Las Vegas, the entertainment capital of the world, has always been a tourist hotspot. However, a growing segment of the population is now choosing to lay down permanent roots in this vibrant city. Let’s delve into the changing visitor and resident populations, exploring the surge in affluent visitors and the allure that keeps them coming back.
Viva Las Vegas: Overnight Stays Are Up
Despite the initial tourism hit caused by the pandemic, Las Vegas is making a remarkable comeback. Since mid-2023, monthly visitation levels have consistently exceeded pre-pandemic 2019 figures, with the exception of July. The city’s robust demand for experiences, coupled with investments in new entertainment venues like the Sphere, has reignited tourism. Notably, the recent Super Bowl 58 hosted at Allegiant Stadium in February provided an additional boost.
High Rollers: Affluent Visitors on the Strip
The iconic Las Vegas Strip remains the epicenter of luxury hotels, shops, restaurants, and casinos. As tourist activity picked up again, the median household income of visitors to the Strip steadily increased. In Q1 2024, the median income reached $93,000, reflecting a more upscale visit destination. With ample discretionary dollars, these visitors seek out pricey shows and luxury retail experiences, making them lucrative advertising targets.
Full House: Net-Positive Migration to the Region
Beyond tourism, Las Vegas continues to attract new residents. Migration data indicate that many high-wage earners are making Southern Nevada their permanent home. The region’s cost of living and tax benefits incentivize these affluent individuals to settle in the area. As Las Vegas evolves, it remains a dynamic blend of entertainment, luxury, and opportunity.
