Page 29 - Las Vegas LVQR Market Research Report Q1 2024

Hospitality
Las Vegas 24Q1 Key Takeaways
The sales drought of 2023 ended this quarter
Visitor volume posted annual growth of 9.5% in Feb
Gaming revenue posted annual growth of 8.9% in Feb

YOY YOY YOY YOY
Occupancy Rate Total Sales Sales Volume Average Price/Unit
83.0% FORECAST 150 UNITS FORECAST $27MM FORECAST $180,000 FORECAST

Hospitality Numbers Boosted by Super Bowl LVIII

Southern Nevada’s room occupancy increased to 83.0% in the first quarter of 2024, a 0.2-point decrease from last quarter. The
first quarter of 2024 saw the first major hospitality sale since 2022. Visitor numbers saw an early boost this quarter due to Las
Vegas’ hosting of Super Bowl LVIII.

Market Indicators Market Graph

6.74% 2.85% 4.192% $7,000 MM $1,600,000
Unemployment GDP - Quarterly % U.S. 10 Year
Rate change yr/yr Treasury Note $6,000 MM $1,400,000

Historic Comparison $5,000 MM $1,200,000
$1,000,000
23Q1 23Q4 24Q1 $4,000 MM
$800,000
$3,000 MM
Total Inventory $600,000
(in Thousands of Units) 151.8 153.1 156.1 $2,000 MM
$400,000
New Supply 0 3,975 0 $1,000 MM $200,000
(in Units)
$ MM $0
Room Occupancy 83.2% 83.2% 83.0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2021 2022 2023 2024
In Development 4,374 830 953 Sales Volume Price Per Unit
(in Units)

Average Daily Rate $193.84 $223.12 $191.23 After no major hospitality sales in 2023, Southern Nevada broke
(ADR) the drought with a single sale in the first quarter of 2024

Revenue Per Available
Room (RevPAR) $161.69 $185.99 $150.88

Development

Casino Resort Full Service Full Service Limited Service Limited Service Limited Service
Colliers | Salt Lake County| 21Q1 | Office Report
M Resort Expansion AC Hotel by Marriott Delta by Marriott Courtyard by Marriott Element by Westin Atwell Suites
384 units | Sep-25 322 units | Dec-25 284 units | Jul-25 149 units | ‘26 119 units | Mar-24 90 units | ‘24