Gaming Industry Drives $329B in Economic Output

Almost 41 Million People Visited Las Vegas in 2023

Almost 41 Million People Visited Las Vegas in 2023

More than 40 million people visited Sin City in 2023. The 2023 visitation number represents a 5.2% year over year increase and the city’s best mark since pre pandemic 2019. That year the city drew 42.5 million visitors. Convention attendance grew 20% to about six million visitors. The all time high for annual visitors came in 2016 when 42.9 million people visited Las Vegas. The return of major conventions along with the inaugural Formula One Las Vegas Gran Prix helped the numbers in 2023.

The uptick in attendance will help Las Vegas set another annual gaming revenue record. The Nevada Gaming Control Board is set to reveal the numbers this week. These include the December and full year 2023 numbers. Through 11 months, statewide gross gaming revenue was more than $14 billion. That is just shy of the $14.84 billion state casinos won in 2022. Clark County, home to Las Vegas and the strip, won about $12.8 billion in 2022.

Hotel room rates increased in 2023 as well, setting a new record. The city’s 154,662 guest rooms went for an average nightly rate of $191.29. That represents nearly a 12% increase from 2022 and set a new record. Strip rooms averaged more than $204 a night setting a new record as well. Revenue per available room, a measure of room profitability, jumped almost 19% on the strip to $176. City wide revenue per available room climbed 18% to $160.

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Author: Frank Gonzalez