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In the mid-1970s Las Vegas had about 35,000 available hotel rooms. By the mid 1990’s this grew to more than 100,000 available rooms… more than any other city in the country. Today the count in Las Vegas is a whopping 151,000 hotel rooms available!
Americans, and an increasing number of foreigners, can’t seem to get enough of Las Vegas. The current construction craze is driven by a 95% weekend occupancy rate — and rates that approach 100% at the city’s newer properties. Last year, the weekday rate fell just shy of 90%, partly because of the city’s success in positioning itself as an attractive convention destination.
The small Indian gambling halls and casinos across the country have helped the boom, serving as a feeder for Las Vegas; tourists enjoying the gambling and then traveling to the “Mecca of Gambling”, Las Vegas. Poker and its ever-present popularity has also sparked a renewed interest in Las Vegas.
The surge continues as more and more money is poured into Las Vegas, striving to build enough rooms to keep up with demand. At $4.4 billion, Echelon Place would rank as the most expensive real estate development in Las Vegas history, except for the $7 billion the MGM Mirage is spending on City Center. That price is far more than the previous record, set when Steve Wynn spent $2.7 billion building the 2,700-room Wynn, which opened in 2005.
The scale of Las Vegas’ hotel industry and the size of its buildings are in a special league above other cities. The gigantic 2,000-room casino resort being built by Steve Wynn, being constructed next to Wynn, would rank as New York’s largest hotel; however in Las Vegas, this does not even reach the top 15 list.
Tourists spent a combined $15 billion last year at the Strip’s various casino resorts. Sixty percent of that revenue, $9 billion, was from non-casino sources ranging from hotel rooms to restaurants, some as costly as New York’s best. High-end retailers pay dearly for a spot inside the sprawling malls that are a staple of today’s Las Vegas casino.
Thanks for your interest and if you have any questions or comments feel free to call or write us:
Phone: (702) 444-4321
Email: info@one-lasvegas.com
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