Las Vegas Has Recovered & Then Some

                LAS VEGAS TOURISTS PAID THE HIGHEST HOTEL RATES IN HISTORY IN OCTOBER, and the number of visitors nearly matched pre-pandemic 2019 levels, the Las Vegas Convention and Visitors Authority reported.
                An estimated 3.6 million people visited Southern Nevada in October, 7.3 percent ahead of last year and just 0.8 percent off October 2019.Visitors paid an average daily room rate of $209.89, breaking a record that stood for only one month. In September, the LVCVA reported average room rates of $187.18 a night.
Hotel Rooms
               The LVCVA reported visitors paid an average of $225.69 a night on the Strip and $117.51 in downtown Las Vegas. The average rate was 20.8 percent more than a year ago and 55.1 percent more than in October 2019.
               The demand for rooms during October was the result of major events and conventions shattered the monthly record for ADR as average daily room rates approached $210.
More people attended conventions in October than any month in 2022. The "When We Were Young Music Festival,"  2 Las Vegas Raiders home games and the NASCAR South Point 400 Race drew thousands of out-of-town guests.
               The occupancy rate statistics followed the same pattern as visitation: At 87.7 percent, the rate was 6.1 percentage points greater than in October 2021, but 2.3 points less than in October 2019. But Resorts have more rooms to fill today than in 2021 or 2019. The hotel room inventory is 150,867, which is 0.2 percent more than last year and 1.1 percent more than in 2019.
               Weekend occupancy reached 94 percent, a level not seen since the 94.8 percent figure of February 2020, the month immediately preceding the COVID shutdown. While midweek occupancy reached 85.1 percent, the highest figure since October 2019’s 87.1 percent tally.
               Convention Visitation hit 628,100 for the month with the Global Gaming Expo, the National Association of Convenience Stores, IMEX and Routes World among the shows at the Convention Center during October.

Las Vegas Convention Center, Las Vegas Convention Center New Addition

               For the first 10 months of 2022, Convention Visitation was up 149.5 percent over last year to 4.2 million, but down 8.9 percent for the same period in 2019.
               The average daily room rate for the first 10 months of 2022 was $168.82, 26.4 percent more than in 2021 and 2019.
               Harry Reid International Airport and the Nevada Department of Transportation had yet to post passenger and traffic volume statistics for October, as of Tuesday afternoon.
(October 2022, October 2021, Change)
Visitor volume: 3.64 million, 3.39 million, +7.3%
Citywide occupancy: 87.7%, 81.6%, +6.1 points
Room nights occupied: 4.1 million, 3.81 million, +7.7%
Convention attendance: 628,100, 475,500, +32.1%
Average daily room rate: $209.89, $173.68, +20.8%
Air passengers: Pending, 4.18 million, –
Average daily highway auto traffic: Pending, 127,437, –
Clark County gaming revenue: $1.11 billion, $1.06 billion, +4.5%

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