Hotel rates for the New Year’s Eve “America’s Party” celebration on the Strip are nearly three times as high as the average rates for the coming Christmas weekend.
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As some U.S. travelers adjust vacation plans amid high fuel costs and inflation, Las Vegas may benefit from pent-up demand and the destination’s value proposition, experts say.
Because 2022’s calendar produced fewer weekend dates in May than other months, New York-based gaming analyst Carlo Santarelli is projecting lower revenue from the Strip.
Shares of MGM Resorts International plunged as much as 10 percent Thursday morning after the company cut its earning guidance for 2018 due to weakness at two Strip properties.
While analysts who cover MGM Resorts International are reluctant to talk about the company’s financial prospects two months after the 1 October massacre, they’re collectively saying MGM stock would be a good addition to a portfolio.
Visitation fell 4.2 percent to 3.6 million tourists in October, the Las Vegas Convention and Visitors Authority reported Thursday, the second steepest year-over-year drop of 2017.
The operator of the hotel closest to the Route 91 Harvest Festival grounds not operated by MGM Resorts International said the Tropicana Las Vegas experienced a 35 percent cancellation rate on bookings in the days immediately following the Oct. 1 mass shooting.
Caesars Entertainment’s top executive said his company is seeing a slight downturn in casino play from Asian guests as a result of the Route 91 Harvest Festival shooting.
MGM Resorts International will continue to use a modified advertising campaign with a #VegasStrong hashtag despite social media criticism that it is exploiting the Oct. 1 shootings.
A return to normalcy for Las Vegas tourism may still be weeks away, but there should be no long-term effects on tourism to Southern Nevada because of the Oct. 1 shootings.