Las Vegas will attract 40.8 million visitors in 2023, the best number since 2019
Las Vegas is buzzing with activity in 2023, with more than 40.8 million people traveling to Southern Nevada.
Visitor numbers in 2023 were up 5.2% from the previous year and were the city's best since pre-pandemic 2019, when the casino city attracted 42.5 million visitors. Conference attendance increased by 20% to approximately 6 million people.
In 2016, annual attendance in Las Vegas reached an all-time high of 42.9 million.
Las Vegas Convention and Visitors Authority (LVCVA) CEO Steve Hill calls 2023 an “epic year,” citing return of major conventions and first-ever Las Vegas World-class events such as the Sri Lankan Formula 1 Grand Prix will drive visitor traffic in 2023.
The Nevada Gaming Control Board reports December and full-year 2023 results this week, and Las Vegas is on track to set another annual gaming revenue record.
Statewide gross gaming revenue (GGR) totaled more than $14 billion over the past 11 months, just shy of the $14.84 billion that state-owned casinos will generate in 2022. Clark County, home to Las Vegas and the Strip, will have about $12.8 billion in revenue in 2022.
Record house price
Business travelers and wealthy tourists come to F1 and other large events such as NFL Football, causing casinos to significantly increase hotel rates.
The average price for the city's 154,662 rooms is $191.29 per night. That’s an increase of nearly 12% from 2022 and a new house price record. Strip room rooms are averaging over $204 per night, a new high.
Revenue per available room, a measure of a room's profitability, on the Las Vegas Strip rose nearly 19% to $176. Citywide room RevPAR increased 18% to $160.
Room occupancy in Las Vegas was 79%, up 4% from last year. Weekend occupancy increased 1.4% to 90.7%, while weekday occupancy benefited from the return of conferences. Midweek occupancy rose nearly 6% to 80.3%.
Harry Reid International Airport will soon release December and full-year passenger numbers. Las Vegas' main airport was unusually busy last year.
As of November, the number of passengers entering and leaving the airport exceeded 52.8 million, a year-on-year increase of 9.4%. International traffic was up 28% and domestic traffic was up nearly 9%.
Headwind 2024
Unemployment remains low and the stock market continues to buoy savings accounts. However, there are concerns about consumer spending in the year ahead. Inflation and credit card debt are two major issues facing consumer liquidity and the overall health of the U.S. economy.
Casinos on the Las Vegas Strip and downtown rely primarily on tourists for gaming and resort business, while local casinos in Clark County cater to local residents. As Southern Nevada remains a top destination for Californians, these residents face higher rents and mortgages.
Nevadans also face some of the highest food costs in the country. HelpAdvisor, an online resource dedicated to helping consumers access federal and state benefits, reports that food costs in Nevada are second only to California.
The average household in Nevada spends approximately $298 per week on groceries. That’s about $40 more than the national average. In Wisconsin, the cheapest groceries cost $221 per week.
HelpAdvisor calculates its food costs based on a Household Intentions Survey conducted by the U.S. Census Bureau.
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Source: www.casino.org
