
[toc]March witnessed an unprecedented surge in tourism in Las Vegas, but gambling was not the primary reason behind it. Reflecting the changing times, Las Vegas is thriving due to its escalating reputation as a hub for entertainment, rather than being recognized as a gambling hotspot.
March was third-biggest month for Vegas tourism numbers ever
The Las Vegas Convention Authority has stated that March of this year was the third-largest month for tourism in the city’s history, with 3.78 million visitors. Only July 2016, with 3.83 million visitors, and October 2015, with 3.79 million, had more.
Several factors contributed to Vegas’ impressive visitor numbers, specifically:
- During the month, there are five weekends.
- March Madness basketball tournament
- Later than usual Easter
- ConExpo trade show
During the month, Vegas hosted numerous conventions including ConExpo. Although the total number of conventions decreased, there was a 13 percent increase in convention attendance with 757,444 visitors. Out of these, 130,000 attended ConExpo.
The surge in visitors also led to an increase in demand for hotel rooms. The average daily rates for a room rose to $149, a hike from last year’s $140.
College basketball propelled $991 million gambling take
Even though ConExpo visits Vegas only once every three years, March Madness is a yearly tradition that attracts large crowds to bet on the basketball tournament. This year was historic, with the state’s casinos recording over $31.4 million in sports betting revenue.
The sports betting sector in the state experienced a surge of more than 224 percent. This contributed to the $991 million gambling revenue for Nevada casinos in March, a seven percent increase from 2016. Michael Lawton, a senior analyst for the Nevada Gaming Control Board, discussed this surge with the Las Vegas Sun.
The activity generated from the NCAA basketball tournament set an unprecedented record. It was incredibly strong, with the win outpacing the volume. The basketball hold was exceptionally high, standing at 9.61 percent.
Not only sports betting saw year-over-year increases in gambling. Both table games and slot take also recorded an increase over 2016.
Focus on entertainment key ingredient for tourism success
The revenue from gambling in March cannot be overlooked, but it’s more an effect of the surge in tourism rather than the cause of it.
Since the 1990s, Las Vegas casinos have transitioned their focus from solely gambling to providing a comprehensive entertainment destination. Today, nightlife, restaurants, and retail constitute a significant portion of their business.
The shift is still ongoing, evidenced this week when Wynn Resorts declared that they are proceeding with a $1.5 billion project devoid of gambling elements, dubbed Paradise Park.
MGM Resorts is garnering comparable advantages from non-gaming pursuits. The casino firm surpassed first quarter earnings predictions, partly due to the ongoing success of T-Mobile Arena. The soon-to-be home of the NHL’s new expansion team, the Vegas Golden Knights, has been the venue for significant sports events and concerts since its inauguration just over a year ago.
MGM also invested in developing the area surrounding the arena, establishing several new restaurants and bars adjacent to the Monte Carlo Casino and naming the area The Park.
The current innovations are significantly boosting tourism numbers, and the arrival of the NHL later this year is expected to enhance these figures even more. However, the NHL isn’t the only major sports franchise making its way to Nevada. The Oakland Raiders from the NFL are set to relocate to Vegas in 2020, once their cutting-edge stadium construction project is finished.
Photo credited to Jerry Meaden, licensed under CC BY.