Las Vegas Hospitality Growth Expected to Continue, Economist Says Nova Rainier June 24, 2024 Las Vegas, once synonymous with gaming, has transformed into a multifaceted entertainment hub. While gaming revenues may stabilize, the city’s hospitality sector remains robust. Cameron Belt, chief economist at RCG Economics, LLC, shares an optimistic outlook for Las Vegas, emphasizing both short-term and long-term prospects. Let’s explore the factors driving this growth. The Shift Beyond Gaming Las Vegas has evolved beyond its gaming-centric identity. Large-scale events, downtown investments, and the presence of professional sports teams have broadened its appeal. Post-COVID, the city attracts a diverse consumer base, including international visitors from Mexico and Canada. NHL hockey has bolstered Canadian tourism. Notably, Millennials’ visitation is peaking, while Gen Z—more budget-conscious—gradually enters the scene. Room Supply Dynamics In the near term, the Strip’s room supply presents an interesting dynamic. The recent closure of the Tropicana and the upcoming closure of the Mirage temporarily reduce room availability for budget-conscious travelers. However, the Fontainebleau Las Vegas introduced high-end rooms in late 2023. Overall, post-pandemic visitation is broader, driven by non-gaming amenities and a redefined Vegas experience. Challenges and Opportunities [...]

By: Bloomberg Finance L.P. and Wells Fargo Economics Bloomberg Finance and Wells Fargo Economists have updated their Weekly Economic Indicator Forecasts. The most significant highlights are: CPI (MoM) decreasing by 0.2% from 0.3% to 0.1% PPI Final Demand (MoM) decreasing from 0.5% to 0.1% Import Price Index (MoM) decreasing from 0.9% to 0.1% READ THE ORIGINAL ARTICLE

By: Bloomberg Finance L.P. and Wells Fargo Economics Bloomberg Finance and Wells Fargo Economists have updated their Weekly Economic Indicator Forecasts. The most significant highlights are: Factory Orders (MoM) decreasing by 0.3% from 0.8% to 0.5% Nonfarm Payrolls increasing by 11% from 175K to 195K Construction Spending (MoM) reversing sign from -0.2% to 0.2% READ THE ORIGINAL ARTICLE

By: Bloomberg Finance L.P. and Wells Fargo Economics Bloomberg Finance and Wells Fargo Economists have updated their Weekly Economic Indicator Forecasts. The most significant highlights are: Existing Home Sales increasing by 2% from 4.19M to 4.27M New Home Sales decreasing by 1.6% from 693K to 682K Durable Goods Orders reversing sign from 2.6% to -0.5% READ THE ORIGINAL ARTICLE

By: Bloomberg Finance L.P. and Wells Fargo Economics Bloomberg Finance and Wells Fargo Economists have updated their Weekly Economic Indicator Forecasts. The most significant highlights are: Retail Sales (MoM) decreasing from 0.7% to 0.4% Retail Sales less Autos (MoM) decreasing from 1.1% to 0.2% Business Inventories (MoM) reversing sign from 0.4% to -0.1% READ THE ORIGINAL ARTICLE

By: Bloomberg Finance L.P. and Wells Fargo Economics Bloomberg Finance and Wells Fargo Economists have updated their Weekly Economic Indicator Forecasts. The most significant highlights are: Construction Spending (MoM) reversing sign from -0.3% to 0.5% Unit Labor Costs (QoQ) increasing from 0.4% to 2.2% Nonfarm Payrolls decreasing by 17.% from 303K to 250K READ THE ORIGINAL ARTICLE

By: Bloomberg Finance L.P. and Wells Fargo Economics Bloomberg Finance and Wells Fargo Economists have updated their Weekly Economic Indicator Forecasts. The most significant highlights are: Durable Goods Orders (MoM) increasing from 1.3% to 2.1% GDP Annualized (QoQ) decreasing from 3.4% to 2.5% Personal Income (QoQ) increasing slightly from 0.3% to 0.5% READ THE ORIGINAL ARTICLE

By: Bloomberg Finance L.P. and Wells Fargo Economics Bloomberg Finance and Wells Fargo Economists have updated their Weekly Economic Indicator Forecasts. The most significant highlights are: Construction Spending (MoM) changing direction from -0.2% to 0.7% Factory Orders (MoM)changing direction from -3.6% to 1.1% Nonfarm Payrolls decreasing 25% from 275K to 220K READ THE ORIGINAL ARTICLE

By: Bloomberg Finance L.P. and Wells Fargo Economics Bloomberg Finance and Wells Fargo Economists have updated their Weekly Economic Indicator Forecasts. The most significant highlights are: Durable Goods Orders (MoM) changing direction from -6.2% to 1.2% New Home Sales (SAAR) increasing by 3.8% from 661K to 686K Consumer Confidence increasing slightly from 106.7 to 108.0 READ THE ORIGINAL ARTICLE

By: Bloomberg Finance L.P. and Wells Fargo Economics Bloomberg Finance and Wells Fargo Economists have updated their Weekly Economic Indicator Forecasts. The most significant highlights are: Retail Sales (MoM) changing direction from -0.8% to 0.8% Core PPI (MoM) declining from 0.5% to 0.2% Import Price Index (MoM) declining from 0.8% to 0.3% READ THE ORIGINAL ARTICLE