LAS VEGAS — The Vegas Chamber’s Preview Las Vegas highlighted what’s new, what’s expanding and what developments are going on in the city, along with an economic outlook and insights into the infrastructure of Las Vegas.
Las Vegas is strengthening its position as the entertainment and conventions capital of the world, with more than $30 billion of development happening in the Southern Nevada region, including the growth of The Boring Company’s Loop, expansions at Harry Reid International Airport and the addition of the Brightline light rail project coinciding with the state’s I-15 work.
“We like the word epic; 2023 was the best year in the history of Las Vegas,” said Steve Hill, President and CEO of the Las Vegas Convention and Visitors Authority (LVCVA), at Preview Las Vegas. “We had record revenue, our average daily room rate easily set a record, and probably the most important metric that we have is revenue per available room easily [set] another record in 2023. Every financial record out there was broken. Our international market is coming back as well.”
Hill shared that the Wall Street Journal ranked three of Las Vegas’ convention centers in the top seven in the U.S., making it the only city with multiple convention centers on the list.
“We remain the No. 1 destination in the U.S. We have 20% year-over-year growth, we went from 5 to 6 million meeting attendees in Las Vegas. We’re hoping in 2024 to exceed our previous record, which was 6.6 million,” Hill said.
Fresh Spaces and New Openings
The Mandalay Bay Convention Center (MBCC) recently underwent a refresh to make the space lighter, brighter and more updated on its technology and digital offerings. With 2.1 million square feet of meeting space, the MBCC enhanced the aesthetics and added new carpeting to match the property’s existing tropical theme and invested in all new internet cabling to enhance its internet services.
The MBCC also reflects MGM Resorts’ commitment to sustainability, with its massive rooftop solar array, in-house sorting and recycling and the installation of refillable water stations throughout the space. The third phase of the refresh is expected to be complete in April 2024.
The MBCC will also be the setting for the NFL Experience ahead of Super Bowl LVIII, taking 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.
Palms Casino Resort reopened its doors in 2022 after its 2017-2019 renovation prior to the pandemic. Its expansive suites and meeting spaces provide event organizers with high-end venues for smaller events and programming.
The all-new Fontainebleau Las Vegas, which opened in December 2023 near the Las Vegas Convention Center, offers convention organizers a fresh space designed with the attendee and visitor journey in mind, and 550,000 square feet of customizable meeting and convention space.
Fontainebleau also features a three-level, 90,000 square-foot theatre with pre-function space, 62,000 square feet of additional space that can be made into up to 57 breakout rooms and three executive boardrooms.
The property, which holds more than 3,600 rooms, features many ballrooms, with the largest ballroom spanning an impressive 105,264 square feet. Its BleauLive Theatre gives organizers the opportunity to rent out the space for general sessions with more than 90,000 square feet of space. The 25,000-square-foot garden space at the property also provides a large space for organizers to hold receptions, meals and other networking opportunities.
With six freight elevators and six dedicated loading docks, the Fontainebleau can ease the process of moving large amounts of cargo into the building.
By separating the gaming space from the convention space, Fontainebleau allows event-goers to move throughout the property without the distraction of its plentiful restaurants, offerings and entertainment during the event’s programming.
“Following Fontainebleau Las Vegas’ incredible opening on Dec. 13, 2023, we are more excited than ever as we look forward into 2024 and beyond. With our 550,000 square feet of fully customizable indoor and outdoor meeting and convention space, we’ve seen an outpouring of positive responses and interest and are well on our way with bookings into 2029,” said Carmen Rubino Jr., Vice President of Sales at the Fontainebleau.
The Impact of Formula 1
The inaugural Formula 1 (F1) Las Vegas Grand Prix was a massive success for the city, turning November 2023 into one of the best months in its history. The event resulted in $561 million in total spending, as F1 visitors spending 3.6 times more than the typical visitor.
The F1 race brought 145,000 unique visitors to Las Vegas, sold 316,000 tickets and had the highest single-race viewership of the entire 2023 F1 season. It had a record-setting tax impact on the city with historic November room rate revenue and all-time high gaming revenue.
F1 investment, like land acquisitions, capital improvements and operating expenditures, made an economic impact of $587 million. The event also saw nearly $1 million in cash contributions to local nonprofits, 148,000 pounds of unused food donated to local food banks and an innovative water conservation initiative.
The Grand Prix Plaza, the paddock building for the F1 race, can also be used for group bookings for meetings, conventions and events throughout the year when there isn’t a race taking place. Overlooking sections of the track and views of the Strip, the Grand Prix Plaza provides organizers with a totally customizable venue for indoor and outdoor events.
Becoming the Sports Capital of the World
Las Vegas is also positioning itself to become the sports capital of the world by hosting some of sports’ most high-profile events, including the F1 race.
In February, Allegiant Stadium will host Super Bowl LVIII, finalizing the trifecta of NFL events to take place in the city, which includes the NFL Draft and the Pro Bowl, and marking the first time the city is hosting the event.
LVCVA President and CEO Steve Hill shared there are hundreds of Super Bowl events happening throughout the Las Vegas community, along with the NFL Experience at Mandalay Bay and Super Bowl Opening Night at Allegiant Stadium.
The MLB’s Athletics are making the move to the city as well. John Fisher, Principal Owner of the Athletics, shared the club’s plans to integrate itself into and engage with the Las Vegas community, which includes funding every Little League baseball team in the state.
Reach Steve Hill and the LVCVA at (702) 892-0711
