Las Vegas Hospitality Market Report

Growing number of events heighten metro’s appeal to visitors. Nearly 41 million people flocked to Las Vegas last year, supporting upscale and upper upscale occupancy rates that matched 2019 recordings. While further improvement is needed for the broader local hotel sector to achieve 2019 levels of demand, the metro is poised to make further progress in 2024. Weekend occupancy, which reached nearly 91 percent last year, will receive a boost from new attractions and one-off events, including Sphere concerts and Super Bowl LVIII, which drew an estimated 330,000 people to the city in February. Midweek occupancy, which recorded a 560-basis-point improvement last year, will benefit from a full schedule of large-scale trade shows that includes mainstays CES, World of Concrete and SEMA, along with the metro’s first NAACP convention. An additional positive for large-scale hotels on the Strip that compete for guests, the 1,467-room Tropicana will close and be demolished in early April to make way for the relocating Oakland Athletics’ future baseball stadium. Together, these dynamics will enable the metro’s occupancy rate to exceed the 2010-2019 average by more than 150 basis points this year.