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October 16, 2017

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LVCVA’s operating revenue up nearly 10 percent

Image

Mikayla Whitmore

The Strip as seen from Rivea on Tuesday, Feb. 2, 2016, at Delano Las Vegas.

Revenue and tax earnings are up for the Las Vegas Convention and Visitors Authority, the agency tasked with marketing Las Vegas as a destination, largely because of the recent success of casinos in Southern Nevada.

According to a budget and statistical report, being presented to the LVCVA’s board of directors today, operating revenue for the LVCVA is up 9.4 percent for fiscal year 2017, at $257.4 million, compared to $235.3 million in fiscal year 2016. That number is also an improvement over a five-year average of revenues of approximately $225 million.

According to the report, the increase comes mainly from room tax earnings, which were up 7.4 percent over the previous year. And that increase, the report revealed, is a reflection of average daily room rate increasing by 6.5 percent and the occupancy rate increasing 1 percent, again compared to the last fiscal year.

LVCVA room tax earnings by fiscal year

2017: $204.1 million

2016: $190 million

2015: $170.5 million

2014: $156.2 million

2013: $145.2 million

Clark County blended average daily room rate

(A blended average of taxable rates for all hotels and motels in Las Vegas, Laughlin and Mesquite)

2017: $112.72

2016: $105.88

2015: $97.14

2014: $90.20

2013: $84.30

Occupancy rate

2017: 86.6 percent

2016: 85.7 percent

2015: 83.6 percent

2014: 82.3 percent

2013: 81.7 percent

Gaming fees, charges for services at convention centers and interest earnings also contribute to LVCVA’s revenues.

The LVCVA gets only a portion of the money collected from room tax. According to the report, from all room taxes to be collected in the fiscal year 2017, LVCVA’s operations and marketing will get approximately 33 percent while other agencies, including the Las Vegas Stadium Authority, the Department of Transportation and the Nevada General fund will receive 29 percent. Local and state education entities will receive 38 percent of the room tax revenue for the fiscal year 2017.

Other items on the agenda

In addition to reviewing the budget and statistics for 2017, the board will also:

Review the proposed budget for fiscal year 2018, when it expects revenues from room taxes to hit $294.5 million.

Get an update to an ongoing study of the impact tourism has on public revenues in Southern Nevada from Jeremy Aguero, a principal at the economic research firm Applied Analysis.

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