Las Vegas had a good year in 2023, attracting more than 40.8 million people. This is the most visitors to Sin City since 2019 and the pandemic. Las Vegas saw a 5.2% increase over 2022, which marks the best year since 2019 when Sin City drew in 42.5 million visitors. Convention attendance also saw a good increase in 2023, a 20% increase to around six million conference attendees.
More Gaming Revenue
Las Vegas saw its all-time high for visitors back in 2016 when an impressive 42.9 million people made the trip to Vegas. We’re also expecting Vegas to set another annual gaming revenue record when the Nevada Gaming Control Board releases the information for December.
In the first 11 months of 2023, Las Vegas generated around $14 billion from its gaming. During the entirety of 2022, the city generated $14.84 billion in gaming revenue, so we’re expecting December to provide more than enough to beat this record. In 2022, casinos on the Las Vegas Strip generated $12.8 billion of the total.
Record High Room Rates
Las Vegas also saw an increase in hotel room rates during 2023 due to major events taking place, such as the Formula One race and NFL Football. Thanks to these major events, the average nightly rate across the 154 662 hotel rooms in Las Vegas increased 12%, up to a record high of $191.29 per night. Hotel rooms on the Vegas Strip averaged just over $204 per night, which is another record. We’ve recently covered how high room rates are expected to be during the Las Vegas Super Bowl in February 2024.
Hotels use Revenue per Available Room to measure profitability. In 2023, this increased 19% to $176, while it climbed 18% to $160 across the entire city. Room occupancy increased by 4%, up to 79%. Weekend occupancy increased 1.4% to 90.7%, while midweek occupancy increased nearly 6%, up to 80.3%.
Las Vegas in 2024
Looking to 2024, we’d expect another strong year for Sin City. Unemployment in the state of Nevada remains low, and stock markets are still performing well. However, there are some potential dark clouds, as inflation and credit card debt remain high.
However, things might be getting tougher for residents of Las Vegas and the casinos they support. Whole casinos on the strip and in downtown Vegas rely on visitors; local casinos in Clark County cater primarily to residents. Those living in Las Vegas are facing increasing rent and mortgages and high grocery prices.
