A new study by the UNLV Center for Business and Economic Research suggests that gambling revenue and visitor volume in Las Vegas will increase gradually until the end of this year. According to the study, the positive trend will continue in 2022.
Las Vegas Rebound Starts This Year, Says Recent Study
Last year, the global COVID-19 outbreak brought many difficulties to businesses around the US. The hospitality and gambling industries have felt the devastating economic impact of the pandemic. That applies precisely to Las Vegas, where gambling venues and hotels last year were forced to close temporarily due to the pandemic. Once the businesses were allowed to reopen, various restrictions such as capacity limits, social distancing and mandatory policy for wearing a mask were introduced.
Now, considering that COVID-related restrictions are being lifted gradually, Las Vegas is ready to scale up operations and begin its economic recovery. A recent report, released by UNLV’s Center for Business and Economic Research, predicts that Las Vegas is about to witness an increase in business volume in the second half of this year. This, the report adds, will be followed by even better results in 2022.
Released by Dr. Stephen Miller, the report predicts that hotel occupancy in Southern Nevada will increase by 30.2% this year after falling 46.6% in 2020. Furthermore, another increase may be observed in 2022, when hotel occupancy will jump by another 12.1%. The release of the new report coincided with the opening of Resorts World Las Vegas on Thursday this week.
Gambling Revenue and Visitor Volume to Increase
According to the recent study, after falling 36.8% in 2020, gambling revenue in Clark County is expected to rise 35.5% this year. Furthermore, the report predicted that in 2022, gambling revenue will climb by another 10.7%. Additionally, the recent report predicts that after the 55.2% drop in 2020 in terms of visitor volume, this year, the number will increase to 57%. Furthermore, another increase in visitor volume may be observed in 2022 when the volume will climb by an additional 13.2%.
Although the report predicts a bright future for the gambling and hospitality industry in Las Vegas, it does acknowledge that the economic recovery depends on the number of people visiting. As the vaccination against COVID-19 continues, according to recent data from Nevada Health Response, nearly 36% of the population in Clark County has been fully vaccinated. This translates to more than 830,000 people who have been fully vaccinated.