Las Vegas COVID-19 recovery may take between 18 and 36 months, according to study
(Las Vegas).- It’s going to take a while for Southern Nevada to climb out of the deep financial hole created by the coronavirus pandemic. Las Vegas economic analyst Jeremy Aguero predicted it may take between 18 and 36 months to recover.
Besides, many Las Vegas room rates are below pre-pandemic levels in an effort to attract more visitors, but pricing has held steadier compared with many other markets.
The average daily room rate nationwide July 12-18 was $98.56, according to data and analytics company STR. Meanwhile, a number of Las Vegas’ high-end resorts have continued charging well above $100 for a weekend reservation, even with reduced foot traffic.
“I think it speaks to the nature of Las Vegas. There’s so much more to Las Vegas than just a hotel room and pool, even in these times,” said Alan Feldman, distinguished fellow at the UNLV International Gaming Institute.