Tourism numbers bright as hotel rates, revenue peak for F1 weekend
LAS VEGAS (KLAS) — Hotel rates soared in November to a record average of $249 per night, with prices on the Strip averaging $270.17, according to figures released Thursday by the Las Vegas Convention and Visitors Authority (LVCVA).
Hotel occupancy was at 81.9%, down from October levels, but RevPAR — revenue per available room — soared to more than $230 on the Strip, and $204 overall, LVCVA reported.
The number of visitors increased 0.8% over last November, hitting 3,292,800 for the month.
“With highlights including the SEMA tradeshow in the first week of the month and of course, the inaugural Formula 1 Las Vegas Grand Prix on Nov 16‐18, Las Vegas tourism metrics exceeded last November across several categories, most notably with record ADR and RevPAR,” LVCVA noted.
A separate report Thursday from the Nevada Gaming Control Board showed casinos on the Strip and statewide had their second-best win totals of all time.
The race caters to a luxury market and was expected to make a big economic impact this year.
Hotel rates were 33.7% higher than November of 2022, and RevPAR was 34.8% higher.
Overall, hotel occupancy was up 0.7% compared to November 2022, partly because of a surge in convention attendance for SEMA. Another measure, room nights occupied, was up 1.8% over last November.
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