Las Vegas is both iconic and unique, providing over 147,000 guestrooms; numerous casinos; a wide range of food, beverage, and entertainment options; shopping venues; and meeting and convention space. Overall, Las Vegas is expected to continue generating demand from local, national, and international sources at various price points.
Las Vegas reached a record number of visitors for the third consecutive year in 2016 with over 42.9 million visitors, an all-time high. Total gaming revenue for Clark County properties exceeded $9.7 billion that year, the highest level since 2008.
Las Vegas lives on reputation. A city of enticement, its draws include world-renowned institutions and venues for gambling, dining, entertainment, conventions and meetings, and high-end shopping. Gaming, both in terms of visitors who come to gamble and gaming wins per visitor, is evidently in decline in the market.
Las Vegas is well positioned for growth with the openings of SLS Las Vegas, Delano Las Vegas, The LINQ, and The Cromwell in 2014. The Las Vegas Convention and Visitors Authority's plans for the Global Business District, Genting's Resorts World Las Vegas development, and MGM-AEG's 20,000-seat arena are all part of the city's evolution that will define Las Vegas' future competitive landscape as a destination.
The impact of the downturn in the national and worldwide economies, and the resulting decrease in consumer consumption, was strongly felt by the Las Vegas gaming-tourism industry in 2009. Reversal of the declining visitation, average daily room rate, and gaming revenue exhibited in 2009 is not expected until consumer confidence and spending increase.