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Market Report

Las Vegas Hospitality Market Report

2023 Investment Forecast

Sports and Concerts Reduce Convention Reliance;
Investors Target Assets with Quick Access to the Strip

Hotels embrace diverse event model. As the primary source of international visitorship and midweek hotel demand in Las Vegas, convention activity should continue to recover this year. Nearly 60 major events are slated to occur, highlighted by CES and World of Concrete. Still, uncertainty surrounds how well this slate of conventions will be attended amid potential declines in business and foreign travel. Fortunately, Las Vegas has become a mecca for major sporting events and concerts, which draw hordes of outside fans to area hotels on weekends. Recent data reflects this, as collective weekend occupancy during the last nine months of 2022 surpassed the 90 percent threshold, with average daily auto traffic at the Nevada-California border exceeding pre-pandemic recordings. Nevertheless, the lag in midweek demand will prevent overall occupancy improvement from occurring in 2023. Aiding hoteliers, however, competition will increase only moderately over the near term, as both downtown and the Strip lack large-scale deliveries this year.
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