LAS VEGAS (KLAS) — Inflation will impact holiday spending this year, but that doesn’t mean Las Vegas isn’t making money.
Visitation statistics and casino profits continue to show that inflation hasn’t stopped the flow of tourists to Las Vegas. Demand is driving prices higher.
The city has become a popular destination to spend the holidays, and because of the pandemic, people are valuing experiences over goods.
Amanda Belarmino, assistant professor at UNLV, says the city is full of opportunities for people looking for an experience. And that’s how a lot of people are choosing to spend their dollars after a couple of years of avoiding travel.
“The weather is modest with a slight chill in the air. World-class dining and great places to stay to have a family reunion. Nobody has to do the dishes,” Belarmino says. “With inflation and gas prices, we would have seen those impacts on travel and revenue but we haven’t seen that.”
Buying tickets to a sporting event or concert is increasingly popular since it’s an experience you can share with someone else.
But retailers are still trying to get you to spend your money in stores on more traditional gifts. That will be the focus on Black Friday, just like every year.
But beyond the big shopping day, Las Vegas continues to draw attention this time of year for terrific weather and access to things you can’t do anywhere else.
And that just continues to grow, with Formula 1 headed to Las Vegas in 2023. And Las Vegas just landed the NCAA’s Final Four in 2028.
Conventions are returning to form, and that will fuel more visits by people who see what the city has to offer. The successful SEMA show drew an estimated 135,000 attendees in early November. A massive party venue is being set up at Sahara Avenue and the Strip for the upcoming Amazon Web Services convention (Nov. 28-Dec. 2), which is expected to attract 50,000 to 60,000 visitors. And it won’t be long until CES crowds are back in town.
The city’s unique shows and natural attractions like Red Rock National Conservation Area provide a variety of attractions.
The Thanksgiving holiday weekend typically brought 300,000 visitors to Las Vegas before the pandemic. Inflation and gas prices could still keep those numbers down this year, but the stage is set for a busy year for tourism.