![]() ![]() The $980 million convention center expansion will be completed by the end of 2020 in anticipation of the 2021 Consumer Electronics Show. Construction on 67-story, 3,700-room, $3.1 billion Drew near the Las Vegas Convention Center is expected to restart this year for a 2022 opening. There’s a lot of momentum to build off of in 2020.Ĭonstruction continues on the 3,400-room $4.3 billion Resorts World Las Vegas that will open in the summer 2021 on the north end of the Strip. That market should do pretty well next year and be positive based on the economy. ![]() ![]() “That’s our bread-and-butter regular visitors and where most of our customers are coming from. “I think that will be muted next year, but it’s more important to focus on the mass market,” Pirosch said. That customer, however, goes to a handful of properties on the Strip and is a small portion of visitation. Pirosch said the political unrest in Hong Kong has impacted the VIP market in Las Vegas, and there’s additional competition globally that impacts Nevada as well. “The mass market - the regular folks and middle American and non-VIP folks is doing fine.” “Baccarat has been in a serious decline this year and decline on the overall number,” Pirosch said. Gaming revenue in downtown is up 6.8 percent over the last 12 months, while the Las Vegas local’s casino market is up 2.9 percent, during the same period, Pirosch said. Slot revenue on the Strip is up 3.5 percent through November, according to Brent Pirosch, director of gaming consulting for CBRE. Gaming revenue, which is down if you include baccarat that caters to VIPs from Asia, is otherwise up 2.1 percent on the Strip. The average daily room rate at $143 on the Strip is up 3 percent and revenue per available room is up 3.7 percent to $130 on the Strip. Strip hotel occupancy at nearly 91 percent is up 0.5 percent and downtown occupancy is up 1 percent. Las Vegas visitor volume is up 0.5 percent for the year and convention attendance up 0.2 percent. McCarran International Airport set a record recently surpassing its 50 millionth passenger for the year. That means more housing and more construction workers and more liquidity for local casinos.” The population is growing and when you make billions in investments that creates jobs that will have a multiplier effect on the local economy. All the momentum is going in the right direction as we see construction and expansion. It’s a bright outlook for 2020 as we will continue on from 2019, but that’s as long as the economy stays healthy. “It seems like 2017 was starting to come back to normal, 2018 improved some more and 2019 was back to the 2007 level. “I’m more optimistic about 2020 than I was when I talked about 2017, 20,” Schreck said. A prominent national gaming attorney said the Las Vegas casino industry returned to its pre-recession level in 2019 and expects Southern Nevada will build on that momentum in 2020 and beyond.įrank Schreck, the Las Vegas native and gaming attorney with Brownstein Hyatt Farber Schreck, gave his most optimistic outlook yet that he’s given the Business Press during the last four years he’s given a preview of the coming year. ![]()
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