Continuing development of numerous gaming, lodging, and entertainment venues will enable the Las Vegas market to retain its status as a premier destination. This article examines trends and market developments affecting the Las Vegas hospitality market.
Celebrating its 30th anniversary, the Asian American Hotel Owners Association (AAHOA) convention welcomed nearly 9,000 attendees in its most widely attended event in history. Reportedly, one out of every two hotels in the United States is owned by members of this important association.
Washington, D.C. remains a top draw for leisure, convention, business, and government demand, with market-wide RevPAR ranking among the highest in the nation. Convention activity and tourism continue to grow, pushing the overall market performance.
The YYZ hotel market has been capitalizing on growth in airport traffic. Hotel revenue growth is expected to shift from occupancy gains to rate increases as occupancy levels remain high and capital improvements to lodging facilities are completed.
Revenue management for hotels has transformed over the past four decades, though some of its tried and true principles remain in place. What does the practice of modern revenue management mean to hotel operations?
Visitors to Las Vegas increased (over 39,700,000 in 2012), exceeding 2007’s previous record. Clark County annual gaming revenue also increased in 2012 as the industry continues its modest recovery, and the lodging market exhibited positive trends.