LAS VEGAS — The Las Vegas RoomThe Las Vegas Overview highlighted what’s new, what’s happening in the city, as well as an economic outlook and information about Las Vegas’ infrastructure.
Las Vegas is solidifying its position as the entertainment and convention capital of the world with more than $30 billion in development underway in the Southern Nevada region, including the growth of The Boring Company’s Loop, expansions of Harry Reid International Airport and the addition of the Brightline light rail project coinciding with the state’s I-15 construction.
“We love the word epic; 2023 was the best year in Las Vegas history,” said Steve Hill, president and CEO of the Las Vegas Convention and Visitors Authority (LVCVA), at Preview Las Vegas. “We had record revenues, our average daily rate per room easily set a record, and probably the most important metric we have is revenue per available room which easily set another record in 2023. All the financial records were broken. Our international market is also coming back.”
Hill shared that the the wall street journal ranked three of Las Vegas’ convention centers among the top seven in the United States, making it the only city with multiple convention centers on the list.
“We remain the number one destination in the United States. We are growing 20% year-over-year, going from 5 million to 6 million meeting attendees in Las Vegas. We expect to surpass our previous record of 6.6 million in 2024,” Hill said.
New spaces and new openings
THE Mandalay Bay Convention Center (MBCC) recently underwent a renovation to make the space lighter, brighter, and more up-to-date with technology and digital offerings. With 2.1 million square feet of meeting space, MBCC upgraded the aesthetics and added new carpeting to match the property’s existing tropical theme and invested in all-new internet cabling to improve its internet services.
The MBCC also reflects MGM Resorts“The company’s commitment to sustainability includes an extensive rooftop solar panel network, an internal sorting and recycling system, and the installation of refillable water stations throughout the space. The third phase of the refresh is expected to be completed in April 2024.
The MBCC will also host the NFL Experience prior to Super Bowl LVIII, which will take place in Las Vegas. The event will span 600,000 square feet and is expected to attract 35,000 people and more than 3,000 members of the media.
The Palms Casino Resort reopened in 2022 after undergoing a 2017-2019 renovation prior to the pandemic. Its expansive suites and meeting spaces offer event planners upscale venues for smaller events and programs.
The brand new Fontainebleau Las Vegaswhich opened in December 2023 near the Las Vegas Convention Center, offers convention planners a new space designed for attendees and visitors, as well as 550,000 square feet of customizable meeting and convention space.
Fontainebleau also features a 90,000 square foot three-level theater with pre-function space, 62,000 square feet of additional space that can be transformed into 57 meeting rooms and three executive boardrooms.
The property, which houses over 3,600 rooms, features numerous ballrooms, the largest of which spans an impressive 105,264 square feet. Its BleauLive Theatre offers organizers the opportunity to rent the space for general sessions with over 90,000 square feet of space. The property’s 25,000 square foot garden also provides ample space for organizers to host receptions, meals and other networking opportunities.
Equipped with six freight elevators and six dedicated loading docks, the Fontainebleau can facilitate the process of moving large quantities of goods within the building.
By separating the gaming space from the convention space, Fontainebleau allows attendees to move throughout the property without being distracted by its many restaurants, offerings and entertainment during event programming.
“Following the incredible opening of The Fontainebleau Las Vegas on December 13, 2023, we are more excited than ever for 2024 and beyond. With our 550,000 square feet of fully customizable indoor and outdoor meeting and convention space, we have seen an outpouring of positive response and interest and are on track to book through 2029,” said Carmen Rubino Jr., Vice President of Sales, The Fontainebleau.
The impact of Formula 1
The inauguration Formula 1 (F1) Las Vegas Grand Prix was a huge success for the city, making November 2023 one of the best months in its history. The event generated $561 million in total spending, with F1 visitors spending 3.6 times more than the average visitor.
The F1 race attracted 145,000 unique visitors to Las Vegas, selling 316,000 tickets and recording the largest single-race audience of the entire 2023 F1 season. It had a record fiscal impact on the city with historic room rate revenue in November and record gaming revenue.
F1 investments, such as land acquisitions, equipment improvements and operating expenses, had an economic impact of $587 million. The event also contributed nearly $1 million in cash to local nonprofits, donated 148,000 pounds of unused food to local food banks and launched an innovative water conservation initiative.
The Grand Prix Plaza, the F1 racetrack paddock building, can also be used for group bookings for meetings, conventions and events throughout the year when no races are taking place. Overlooking sections of the track and views of the Strip, the Grand Prix Plaza offers organizers a fully customizable venue for indoor and outdoor events.
To become the world capital of sport
Las Vegas is also positioning itself to become the sports capital of the world by hosting some of the most prestigious sporting events, including F1 racing.
In February, Allegiant Stadium will host Super Bowl LVIII, completing the trio of NFL events taking place in the city, which includes the NFL Draft and Pro Bowl, and marking the first time the city has hosted the event.
LVCVA President and CEO Steve Hill said there are hundreds of Super Bowl events happening throughout the Las Vegas community, including the NFL Experience at Mandalay Bay and Super Bowl Opening Night at Allegiant Stadium.
The MLB track and field team is also coming to the city. John Fisher, principal owner of the track and field team, has spoken about the club’s plans to integrate and engage with the Las Vegas community, including funding all of the state’s Little League baseball teams.
Contact Steve Hill and the LVCVA at (702) 892-0711
