% increase in attendees over 2014, which is a pretty massive increase. What’s really interesting about that is, the total number of conferences held in 2015 (21,306) was down 3.6% year over year, so someone did a great job marketing their conferences as less were held but a ton more people attended.
Gaming By The Numbers
As you would expect gaming revenue is one of the biggest and most interesting figures to look at from these reports since most of the hotel operations in Vegas are largely dependant on gambling revenue to drive all other facets of their business.
For the year 2015, gaming revenue for all of Clark County was approximately $9.6B, representing a 0.7% increase over 2014. This would suggest that the market has reached somewhat of a plateau in terms of gaming revenue, and it should remain relatively stable barring some major economic changes.
The Las Vegas strip accounted for $6.3B of total gaming revenue, Downtown contributed $541M and Boulder Strip accounted for $741M in revenues. Downtown gaming revenue was up over 5% year over year, so it will be interesting to see if the hotels downtown make some additional investments in their properties in terms of upgrades or new marketing spends.