Courtesy of: The Greenspun Media Group
May 2008
Tourism: Las Vegas welcomed just over 3.1 million visitors in February, up 3.1% from last year, according to the Las Vegas Convention and Visitors Authority. The year-to-date visitor count is at more than 6.2 million, a 1.2% increase over the same period last year. Convention attendance increased 15.8% for the month.
The LVCVA recently released its 2007 Visitor Profile Study, which noted that 81% of last year's visitors were repeat visitors to Las Vegas. The average number of nights stayed was 3.5, and 84% of visitors gambled while in town. The average trip gambling budget was nearly $556. 54% of last year's visitors traveled here via ground transportation and 46% traveled by air.
Air Traffic: Nearly 3.6 million passengers came through McCarran International Airport in February, a 3.4% increase over last year. According to the Clark County Department of Aviation, more than 7.1 million passengers have been processed through McCarran so far this year.
Business & Employment: Nevada's seasonally adjusted unemployment rate held steady at 5.5% in February. According to the Nevada Department of Employment, Training and Rehabilitation, the Las Vegas area experienced an unadjusted unemployment rate of 5.4% for the month, down from 5.7% in January. Current statistics show the national rate at 4.8% and California's rate at 5.9% (January), both seasonally adjusted.
The Nevada Film Office reported $103.3 million in revenue from film production in 2007, marking the eighth consecutive year the state has exceeded $100 million in film-production revenue. Revenue from feature films increased from $14.3 million in 2006 to $25 million in 2007. Television was responsible for more than half of the revenue, including series, reality programs and specials.
Retail: According to the Nevada Department of Taxation, the state's taxable sales reached $3.52 billion in January, with collections from sales and use taxes at $264 million. Sales in Clark County totaled $2.67 billion for the month. Clark County posted increases in rental and leasing services, telecommunications, health and personal care stores, and eating and drinking places.
Population& Market Growth: Nearly 5,400 new movers came to Clark County in March, according to the Nevada Department of Motor Vehicles. The year-to-date count is now at more than 16,300.
As a result of our continued influx of newcomers, 97% of our estimated 2 million Southern Nevada residents were not born here, according to the 2008 Las Vegas Perspective. The retiree population increased 5.2% in the past year to more than 300,000. Hispanics and Latinos now represent 26% of Clark County's population and 40% of the School District's total enrollment. The report also mentioned that the median household income for the area now stands at $53,704, with 69% of households owning their home.
Gaming: The Nevada Gaming Control Board reported a state gaming win of nearly $1.015 billion in February. Gaming taxes collected by the state on casino revenues reached more than $53 million, up about 3% from last year. Clark County gaming revenues reached $866 million for the month.
