The entity reported that visitor volume grew less than 1% during the month, which saw citywide occupancy of 91.1%. Weekend occupancy reached 97.2%.
Through July, Las Vegas attracted more than 24.8 million visitors, an increase of 0.6% over 2018. Average daily room rates were up 6.6% to US$126.92 while revenue per available room (RevPar), a non-traditional reporting figure, increased 6.9% to US$115.62.
Convention attendance of 498,800 was a 22.2% increase from a year ago. The increase was driven by the return of one conference with 18,500 attendees and another conference with 44,000 attendees falling fully in July.
SunTrust Bank gaming analyst Barry Jonas said the increased visitation was felt in other areas of the tourism community, and not just the casinos. Gaming revenue topped US$541.8 million on the Strip during the month, an increase of 1.6%.
“Our discussions with food and beverage managers suggest July same store restaurants sales were up low-to-mid single digits year-over-year,” Jonas told investors.
“Strip and locals markets started third quarter at a steady pace after a volatile second quarter. We see positive reads for Red Rock Resorts and Boyd Gaming on locals strength, while Strip results were in line with Caesars Entertainment management’s third quarter net revenue guidance.”
Source: GMB
