REVIVAL CONTINUES FOR LAS VEGAS STRIP
April 12, 2012
It appears the Las Vegas Strip is well on the way to recovering from the economic vicissitudes of the recently ended recession, according to a report from Moody’s Investors Service.
Moody’s reported that Las Vegas visitor volume grew 4.3 percent from 2010 to 2011, and that the 40 million people who visited Las Vegas last year nearly equaled the crowd the city attracted at its peak year in 2007. This increase in visitation led to a 3.5 percent increase in slot revenues from 2010 to 2011, and a 3.4 percent uptick in hotel occupancy, to 84 percent.
The Moody’s report, “Las Vegas Strip Gaming Recovery Brightens,” credits to turnaround in part to the lack of new resort openings and starts along The Strip and in the city. The lack of pipeline projects has given room capacity a chance to settle, and established operators the freedom to increase room rates.
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