Nevada’s leisure and hospitality industry is the most important in the state as it employs nearly one out of every four workers in the state and pays out over 20 percent of all wages. Given the importance of the industry to the state economy, the health and outlook of the leisure and hospitality industry play key roles in the state economy as a whole.

The number of visitors to Southern Nevada declined slightly for the second consecutive year in 2018, dropping 0.2 percent from 42.2 million visitors in 2017 to 42.1 million in 2018. The Las Vegas Convention and Visitors Authority noted that Las Vegas’s convention attendance also declined from 6.6 million in 2017 to 6.5 million in 2018, a decrease of 2.2 percent. A number of tradeshows rotated out of Las Vegas in 2018, including the CONEXPO-CON/AGG tradeshow in March, which contributed to the dip in convention attendance. These declines were reflected in the citywide occupancy rate, which declined by 0.5 percentage points from 88.7 percent in 2017 to 88.2 percent in 2018. The impact of decreased occupancy was softened by growth in the average daily room rate for hotels in the Las Vegas area, which increased from $126.92 in 2017 to $128.74 in 2018, an increase of 1.4 percent. The average daily room rate in 2018 was the second-highest rate in the 21st century and the highest rate since 2007. Growth in average daily room rates also drove increases in revenue per available room (RevPAR) in the Las Vegas area in 2018. Over the past year, RevPAR climbed from $112.51 in 2017 to $113.52 in 2018, an increase of 0.9 percent.

Click here to download the report and read more.