2024 Fall Issue of Urban Land - 51

Las Vegas is unlike any other place in America.
Each year it draws more than 40 million
visitors to the dazzling casinos and hotels that
" turn night into daytime " -and transform the
city into a glittering jewel in the desert. With
164,000 hotel rooms, Las Vegas is the largest
hospitality market in the U.S.-outpacing
Orlando, Florida, the next biggest market, by
approximately 15 percent, according to JLL.
The epicenter, of course, is the Las Vegas
Strip, the pulsing artery of the place affectionately
called Sin City. Many of the city's
29 newest and largest hotels-each boasting
more than 2,000 rooms-are located on or
near the Strip. Elaborate Egyptian themes,
oversized Italianate architecture, lavish homages
to Hollywood glamour, and many contemporary
touches pull in travelers year round.
" I think Vegas is an interesting place
because it's always evolving-its story is never
complete, " says Lonnie Hendry, chief product
officer at Trepp.
Once known for its smoky casinos and
budget hotels, Las Vegas is increasingly catering
to guests seeking wellness experiences
and luxury. Its consumer base is growing
and diversifying beyond casino gamblers to
include sports fans, concertgoers, and attendees
of the city's large conventions.
" Having diverse demand drivers is critically
important, " says Kevin Davis, Americas CEO
of Hotels & Hospitality at JLL. " Las Vegas has
them. "
Diverse demand drivers
The 2020 opening of Allegiant Stadium,
which hosted the 2024 Super Bowl and Taylor
Swift's Eras Tour, helped to further diversify
the city's traveler base. In fact, Super Bowl
weekend was so significant that it boosted
revenue per available room (RevPAR) nationwide-3.9
percent year-over-year.
The city branched out even further in
November 2023 by hosting Formula 1 for the
first time. The event boosted hotel performance
to new heights during what typically
would have been a slow period.
" With the arrival of [professional sports]
teams like the [NHL's] Golden Knights and the
[NFL's] Raiders-along with Formula 1-Las
Vegas is now recognized not only for gaming
but also for its growing role in sports tourism, "
says Amanda Belarmino, associate professor
of hospitality at the University of Nevada, Las
Vegas.
Opened in December
2023, Fontainebleau
Las Vegas signals the
city's move toward a
" new era of hospitality. "
La Fontaine, a Frenchinspired
brunch
restaurant inside the
hotel, features an
extensive champagne
list with pairing
recommendations.
FALL 202 4
URBAN LAND
51
FEATURES
C ONNIE ZHOU

2024 Fall Issue of Urban Land

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