Las Vegas saw visitation decline for the fifth consecutive month in May, with hotel occupancy, passenger traffic and gaming revenue also falling amid ongoing economic headwinds.
The Las Vegas Convention and Visitors Authority (LVCVA) reported 3.4 million visitors in May, down 6.5% from a year earlier. Hotel occupancy fell 3.1 percentage points to 83%, while passenger traffic through Harry Reid International Airport declined 3.9%. Average daily vehicle crossings on Interstate 15 fell 5%.
“With headwinds of ongoing economic uncertainty, the destination hosted approximately 3.4 million visitors in May, down 6.5 percent year over year,” said Kevin Bagger, LVCVA research director.
Gaming revenue also dipped, with Clark County’s overall gaming win down 2.5%. The Las Vegas Strip saw gaming win fall 3.9% to $713.8 million, while downtown gaming revenue dropped 11.4% to $66.4 million.
Truist analyst Barry Jonas said their latest Las Vegas Strip room survey looks similar to the last note, “showing a choppy summer though some sequential improvements,” noting room rates remained weak in the second quarter and July looks flattish.
Despite softer trends on the Strip, local casinos showed resilience, with locals-focused gaming revenue up 11%. Convention attendance rose 10.7% to about 511,200, buoyed by events such as a Bitcoin conference, LightFair International, and the NAMA Show.
May marked Nevada’s 51st consecutive month of at least $1 billion in monthly gaming win. However, a sluggish summer could end the state’s streak of consecutive record annual gaming revenue growth.
