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Summary
This document presents a positive outlook on the Las Vegas economy as of 2014, justifying new development with key statistics. It highlights record-breaking figures in visitor revenue ($45.1 billion), visitor numbers (41.1 million), and significant construction projects, supported by charts showing growth in visitor economic impact and convention attendance over the preceding years.
Key Quotes (5)
"$6 billion of under construction and planned Strip development is the greatest since 1950's"Source
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Quote #1
"$45.1 billion in annual visitor revenue during 2014, a new record"Source
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Quote #2
"41.1 million visitors in 2014; 2015 is on track to hit 42 million, a new record"Source
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Quote #3
"4 million square feet of new convention space under development, a new record"Source
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Quote #4
"Average hotel occupancy is 92% on the Strip"Source
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Quote #5
Full Extracted Text
Complete text extracted from the document (1,511 characters)
Strong Las Vegas Economy Justifies New Development
■ $6 billion of under construction and planned Strip development is the greatest since 1950's
■ $45.1 billion in annual visitor revenue during 2014, a new record
■ 41.1 million visitors in 2014; 2015 is on track to hit 42 million, a new record
■ 4 million square feet of new convention space under development, a new record
■ $9.6 billion in gaming revenues in 2014 near peak 2007 levels
■ Visitor volume projected to increase by 500,000 every year for the foreseeable future
■ Average hotel occupancy is 92% on the Strip
■ Tier One hotel ADR was $232 in 2014
■ Nearly 650,000 new residents since 2000, representing 47% growth during the past decade
■ 1.3 million more room nights were sold in 2014 over 2013
■ $45.1 billion in annual visitor revenue during 2014, a new record
■ 41.1 million visitors in 2014; 2015 is on track to hit 42 million, a new record
■ 4 million square feet of new convention space under development, a new record
■ $9.6 billion in gaming revenues in 2014 near peak 2007 levels
■ Visitor volume projected to increase by 500,000 every year for the foreseeable future
■ Average hotel occupancy is 92% on the Strip
■ Tier One hotel ADR was $232 in 2014
■ Nearly 650,000 new residents since 2000, representing 47% growth during the past decade
■ 1.3 million more room nights were sold in 2014 over 2013
LAS VEGAS VISITOR ECONOMIC IMPACT 2000 - 2014
50
Las Vegas Visitor Economic Impact
$44.9 $45.0 $45.1
45
41.6 $41.6
$40.2
$39.4
40
$36.7
$36.8
$35.2
33.7
35
32.8
($ Billions)
31.5 31.9 31.6
30
$28.7
24.6
25
20
15
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
50
Las Vegas Visitor Economic Impact
$44.9 $45.0 $45.1
45
41.6 $41.6
$40.2
$39.4
40
$36.7
$36.8
$35.2
33.7
35
32.8
($ Billions)
31.5 31.9 31.6
30
$28.7
24.6
25
20
15
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
$45.1 Billion
Visitor Revenues hit New Record
Visitor Revenues hit New Record
LAS VEGAS CONVENTION STATISTICS
7
30,000
Attendance
Conventions
6.5
6.3 6.2 6.2
25,000
5.9
6
5.7 5.7
20,000
5.5
5.2
5.0 5.1
5.1
Attendance (millions)
5.0
# of Conventions
5
4.9
15,000
4.5 4.5
4.5
10,000
4
3.9
5,000
3.5
3
0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
7
30,000
Attendance
Conventions
6.5
6.3 6.2 6.2
25,000
5.9
6
5.7 5.7
20,000
5.5
5.2
5.0 5.1
5.1
Attendance (millions)
5.0
# of Conventions
5
4.9
15,000
4.5 4.5
4.5
10,000
4
3.9
5,000
3.5
3
0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
4,000,000 Square Feet
Convention Space under Construction to Accommodate Demand
Convention Space under Construction to Accommodate Demand
8
HOUSE_OVERSIGHT_018750
HOUSE_OVERSIGHT_018750
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