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Market Report

Las Vegas Hospitality Market Report

Midyear 2023

Growing Slate of Special Events Brings Las Vegas’
Hotel Sector One Step Away from Full Recovery

Conventions and sports boost midweek and weekend demand. During the first half of 2023, more than 20.3 million people visited Las Vegas, a total just 800,000 shy of the same period in 2019. While nearly 20 percent of this visitor count stemmed from convention attendance, which fuels midweek hotel demand, the metro’s growing number of special events, large-scale concerts and professional sports was a key driver of the rebound. This is reflected in Las Vegas’ weekend occupancy rate, which exceeded 91 percent during the first half. A similar level of demand should continue over the near term as over 600 major events were scheduled for this year, including Las Vegas’ first Formula One event in November. The local roster of professional sports teams may further expand as the Oakland Athletics have begun the process of relocating to the metro, with Nevada’s legislature having already approved a bill that would fund a ballpark. 
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