Page 30 - Las Vegas LVQR Market Research Report Q1 2024
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Colliers 2
Hospitality
Las Vegas 24Q1
Visitor Statistics Room Occupancy
In February 2024, YTD visitor volume was 6.58 million people, 2024 2023 2022
6.3% higher than one year ago. Visitor volume remained lower
than 2019 levels, but continued to improve. Visitor volume was 90%
boosted in February by Super Bowl LVIII.
Room occupancy grew 1.7% citywide, 1.4% on the Las Vegas 85%
“Strip” and 3.5% in Downtown in February 2023. The Average
Daily Rate (ADR) was $248.35, compared to $176.64 one year ago, 80%
and Revenue per Available Room (RevPAR) was $208.37,
compared to $145.20 one year ago. Gaming revenue growth was 75%
8.9% in Clark County, 12.4% on the “Strip”, 2.7% in Downtown
and 0.6% on the Boulder Strip.
70%
Taxable sales in the leisure and hospitality sector over the past
twelve months was $15.2 billion, an increase of 4.5% from the 65%
previous twelve months. Taxable sales in the food service and Q1 Q2 Q3 Q4
drinking places sub-sector increased 4.5% to $12.9 billion.
Source: Colliers International
After a fourth quarter boost from Las Vegas’s first Formula 1 race, Year-over-year employment grew by 16.8% in arts, entertainment
the Las Vegas Grand Prix, the first quarter saw a boost from Super and recreation, -1.4% in accommodation, 4.8% in gaming
Bowl LVIII, the first Super Bowl hosted by Las Vegas. industries and 0.9% in food service and drinking places. Limited-
Employment service restaurants had no employment growth year-over-year,
while full-service restaurants saw employment decrease by -1.7%.
Employment in the leisure and hospitality sector was 292,600 in Development
Feb 2024, compared to 289,100 one year ago, a 1.2% increase.
According to the LVCVA, total room inventory in Southern Nevada
Hospitality Metrics in February 2024 was 156,190 units, an annual increase of 2.9%.
No new properties were delivered in the first quarter of 2024,
Avg. Visitor Volume (000's) ADR RevPAR after the Valley saw 3,975 rooms added to inventory in the fourth
quarter of 2023. A single property totaling 90 rooms is scheduled
for completion in 2024, with most other developments being
$250.00 5,000.0
pushed back to a 2025 or 2026 completion date. A total of 953
rooms were under construction in the Valley.
$200.00
4,000.0 Of particular note is the impending closure of the legendary
Tropicana Las Vegas on April 2, 2024 to make way for a new MLB
$150.00 stadium for the soon-to-be Las Vegas A’s. This will remove 1,470
rooms from inventory next quarter.
3,000.0
$100.00 Renovations and/or remodeling were underway at the Bellagio,
Rio Hotel & Casino, Silverton Casino Lodge and the Mandalay Bay
2,000.0 Convention Center. New constructions for 2024 include Ole Red
$50.00 Las Vegas music club, BLVD Las Vegas, Bottled Blonde at Grand
Bazaar, Atomic Golf, Play Playground at the Luxor, PopStroke at
Town Square, Swingers Las Vegas at Mandalay Bay and two new
$0.00 1,000.0
23q1 23q2 23q3 23q4 24q1 stops for the Vegas Loop. Operators are betting big on golf in
2024, with three golf attractions opening on the Las Vegas “Strip”.
Source: Colliers International
Colliers | Las Vegas | 24Q1 | Hospitality Report