BluefoxToday blog : Las Vegas sets visitor record

Las Vegas sets visitor record

Las Vegas welcome signThey say that if you build it, or build many of them, mega resorts that is, they'll come. That sounds very true right now as the Las Vegas visitor stats were released the other day and they show that 39.2 million travelers made a trip here in 2007. It sets a new record, besting the year before by 300,000.

These visitors filled over 90% of hotel rooms in town when the national occupancy average is about 27% lower. That is a large separation. Those who dared gamble racked up almost $11 billion in losses, another serious number. All these statistics were compiled by the Las Vegas Convention and Visitors Authority, the agency largely responsible for marketing our world-famous resort destination.

Local authorities and business owners certainly are ecstatic with these results, but they are already thinking about how 2008 will shape up amid the growing nationwide economic slowdown and also worry of the impact the mortgage industry tremors and other financial issues will have on them.

Actually convention and trade show spending here dipped 1.6% in 2007 and might stay on the same track this year. When storm clouds gather over the national economy, companies will start trimming budgets, curtailing business travel and event participation in town that nowadays relies heavily on this type of commerce.

Locals like to say that Las Vegas is mostly immune to national economic shifts and that theory will definitely be tested in the coming months.

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Provided by: 

Esko Kiuru
Mortgage, real estate and apartment industry analyst 

www.BluefoxToday.com - syndicated mortgage, housing and property management blog

eskokiuru@gmail.com
My cell: 702-499-1006

Comment balloon 6 commentsEsko Kiuru • February 19 2008 01:51PM

Comments

Esko, I would have to agree with those that believe that economy will not have a huge impact on people visiting Las Vegas.  As someone who lives on the East Coast, Las Vegas just seems to be one of those places that people from here will travel to Las Vegas no matter what.  It is one of the primary spots that people want to go too.
Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) over 12 years ago
Esko, I too believe Las Vegas is a place people love as a fun destination.  If someone hasn't been there they want to go and if they've visited there before I hear they always want to return! 
Posted by Laura Cerrano, Certified Feng Shui Expert, Speaker & Researcher (Feng Shui Manhattan Long Island) over 12 years ago

George,

True, Vegas seems to still attract plenty of visitors despite any economic slowdowns.

Posted by Esko Kiuru over 12 years ago

Carole,

What you just said is soft-jazz music to the ears of Vegas resorts.

Posted by Esko Kiuru over 12 years ago

That is some amazing numbers, I guess changing it from a family atmosphere back to what happens in Vegas, stays in Vegas vacation spot has worked wonders for your city!

Posted by Todd Clark, Principle Broker Oregon (eXp Realty LLC) over 12 years ago

Todd,

That now-famous slogan certainly has helped Las Vegas resorts.

Posted by Esko Kiuru over 12 years ago

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