The leisure and hospitality industry is the most important sector in Nevada, directly employing more than one out of every four workers across the state and generating 20 percent of all worker wages. Given the industry’s role in the state, its trajectory and trends play key roles in the health of the overall economy. Nevada’s tourism industry closed 2017 in mostly positive territory, with underlying fundamentals pointing to near-term stability and ongoing investments suggesting growth on the horizon.
After setting annual visitation records for three consecutive years, the Las Vegas area recorded 42.2 million visitors in 2017, a 1.7 percent annual decline. The Las Vegas Convention and Visitors Authority attributed the slight decrease to a number of factors. The closure of some smaller hotels reduced room inventory by roughly 400 from 2016 levels, and renovations at multiple properties throughout southern Nevada temporarily reduced the number of rooms available for rent. Additionally, the 1 October tragedy factored in a downward visitation trend in the final quarter of 2017, resulting in a slight decline in annual occupancy rate to 88.6 percent.
Click here to download the report and read more.