Scant Good News in Vegas Hotel Metrics
Wednesday, July 15, 2009
Source: Globe St
Globe St reports: Visitor volume improved nominally from April 2009 to 3.19 million but was down 5.8% from May 2008. The decline was pulled down by an 11.5% drop in air passenger traffic and pulled up by a 4.4% rise in car-based visitation. Year-to-date (through May), visitor volume was running 6.9% behind 2008.
Convention attendance in May (341,846 people) was 17.5% lower than April 2009 (414,764) and 32.9% lower than May 2008 (509,482). Year-to-date (through May), attendance (15.19 million) was running 28.6% behind the comparable 2008 period.
There are $1.7 billion of distressed hotel assets in Las Vegas, according to Real Capital Analytics’ July Troubled Asset Report. The dollar value translates to 15 properties with a combined 9,036 units. One of the better known distressed hotel properties is the 727-room Hooters Casino Hotel.
View the full article on Globe St: Scant Good News in Vegas Hotel Metrics
Posted by: Ryan Bernard