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HOTEL / MOTEL MARKET
Las Vegas has historically been a destination resort with tourism being its primary industry. Tourism has historically accounted for nearly 70% of total State revenues. As noted in the following table, visitor volume was up significantly in 1999 and 2000, 14.35% and 8.80% respectively. Revenue contributions in 2005 topped the $35 Billion mark for the sixth time since 2000. Interest generated by a number of new major hotel / casinos that opened in 1999 and 2000 has been indicated as the cause for the increases. Appraisers of Las Vegas com tracks this data for appraisals of real estate in Las Vegas, Clark County, Nevada due to its repercussions on the economy.
Clark County Visitor Volume, Revenues, Conventions
|
Visitor Volume |
|
Revenue |
|
Convention |
| Year |
Change |
Contribution |
Change |
Attendance |
| 1997 |
30,465,000 |
Base Yr. |
$24,952,189,000 |
Base Yr |
3,519,424 |
| 1998 |
30,605,000 |
0.46% |
$24,577,469,000 |
-1.52% |
3,301,705 |
| 1999 |
33,809,000 |
9.48% |
$28,695,178,000 |
14.35% |
3,772,726 |
| 2000 |
35,850,000 |
5.69% |
$31,462,337,000 |
8.80% |
3,853,363 |
| 2001 |
35,017,000 |
-2.38% |
$31,907,492,000 |
1.40% |
5,014,240 |
| 2002 |
35,072,000 |
0.16% |
$31,613,937,641 |
-0.93% |
5,105,450 |
| 2003 |
35,540,000 |
1.32% |
$32,777,906,318 |
3.55% |
5,657,796 |
| 2004 |
37,389,000 |
4.95% |
$33,724,467,453 |
2.81% |
5,724,864 |
| 2005 |
38,567,000 |
3.05% |
$36,725,853,851 |
8.17% |
6,166,194 | Source: Las Vegas Convention and Visitors Authority.
The economy was negatively affected by the September 2001 terrorist attacks as evidenced by a minor decrease in visitor volume and motel/hotel occupancy levels. While the brief stabilization of activity has been significant, it has not undermined the economic base as noted by the increase in visitor volume in 2003 thru 2005, up 3.55%, 2.81%, and 8.17%, respectively.
Clark County Hotel / Motel Count and Occupancy
| |
Hotel/Motel |
Percent |
Hotel Occupancy |
Motel Occupancy |
Total |
| Year |
Room Count |
of Change |
Occupancy |
| 1997 |
105,347 |
4.20% |
90.30% |
68.80% |
86.40% |
| 1998 |
109,365 |
3.80% |
90.30% |
67.30% |
85.80% |
| 1999 |
120,294 |
10.00% |
92.10% |
68.60% |
88.00% |
| 2000 |
124,270 |
3.30% |
92.50% |
71.90% |
89.10% |
| 2001 |
126,610 |
1.90% |
88.90% |
63.80% |
84.70% |
| 2002 |
126,787 |
0.00% |
88.80% |
60.20% |
84.00% |
| 2003 |
130,482 |
2.83% |
89.60% |
60.50% |
85.00% |
| 2004 |
131,503 |
0.78% |
92.00% |
68.70% |
88.60% |
| 2005 |
133,186 |
1.26% |
92.00% |
72.00% |
89.20% | Source: Las Vegas Convention and Visitors Authority
The Hotel / Motel table on the preceding page displays a summary of hotel and motel statistics recorded since 1997. It was notable that there has been a significant difference reported between the occupancy level of motels and hotels in Clark County. The Las Vegas Convention and Visitors Authority recent reports as charted above indicated that motel occupancy typically falls 25% to 30% below that of hotel occupancy levels. An overall occupancy rate of 89.2% was reported in 2005. Hotels reported an occupancy rate of 92% and motels reported an occupancy rate of 72%. Las Vegas Convention and Visitors Authority statistics published in January of 2006 indicated increasing occupancy levels in 2005 for motels over those rates reported in 2004 with hotel occupancy levels remaining stable.
Despite continued room supply increases in Las Vegas, overall occupancy rates in 2004 and 2005 exceed the 90% mark. The MGM lion display, Circus' Grand Slam Canyon, the Sahara roller-coaster and other recently developed attractions have been positive. Already known internationally as a gaming Mecca, Las Vegas is also being promoted as a destination resort for families.
As previously noted, the most expensive construction project in the state’s history has begun. MGM Mirage began work on the $7 billion Project CityCenter on the Las Vegas Strip. Plans call for seven high-rise towers that will provide 7,800 hotel and condominium units and considerable retail and entertainment space. An estimated 7,200 workers will be on site at the peak of construction, and the project is expected to provide about 12,000 permanent jobs. The development is slated to open in 2009. Appraisers of Las Vegas.com tracks Project CityCenter and such developments for Real Estate Appraisals in Las Vegas, Clark County, Nevada due to thier obvious effects on the economy.
Project CityCenter is the largest, but not the only, major project planned for the Las Vegas Strip. The Venetian and Wynn Las Vegas resorts are building new hotels adjacent to their existing facilities. New investors have proposed development on the former Westward Ho hotel and Wet ‘n Wild water park sites. The most widely anticipated announcement, however, is Harrah’s Entertainment’s plans for the mass of land it has acquired behind its properties on the east side of the Strip.
The number and scope of new developments, as partially discussed in this report, has demonstrated the strength of the emerging Clark County market and its size and sophistication. Numerous other projects, major to minor in scope, are also proposed or are likely as growth continues. A greater national acceptance of gaming, several new theme hotel casino developments, population growth and stable and affordable fuel prices have contributed to record tourism and taxable sale increases. While the local economy is currently increasing, changes (increases) in the gaming tax, energy tax or fuel cost could impact Las Vegas and hotel motel occupancy more than other destination resorts.
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Below are connections to additional vital Las Vegas and Clark County, Nevada area free real estate information, news, trends, statistics and analyses.
Las Vegas Area Hotel and Motel Market Overview
Las Vegas Area Industrial Market Overview
Las Vegas Area Land Market Overview
Las Vegas Area Office Market Overview
Las Vegas Area Residential Market Trends
Las Vegas Area Apartment Market Overview
Be Sure to See the Different News Feeds at the Bottom of Each of These Pages
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