Recognizing the need for complementary services and additional revenue sources, many Las Vegas casinos are building or improving their convention and event facilities.
More than $3 billion in various convention center projects are underway in Las Vegas, where MGM Resorts International recently completed an $70 million expansion of its Mandalay Bay convention center and announced a $154 million expansion of convention space at Aria, which will get another 200,000 square feet of convention space.
The Las Vegas Convention Center is undergoing a $2.3 billion improvement that is to be completed around 2020, and intends to increase international as well as domestic participation in conventions.
Many other properties also are undergoing improvements or considering adding convention facilities, at the convention and trade show industry continue being primary drivers of the local gaming industry.
Food and beverage services, as well as support services for conventions, trade shows, and other special events, is very profitable, and the convention and trade show industry continue growing in Las Vegas.
More than 5.2 million convention and trade show attendees came to more than 22,000 events in Las Vegas in 2014 and had an estimated impact of $7.4 billion, the Las Vegas Convention and Visitors Authority reported.
Those numbers are up significantly from the Great Recession, when the convention and trade show industry contracted, but they still haven’t reached the pre-recession levels of more than 6 million visitors for more than 23,000 events in 2007, but the rebound is very encouraging for local casino and hotel owners.
Other cities also are eyeing convention center improvements to lure large events away from Las Vegas, and local casino and convention center owners and operators want to ensure their facilities remain cutting-edge and continue drawing large and small events of all kinds.
When trade shows and conventions are underway, host properties see increases in occupancy and gaming, and can make large profits from food and beverage, technology, vendor, and other event services.
Las Vegas is the world’s top destination for conventions and trade shows, and local convention center owners are intent on keeping it that way.
