Although there were warnings of an impending recession, we sure haven’t seen it in the travel industry. Airport clubs are packed and rationing out their space, cruise lines are sold out, hotels are full and raising their rates like crazy.
Cruises: Trade group Cruise Lines International Association estimates 36 million travelers will cruise in 2024 — a 14% increase from 2023. Looking for a last-minute cruise deal – they’re far and few between. Some cruises sell out a year in advance. Princess recently changed their policy so the lowest rates are the ones furthest out from the sailing date.
Hotels: Rates have skyrocketed. The Florida Keys, one of our favorite areas, now charges upwards of $400 a night even for chain hotels. Cabo Mexico claim that $600 is now the median rate for mid-range resorts.
Las Vegas: Las Vegas is blowing off the doors in popularity lately. With the recent Super Bowl, NHL Hockey and the coming Oakland A’s to a new stadium, sports are leading the way. Hotel meccas continue to open, with the long-delayed Fontainebleau the latest to open.
Per a recent Travel Weekly report:
“Perhaps the biggest, most important number recently released by the Las Vegas Convention and Visitors Authority: 40.8 million people visited Las Vegas in 2023, a 5.2% increase over 2022. The record annual visitation is 42.9 million in 2016; 42.5 million visited in 2019, the last year before Covid-19 affected travel.”
“The year included the inaugural Formula 1 Heineken Silver Las Vegas Grand Prix in late November, the launch of the Sphere and the December opening of the Fontainebleau Las Vegas.”
Convention attendance was just shy of 6 million in 2023, a 19.9% increase over 2022.
The average daily room rate for the year was a record $191.29, an 11.9% jump over the previous year. Hotel occupancy in Las Vegas averaged 83.5 percent, up 4.3 percent from 2022.”
Gambling:
So, is Vegas shifting from gambling to sports? Not in the least! Casinos broke the state’s annual gaming revenue record for the third consecutive year. The Nevada Gaming Control Board reported casinos statewide collected $15.5 billion in gaming revenue in 2023, a 4.6% increase over 2022. Strip casinos reported a record $8.9 billion in revenue, a 7.4% increase over 2022. The Strip accounted for more than 57% of the statewide total.
So, make your plans early and bring lots of money! The recession may be delayed but Inflation is here!