Despite the swelling wave of negative indicators, Las Vegas tourism officials don’t see it as crashing the party in the entertainment and sports capital of the world.
Visitor counts, airport passengers, gambling win and hotel room revenue reached record highs in the past few years, which makes it difficult to compare with current trends, says Steve Hill, president and chief executive officer of the Las Vegas Convention and Visitors Authority (LVCVA).
Consumer sentiment is down, not just over the last couple of months, but over the last couple of years, Hill notes at the LVCVA’s Aug. 12 regular board meeting. We’re already seeing hotels cater to budget-conscious customers by lowering room rates and eliminating resort fees.
“Las Vegas has accomplished a great deal, but we are going through a lull, through a downturn, and it’s more exacerbated during the summer,” the CEO asserts.
One of the major tourism boosters for Las Vegas is the Formula One Grand Prix, which ran its inaugural race in 2023 and drew more than 300,000 spectators in 2024. The race returns Nov. 22-24.
LVCVA approved a two-year, $20 million sponsorship for the Grand Prix through 2027 at its board meeting. The money is used to purchase VIP suites and tickets for select individuals and groups, and to pay for transportation and parking to accommodate Strip workers when roads are closed for three days, among other expenditures.
In a separate agenda item, the board certified that the race creates at least $250 million in economic impact. Hill says last year’s Grand Prix brought in $934 million, according to Applied Analysis research firm. The certification is required to allow event advertising in the Strip corridor.
“Las Vegas is great at reacting to the market, making changes to make the city healthy,” Hill adds. “We are moving into a stretch where we may set more records.”
Upcoming events include the Grand Prix, the September fight between Canelo Alvarez and Terence Crawford at Allegiant Stadium, the Las Vegas Raiders NFL season, return of the Eagles to the Sphere, and Paul McCartney playing Allegiant in October.
“So, the outlook for Las Vegas is we’re still the envy of everybody in the hospitality industry,” Hill says.
IMEX AMERICA BOOTH
The board approved another contract with Florida-based Conex Exhibition Services to design and build the Las Vegas exhibit booth for IMEX America, coming Oct. 7-9 to Mandalay Bay Convention Center.
The $510,000 contract brings the total awarded to Conex to more than $2 million over a three-year period of building the Las Vegas booth, which was initially touted as “sustainable” and “cost-saving.” Rebecca Deluca, LVCVA vice president of destination sales, declined to comment on the booth’s sustainability when questioned by Exhibit City News.
Conex builds exhibition stands, pavilions and booths for some 35 tourism-focused tradeshows around the world. The 2,600-square-foot Las Vegas exhibit booth, divided into kiosks for 30 tourism partners, has been used at previous tradeshows, including IMEX America, WTM London, IPW Los Angeles and Routes World Bahrain.
The board also approved $390,000 for exhibition space at IMEX America, and $134,000 for food and beverage, customer development events with meeting planners, and event sponsorships.
Several board members recused themselves from voting on the item due to employment conflicts (MGM Resorts, Caesars Entertainment, Allegiant Travel).
IMEX America, which brought 5,758 meeting planners and travel buyers to Las Vegas in 2024 and set an attendance record of 15,873, returns for its 14th year at Mandalay Bay. The show generated $42 million in economic impact, according to LVCVA.
By Ray Smith, Exhibit City News
Despite the swelling wave of negative indicators, Las Vegas tourism officials don’t see it as crashing the party in the entertainment and sports capital of the world.
Visitor counts, airport passengers, gambling win and hotel room revenue reached record highs in the past few years, which makes it difficult to compare with current trends, says Steve Hill, president and chief executive officer of the Las Vegas Convention and Visitors Authority.
Consumer sentiment is down, not just over the last couple of months, but over the last couple of years, Hill notes at the LVCVA’s Aug. 12 regular board meeting. We’re already seeing hotels cater to budget-conscious customers by lowering room rates and eliminating resort fees.
“Las Vegas has accomplished a great deal, but we are going through a lull, through a downturn, and it’s more exacerbated during the summer,” the CEO asserts.
One of the major tourism boosters for Las Vegas is the Formula One Grand Prix, which ran its inaugural race in 2023 and drew more than 300,000 spectators in 2024. The race returns Nov. 22-24.
LVCVA approved a two-year, $20 million sponsorship for the Grand Prix through 2027 at its board meeting. The money is used to purchase VIP suites and tickets for select individuals and groups, and to pay for transportation and parking to accommodate Strip workers when roads are closed for three days, among other expenditures.
In a separate agenda item, the board certified that the race creates at least $250 million in economic impact. Hill says last year’s Grand Prix brought in $934 million, according to Applied Analysis research firm. The certification is required to allow event advertising in the Strip corridor.
“Las Vegas is great at reacting to the market, making changes to make the city healthy,” Hill adds. “We are moving into a stretch where we may set more records.”
Upcoming events include the Grand Prix, the September fight between Canelo Alvarez and Terence Crawford at Allegiant Stadium, the Las Vegas Raiders NFL season, return of the Eagles to the Sphere, and Paul McCartney playing Allegiant in October.
“So, the outlook for Las Vegas is we’re still the envy of everybody in the hospitality industry,” Hill says.
IMEX AMERICA BOOTH
The board approved another contract with Florida-based Conex Exhibition Services to design and build the Las Vegas exhibit booth for IMEX America, coming Oct. 7-9 to Mandalay Bay Convention Center.
The $510,000 contract brings the total awarded to Conex to more than $2 million over a three-year period of building the Las Vegas booth, which was initially touted as “sustainable” and “cost-saving.” Rebecca Deluca, LVCVA vice president of destination sales, declined to comment on the booth’s sustainability when questioned by Exhibit City News.
Conex builds exhibition stands, pavilions and booths for some 35 tourism-focused tradeshows around the world. The 2,600-square-foot Las Vegas exhibit booth, divided into kiosks for 30 tourism partners, has been used at previous tradeshows, including IMEX America, WTM London, IPW Los Angeles and Routes World Bahrain.
The board also approved $390,000 for exhibition space at IMEX America, and $134,000 for food and beverage, customer development events with meeting planners, and event sponsorships.
Several board members recused themselves from voting on the item due to employment conflicts (MGM Resorts, Caesars Entertainment, Allegiant Travel).
IMEX America, which brought 5,758 meeting planners and travel buyers to Las Vegas in 2024 and set an attendance record of 15,873, returns for its 14th year at Mandalay Bay. The show generated $42 million in economic impact, according to LVCVA.
