June 6, 2009

Decline in Las Vegas tourism slowing

The rate of decline regarding Las Vegas tourism is slowing, offering hope for businesses in the city facing financial struggles, an expert says.

Jeremy Aguero, a principal at the Applied Analysis business advisory firm, said while April tourism figures represented a 2.9 percent drop compared with April 2008, the overall rate of tourism decline is slowing, the Las Vegas Review-Journal said Saturday.

The rate at which we're declining is slowing, which is encouraging on all fronts, Aguero said. I think we are starting to accept the reality that what we are seeing today looks more like normal than what we saw even in mid-2007.

In terms of 2009 up through April, Las Vegas tourism has declined 7.2 percent when compared with 2008 figures.

The slowing rate could be due in part to a recent decrease in the cost of lower room rates at Las Vegas hotels.

The Review-Journal said, citing Las Vegas Convention and Visitors Authority figures, the $94.08 average daily room rate for April marked a nearly 31 percent drop in price compared with last year's costs.