Las Vegas recovery not expected until 2023, analyst says
Las Vegas will have to wait until 2023 to see a full economic recovery from the pandemic according to a report by Macquarie Group.
US.- Las Vegas will not recover from the pandemic until 2023 according to a report by Chad Beyon, managing director of Macquarie Group.
The report predicts that by 2023 41 million visitors a year will be spending $427 per trip, with revenue still six per cent below last year’s.
Before the pandemic, gaming revenue in Las Vegas had already been declining for 12 years due to a shift of customers to non-gaming spending, which has grown 30 per cent in that time, Beyon said.
But he said casinos were still major cash generators given the size of gaming facilities and margins. He said visitor numbers would grow in future years with the opening of Allegiant Stadium and the MSG Sphere, and convention capacity due to grow by 25 per cent in the next two years.
