There are growing signs that some of the Nevada and Southern Nevada indicators are starting to stabilize, at least is they relate to certain tourism statistics.
- Gasoline prices in Las Vegas remain relatively low compared to the peak, but are on the rise. This concerns us, because of the coming travel season. According to AAA, the recent (March 20, 2010) price of regular gas, locally, was $2.81 per gallon (same as we reported last month) compared to $2.72 a month ago and $2.11 last year at this time. The peak was recorded on June 21, 2008 at $4.28.
- The Nevada Department of Taxation reported on February 23, 2010, that between December 2008 and December 2009 taxable retail sales state-wide fell 6.6% to $3.7 billion. This was an improvement from the 17.8% decline recorded in October. In Clark County, the annual decrease was 8.4% to $2.7 billion. These drops were an improvement compared to the previous 14 months of double-digit decreases.
- According to the latest release by the Las Vegas Convention and Visitors Authority, between January 2009 and January 2010: Visitor volumes to Las Vegas rose from 2.8 million to 2.9 million or by 4%. Gaming revenues declined from $781.7 million to $764.4 million or by -2.2%. The hotel occupancy rate dropped slightly from 71.9% to 71.1% or by -1.1%. The average daily room rate fell from $104.89 to $99.75 or by -4.9%. And convention attendance plunged to 538,415 from 449,917 or by -16.4%.
Bloggers Note: Thanks to Restrepo Consulting Group and their publication of their market data ezine, ‘Economic Insight’ for providing the above information resources.
DATE 4-30-2010
Vic Donovan, www.VegasCommercialBroker.com
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