It’s often viewed as Nevada’s “other” gaming market place or the minuscule brother to Las Vegas, but Reno-Tahoe is on its own blistering step of attracting tourists this year. That’s validated by way revenue enhancement revenue surging to record levels in the late completed 2022 fiscal year.
New information from the Reno-Sparks Convention and Visitors Authority (RSCVA) point the region, which includes Reno, Sparks, and Incline Village, is benefiting from higher way rates while there’s still do work to follow through with(p) inward terms of reverting to pre-pandemic tenancy levels.
Taxable room revenues for the month of June 2022 of $47,554,579 are above June 2019 past $10,525,339 (28.4%). Cash occupied way nights of 308,467 are to a lower place 2019 by 9,781 (-3.1%). Comp tenanted way nights of 70,125 are at a lower place 2019 past 6,585 (-8.6%), and 28-day occupied way nights of 90,105 are to a lower place 2019 by 31,453 (-25.9%). Total occupied rooms for the month of June 2022 (Cash, Comp, 28-day) are 47,819 (-9.3%) at a lower place 2019,” according to the RSCVA.
Through June, boilers suit tenancy rates in Washoe County are 70.3% compared with 70.9% inwards the same geological period inwards 2019.
“Year-to-date cash occupied elbow room nights of 3,220,884 are (-7.2%) infra 2019. Johnny Cash intermediate rates year-to-date of $141.89 is $26.36 (22.8%) in a higher place 2019. Year-to-date, add together nonexempt room revenues of $457,004,892 are $55,847,659 (13.9%) in a higher place 2019,” added the RSCVA.
Catalysts for Potential Reno Visitation Increase
Reno-Tahoe will never competition Las Vegas from a receipts gaming revenue (GGR) and boilers suit visitation perspective, but in that respect are possible catalysts that could lure to a greater extent visitors to Northern Nevada.
Notably, Legends Bay Casino opens in Sparks later this month, grading the region’s number one from-the-ground-up integrated resort inwards 30 years. That venue testament also include a Circa Sports sportsbook, meaning I of the biggest names inwards Las Vegas sports wagering is making its debut inward Northern Nevada.
Legends Bay was conceived 15 years agone and has since encountered its portion of hurdles. It was initially stymied by the world(a) financial crisis, which ravaged Nevada’s economy. That prompted developers to employ a phased approach shot to getting the locus going. Thomas More recently, the coronavirus pandemic slowed grammatical construction at the property.
Additionally, Yahoo! recently named Monarch Casino & Resorts’ Atlantis among the topper domestic help casinos. One of the operator’s 2 venues, Atlantis is set inward Reno.
Other Positive Signs for Reno
Data from the Reno-Tahoe Airport Authority confirm year-to-date arrivals at the Reno-Tahoe International Airport are easy eclipsing pre-pandemic levels. This year, first-quarter passenger traffic at the drome was 74.2% onward of the same stop a yr earlier.
New entrants to the market, including Bally’s and Century Casinos, could allocate majuscule to sprucing up familiar venues inward Reno-Tahoe, potentially luring more visitors to the neighborhood in the process.
Caesars Entertainment is the largest operator inwards the market with III Reno casinos and Harrah’s and Harveys inwards Lake Tahoe.