Las Vegas is both iconic and unique, providing over 147,000 guestrooms; numerous casinos; a wide range of food, beverage, and entertainment options; shopping venues; and meeting and convention space.
Overall, Las Vegas is expected to continue generating demand from local, national, and international sources at various price points. New, large-scale developments in the professional sports and entertainment fields could prove major draws as they come to fruition. Such efforts are necessary for Las Vegas to maintain its competitive status.
It is unclear how much the new hotel and gaming supply proposed to enter the market over the next few years will affect gaming revenues and hotel performance for individual properties.
However, the market has historically absorbed new supply well. The acquisition and significant investment in existing casino-hotels, coupled with the numerous casino-resorts, hotels, and non-gaming facilities under construction, attest to investor confidence in the market.
Based on the strong interest in this market by numerous developers/investors, market participants appear to expect revenue levels to be sustained despite the significant amount of proposed new supply.
To learn more, this in-depth article examines trends and market developments affecting the Las Vegas hospitality market.
About Shannon S. Okada
Shannon S. Okada Shannon Okada, MAI, Managing Director of Gaming with HVS, is based in Las Vegas, Nevada. His experience includes appraisals and feasibility studies for existing and proposed hotels, resorts, and casinos. He holds a Master of Science degree in Hotel Administration from the University of Nevada Las Vegas, Master of Business Administration and Juris Doctor degrees from Pepperdine University, and a Bachelor of Business Administration degree in Marketing & Management from the University of Hawaii. Contact Shannon at +1 (702) 280-1405 or firstname.lastname@example.org / www.hvs.com