Visitors, Las Vegas hotel room rates up in February, LVCVA report shows

LAS VEGAS (KLAS) — Dramatically higher room rates for Super Bowl LVIII helped Las Vegas hotels hit a record in February for revenue per available room (RevPAR), according to the Las Vegas Convention and Visitors Authority.

Economic indicators released by LVCVA Thursday showed an average daily rate (ADR) of $248.35 in February and RevPAR of $208.37.

Those numbers were even higher on the Las Vegas Strip, where hotel rooms averaged $269.37 and RevPAR was $233.27. That price is 43.1% higher than it was in February 2023, and revenue was 45.5% higher.

The Super Bowl’s ripple effects across Las Vegas were apparent, with about 3.37 million visitors in town during February. That’s an increase of about 300,000 (9.5%) compared to February 2023. Convention attendance played a part, with about 100,000 more people this year than last, a 15.3% increase.

Among the biggest conventions: the NAHB Int’l Builders’ Show and Kitchen & Bath Industry Show; the National Auto Dealers Association show (24,000 attendees); the Int’l Roofing Expo (13,000 attendees); and several mid-sized shows at convention facilities in the valley. Estimated convention attendance reached nearly 765,000, LVCVA said.

Hotel occupancy was slightly up, moving from last February’s 82.2% to this year’s 83.9%.

All that activity brought the fifth-highest win at Las Vegas Strip casinos in numbers reported by the Nevada Gaming Control Board. Statewide, the casino win was the sixth-highest ever. Both numbers were records for the month of February. The month also had an extra day for leap year.

LVCVA noted that room nights increased by 8.8% compared to February 2023, even with the addition of about 3,800 rooms at the recently opened Fontainebleau Las Vegas and Durango Casino & Resort.

Downtown Las Vegas room rates remained much lower than average, coming in at $104.01. That was still 9.2% higher than last year. Downtown RevPAR was up 14.9% compared to February 2023.

Original News Source Link – KLAS

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