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Las Vegas March 2023: Visitor Traffic Down 1.1% Compared to 2019; Convention Traffic Up 39.6%


Note: I like using Las Vegas as a measure of recovery for both leisure (visitors) and business (conventions). Vegas is Back!

From the Las Vegas Visitor Authority: March 2023 Las Vegas Visitor Statistics
Benefitting from a mix of headliners and events from NASCAR to Taylor Swift
to several college basketball tournaments, paired with a robust convention
month that included the triennial CONEXPO‐CON/AGG tradeshow and its
140k+ attendees, Las Vegas visitation neared 3.7M in Mar 2023, up +9.6% YoY
and nearly matching Mar 2019.

Overall hotel occupancy exceeded 88% for the month, +7.7 pts YoY. Achieving
impressive levels by both pre and post‐pandemic standards, Weekend
occupancy reached 94.5% for the month (+2.4 pts YoY) while conventions
helped propel Midweek occupancy to 85.8%, +9.2 pts YoY.

Overall ADR exceeded $213, breaking the record from just a few months ago
(Oct 2022, $208) and surpassing Mar 2022 and Mar 2019 by +30.7% and
+59.2%, respectively. RevPAR also broke records, reaching $188, +43.2% YoY
and +53.6% over Mar 2019
Click on graph for larger image.

The first graph shows visitor traffic for 2019 (Black), 2020 (light blue), 2021 (purple), 2022 (orange), and 2023 (red).

Visitor traffic was down 1.1% compared to the same month in 2019.

Visitor traffic was up 9.6% compared to last March.

The second graph shows convention traffic.

Convention traffic was up 39.6% compared to March 2019, and up 56.0% compared to March 2022.

Note: There was almost no convention traffic from April 2020 through May 2021.

New Home Sales Increase to 683,000 Annual Rate in March; Likely New Home Sales will be up YoY in Mid-2023

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