Tourists in Vegas spent $35 billion last year
The Las Vegas Convention and Visitors Authority (LVCVA) has released its economic report for activity in the gambling mecca from last year, and the numbers are staggering. While gambling operations ran into difficulties, especially following the October 1 mass shooting at the Mandalay Bay in Las Vegas, there was staggering revenue brought into the state by tourists participating in other activities.
According to the report, which was conducted by Applied Analysis (AA), a firm contracted by the LVCVA, 42.2 million visitors descended on the state. It represents a decline of about 800,000 from 2016, but is still 16% more than what has been seen since the 2009 recession. In total, tourists left $34.8 billion to businesses in the states, but only approximately $200,000 less than what they contributed in 2016.
The report, “The Economic Impact of Southern Nevada’s Tourism Industry and Convention Sector,” showed that there were 6.6 million convention and meeting attendees during 2017. This was a 5.3% increase over the previous year, and indicates a growing trend in the state. AA’s Jeremy Aguero said, "Tourism means more to Southern Nevada than entertainment means to Los Angeles, than aerospace means to Seattle or auto manufacturing means to Detroit."
Obviously, gaming is still a major attraction to Nevada. However, conventions are quickly becoming a major source of revenue for Sin City. “The convention and meeting segment is valued for its positive impact on average daily room rates and contributions towards smoothing out seasonality associated with leisure travel patterns," explained Aguero. "In addition, visitor survey results have indicated that convention travelers spend more per trip than leisure visitors.”