On this episode we talk Las Vegas, from Ceaser's to what has to happen for Vegas to return to the way things were pre-pandemic.
A Suprise from Ceasers Entertainment
Let’s start with some good news from The Empire! No, I’m not talking about Star Wars, though I could talk about that for a long time, no I’m talking about Ceasers Entertainment. If you’ve been to Vegas you know them. They own such properties as Paris, Bally’s, The Cromwell, Nobu, the Linq, Flamingo, Rio, Harrahs, Planet Hollywood, and of course Ceasers Palace. And these are just their Los Vegas properties.
The year started off rough for the Empire, with a first quarter net loss of $423 million dollars, they’ve since come back with a second quarter net profit of $71 million dollars. Now what does this mean for you? It means Vegas is coming back! Ceasers has shared that their occupancy rates for the second quarter were approximately 89% with some weekends spiking to almost 99%. During the first quarter they only saw roughly a 63% occupancy rate with a weekend spike of up to 85%. So people are returning. This means that restaurants, shows, and other attractions will continue to open. So basically, the Vegas experience is returning, just slowly.
Las Vegas Mask Mandate
With the Delta variant of COVID still causing problems Las Vegas did bring back a Mask Mandate. As we previously covered starting in late July all employees were required to wear masks, regardless of vaccination status. However they are only strongly advising guests to wear masks in crowded or indoor spaces.
Now the question many people want to know is “When will Vegas return to the way it was pre-pandemic”. Unfortunately that’s complicated depending on how you mean “pre-pandmeic”, there are some changes that will stay such as checkin kiosks, mobile room keys, and cashless concessions. These reduce costs, improve efficiencies, and limit person-to-person encounters. So expect things like this to stay for the long run.
Now when we are talking about Vegas returning to “pre-pandemic” what many people know is when will Las Vegas fully reopen. For that there are two specific things that need to happen.
The first is the return of conventions, trade shows, and meetings., which have been coming back. These events help stabile hotel room rates by giving hotels a strong mid-week booking. They also contribute to restaurants, retail and entertainment sales. In general, convention and trade show visitors spend a little more than the average leisure visitor. All this helps keep prices lower across the board, and allows for more deals.
The second thing is the return of international travel for both leisure and conventions or trade shows. Right now the U.S. is closed to foreign visitors. The Biden Administraton is developing a plan to re-open our borders to foreigners. So far there is no set date. We previously talked about how the Administration will probably require all visitors to be vaccinated. But details are too few right now to even guess at what vaccines will be accepted, if a negative covid test will be required, or even the date that the borders will reopen.
Even though we don’t know when international travel will resume, we do know that bookings by conventions and trade shows has been on the upswing recently. Vegas is expecting a stronger end of year with this segment, and even stronger in 2022.
So, If you’re looking for a vacation this year and all the shifting rules and confusion has you hesitant about traveling internationally. Then Las Vegas might just be a good choice for you. They have a wide range of entertainment and restaurants. Which can give you an international feel, all without leaving the U.S.