Las Vegas reflects on record-breaking year, anticipates continued success in 2024

The year 2023 was a remarkable year in Las Vegas as it is one of the most profitable in the city’s history. Gaming and tourism specialists predict that the trend will continue till 2024 after generating record-breaking gaming income, signing significant union contracts, hosting sizable special events, building new resorts, and initiating further economic growth.

Brendan Bussmann, an analyst for the gaming business at B Global, located in Las Vegas, described the year as “remarkable,” noting steady growth in the non-gaming and gaming sectors alike. Local and on-Strip resorts like Red Rock Resorts’ Durango and Fontainebleau on the north Strip played a major role in the city’s growth.

Durango made its premiere on December 5 and has since garnered plaudits from analysts for its amazing casino floor, diverse dining options, and first-rate lodging. After years of development, the $3.7 billion luxury resort Fontainebleau finally opened its doors on December 14 and garnered attention for its splendor and star-studded private grand opening.

The Sphere expanded the city’s infrastructure with a 17,500-seat live entertainment venue including the largest sphere-shaped edifice in the world and massive LED displays. Praise for its imaginative design was given to the building that held U2’s residence.

Approximately 100,000 people watched the Formula One Las Vegas Grand Prix each night in mid-November. The event included a practice run, an opening ceremony, time trials, and the race itself. In spite of early bookings, the event is well-received, drawing in new guests to Vegas and maybe making a lasting impact.

By successfully negotiating new contracts with Caesars Entertainment Inc., Wynn Resorts Ltd., and MGM Resorts International, the Culinary Union was able to prevent a potential strike. The five-year contracts, covering over 35,000 employees, featured significant hikes and greater total pay packages.

Cyberattacks on MGM sites, which resulted in downtime for nine days, were among the year’s noteworthy issues. The incident showed how susceptible large hotel and casino chains are to cyberattacks, even if MGM declined to pay the ransom.

The $206 million addition of the M Resort by Penn Entertainment Inc., potential casino structures on the Las Vegas Strip, and the development of Hard Rock International’s guitar-shaped hotel tower are among the significant projects and expansions planned for 2024. Transportation projects like The Boring Co.’s underground transit system and Brightline West’s high-speed rail system are expected to boost tourism.

A busy first quarter for Las Vegas is predicted by analysts, who also emphasized the significance of upcoming events like Super Bowl 58 at Allegiant Stadium in February and Chinese New Year.

Original story by: Las Vegas Review Journal