Las Vegas Casinos poised for rebound with business travel surge
Global business travel has yet to fully rebound to its pre-coronavirus levels but a resurgence is anticipated by next year, potentially providing a catalyst for Las Vegas casinos and hotel operators. In a newly-published report, the Global Business Travel Association (GBTA) has delivered some exciting news for the casino businesses. The report stated that the business travel industry is recovering from the COVID-19 pandemic even faster than previously anticipated. It is now poised to exceed the inspiring $1.4 trillion spending mark of 2019 sometime in 2024, and projections suggest that it could soar to a staggering $1.8 trillion by 2027.
GBTA Chief Executive Officer (CEO) Suzanne Neufang said in a statement that the aforementioned remarkable forecast indicated to a hastened return to pre-pandemic spending levels, promising a robust growth in the years ahead. However, how travel volumes will recover is yet to be seen.
Making the encouraging prediction, Neufang said, “This latest forecast now indicates an accelerated return to pre-pandemic spending levels sooner than anticipated as well as growth ahead in the coming years. Business travel spending is a key indicator, but how travel volumes will continue to rebound is yet to be seen.”
The strong predictions made by the GBTA align perfectly with recent developments in Las Vegas, where the Las Vegas Convention & Visitors Authority (LVCVA) has increased rates for exhibitors at the Las Vegas Convention Center. Casino industry executives are also equally expectant, anticipating a notable surge in meetings and convention activities in the second half of current year as well as in the next year. In short, one can expect exciting times ahead for the world of business travel as well as Las Vegas hospitality & casino businesses.
Nearly four years since the deadly pandemic first struck the American economy, particularly the gaming sector, it is quite evident that the virus is here to stay, and businesses have almost adapted to coexist with it. This adaptation could set the stage for a revival in corporate travel, which would be very beneficial for the casino industry as well.
According to GBTA, the main force influencing the pace of global business travel's revitalization in the last eighteen months has been the progress made in the fight against the deadly virus. The hospitality industry has found stability through the revival of in-person meetings and events, along with the gradual recovery of international business travel capacity and volumes over the past months.