Las Vegas November tourism down

Las Vegas visitor volume and Strip hotel occupancy took a hit in November after a strong October in a reflection why Strip gaming revenues continue to struggle compared to other parts of Clark County gaming operations, including locals’ casinos.

The Las Vegas Convention and Visitors Authority reported Tuesday there were 1.51 million visitors in November, which is 18.4% below the 1.85 million visitors in October. Visitor volume in September and October were down 51% and 49.4% year-over-year in September and October, respectively. November’s numbers were down 56.8% from 3.5 million in November 2019.

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Earlier Tuesday, the Nevada Gaming Control Board reported Strip gaming win was down 32% in November compared to 17.75% in Nevada as a whole with a strong showing in Northern Nevada. Clark County fell 20.54% as a whole. That decline comes as the locals’ gaming market rose 5.8% in November and downtown rose 1.7% over November 2019.

“November was a disappointing month,” said Brent Pirosch, a gaming analyst with CBRE. “Sequentially from October, volume on the Strip was down 12.4% while supply was basically flat (+0.3%). This was the first sequential volume decline since reopening this year. Not all too surprising given the surge in coronavirus cases towards the end of the year and the additional restrictions that followed, but a little heart breaking nonetheless.”

Passenger traffic at McCarran International Airport was down 8.8% from October and 56.7% from November 2019. Vehicle traffic between Southern California and Nevada was down 6.8% from October and 4.9% from November 2019.

The hotel occupancy in November was 39.3%, down from 46.9% in October. It was 88.2% in November 2019.

Weekend occupancy was 55.4%, down from 64.2% in October. Midweek occupancy was 32.4%, down from 38.6% in October. It was 84.8% in November 2019.

Strip occupancy was 38.8%, down from 46.8% in October. It was 90.1% in November 2019.

The average daily room rate was $94.01 in November, down from $104.54 in October. It was $134.95 in November 2019. The Strip room rates in November averaged $100.32, down from $111.54 in October. It was $131.09 in November 2019. The average daily rate was $61.16 in downtown, down from $68.21 in October. It was $75.07 in November 2019.

Pirosch said Strip table game revenue, excluding baccarat, was down 40.4% in November compared to November 2019. Baccarat fell 46.3%. Slot revenue was down 29.2% for the month on the Strip.

In Downtown Las Vegas, Pirosch said even though gaming revenue grew by 1.7% in November due to the opening of the Circa Resort on Oct. 28th, he said because it grew by 0.3% over October, “that unfortunately, this means that Circa’s opening essentially just rearranged market share.

“On another note, sports pool volume and win hit new records this month, no doubt driven by the exceptional sportsbook at Circa.”

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