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Tuesday, April 25, 2023

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

by Calculated Risk on 4/25/2023 02:07:00 PM

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
Las Vegas Visitor Traffic 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.

Las Vegas Visitor 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.