As the Fontainebleau Las Vegas casino resort opens its doors, the city is being seen as an increasingly attractive destination for wealthier tourists. Traditionally known for attracting visitors with inexpensive rooms and cheap buffets, the Las Vegas Strip is now targeting a more affluent market. November’s inaugural Formula One race, which brought international jet setters and wealthy households, is just one example of the city’s shifting demographic.
While the number of visitors to Las Vegas is down compared to pre-COVID years, the city is seeing an increase in gaming and other revenues. A survey by the Las Vegas Convention and Visitors Authority revealed that 44% of visitors during the third quarter of 2023 had household incomes of $100,000 and above, up from 33% during the third quarter of 2022.
In contrast, households with lower incomes made up a smaller percentage of visitors in comparison, with an 8% decline in visitors with household incomes below $40,000. This suggests that visitors with more disposable income are the ones dominating the Las Vegas tourism market.
Las Vegas has become a premier destination for those looking for luxury experiences, according to experts. This shift is evident in the pricing and quality of services provided by the city’s resorts. The average budget for visitors who gambled in Las Vegas during the third quarter of 2023 was $851, up from $591 in 2019. Spending per visitor for food and beverage also increased, as did spending on shows and entertainment.
The opening of the Fontainebleau Las Vegas further solidifies this trend. The extravagant 67-story resort, decorated with luxury retailers and amenities, is in line with other high-end properties on the Strip. With 36 food and beverage concepts from award-winning chefs and restaurateurs, the resort is set to attract sophisticated and wealthy travelers who are looking for once-in-a-lifetime experiences.
The trend towards attracting more high-end visitors to Las Vegas is expected to continue, with more luxury properties and amenities being developed in the coming years. With news of a potential Ritz-Carlton hotel opening on the Strip and other high-end properties in the pipeline, the city is set to become a top-tier destination for luxury and entertainment on a global scale.