Las Vegas Hospitality Market Report

Historical perspective key when assessing state of the market. Driven by a 7.5 percent decline in visitor volume, Las Vegas booked roughly 3.9 million fewer room nights in 2025 than in 2024, adversely impacting occupancy and property revenue metrics. This year, challenges remain for the local hotel sector. Recent increases in daily resort and parking fees at properties along the Strip are poised to affect the number of budget-conscious travelers visiting the metro and the duration of their stays. This, along with a decline in international tourism, will prevent Las Vegas from recording near-term occupancy improvements. Still, the market has withstood previous downturns, with occupancy returning to the 80 percent range in subsequent years. This prior resiliency, along with its economic growth projections and historically scant pipeline of active hotel properties, lays the foundation for a potential recovery in years to come. Additionally, convention attendance in 2025 mirrored the prior year. Should this dynamic continue through 2026, properties popular among business travelers may benefit, especially if these guests extend stays into the weekend.