US Capital Wealth Management just published their market insights for September 22, 2017. Featured in the article is the Las Vegas convention and visitor attendance is the best it has ever been. This is a great sign for our economy and our community. See below for a preview and the PDF link to download the full report.
September 22, 2017
Good Times in Vegas, on the Road and at Home Signal Economic Expansion
When times are good, people go to Vegas. Since the recession in 2008, Las Vegas convention attendance has climbed to new highs. At the current pace, convention attendance and overall Vegas visitation will set new records in 2017.
People loved Vegas in the 1980s and 1990s. While convention traffic continued to grow through the 2001 – 2002 NASDAQ melt-down, overall visitation to Vegas declined. Both convention activity and overall visitation to Vegas declined during the 2007-2009 Great Recession. Since 2009, visitation to Vegas is signaling economic expansion
Nationally, hotel occupancy is running about the same pace as it did in 2015 and 2016, the two best years on record. In the last recession, hotel occupancy was roughly 20% below current levels for all of 2009. Hotel occupancy looks good.
The National Restaurant Association created the Restaurant Performance Index (RPI) in 2002. It is a monthly composite index that tracks the health and the outlook for the U.S. restaurant industry. The index includes metrics like same-store sales and labor and capital expenditures. The RPI shows expansion.
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PDF Version of newsletter: Good Times in Vegas, on the Road and at Home Signal Economic Expansion