Las Vegas Sees Pace Pick Up on Development, Visitation, Hotel Rates
Development of hotels and attractions in Las Vegas is picking up after years of near stagnation due to the struggling economy, which is now showing signs of recovery. If that recovery can be measured in terms of visitor numbers, it has been a steady climb, with a record 39.7 million visitors to the destination, according to the Las Vegas Convention and Visitors Authority. That’s up 2.1 percent over 2011 and surpassing the previous record of just under 39.2 million in 2007.
Hotel occupancy rates and average daily rates (ADR) also have been steadily climbing, with a citywide occupancy rate of 84.4 percent last year, a slight increase of 0.6 percent over 2011. Among hotels in particular (as opposed to motels), last year’s average occupancy rate was 87.4 percent, a 0.4 percent increase over 2011. The citywide ADR for 2012 was $108.08, up 2.8 percent from 2011.
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