"Increased Revenue in Las Vegas Gaming and Luxury Real Estate, Shows Strong Resilience to Their Luxury Market."

While Media continues to report Las Vegas tourism is down (referencing a middle market), Casino numbers show a fat increase in revenue this summer. Equally important, luxury real estate sales of $1M+ are hitting record numbers nationally and the medium luxury home sale is up 30% from 2024. What does this say for Las Vegas market pulse? Luxury has not left the building.....

Casinos won $1.36 billion in July, up about 4% compared to July 2024, according to figures released Friday by the Nevada Gaming Control Board (NGCB).

More than half of that came from the Las Vegas Strip, where casinos won just over $749 million, a 5.6% improvement over last July. Source; Channel 8/News Now

The Las Vegas middle-market home sales show a decrease of 10% , as reported by Las Vegas Review Journal, While luxury resale market remained on a record pace through July led by a $25.25 million sale in MacDonald Highlands. It was one of 171 sales of $1 million and higher in July, matching the number in July 2024. The average price paid for a luxury home in July was $1.96 million, according to Forrest Barbee, corporate broker of Berkshire Hathaway Home Service. Lake Las Vegas Resort has a resale market that reflect multi-million dollar homes that have appreciated up to 40% since the late 1990's.

Preparing for the future— Las Vegas airports are expanding as tourism rates trend downward, but aviation leaders say the construction is just in time, as federal projections show the city’s airspace will soon “reach capacity.“ Jim Chrisley, the incoming Clark County Department of Aviation Director, touted the airport’s effective response to tourism from Super Bowl LVIII and the Formula One Las Vegas Grand Prix. “International is actually up, if you were to take out Canadian,” he said. “Canada is definitely down, and that’s dragging our international numbers down, but it’s strong.” Harry Reid International Airport has added Ireland as one of the primary airlines, and Chrisley said they are continuing to recruit other airlines. The success is coming ahead of major construction and expansion set to offset Las Vegas airspace reaching capacity by 2030, according to the Federal Aviation Administration. LAS VEGAS (KLAS) MORE