HVS Las Vegas Casino & Hotel Market Outlook 2021
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The COVID-19 pandemic has had a negative impact on the Las Vegas economy. Las Las hosted just over 19 million people in 2020, the lowest number of visitors since 18.1 million in 1989. The market will continue to be weak through the first half of 2021. However, construction is an essential business in Nevada and will contribute to the eventual recovery of the market.
Nevada's Governor Steve Sisolak ordered the closure of nonessential businesses in March 2020 to prevent the spread of COVID-19 virus. The Las Vegas economy was devastated in April and May 2020 due to the shutdown of businesses. Governor S isolak authorized certain businesses to reopen with limitations beginning May 9, 2020. Nevada's casinos were allowed to open on June 4, with restrictions.
Governor Sisolak ordered stricter requirements on mask usage and a rollback on permitted crowd sizes in both public and private settings. The requirements remained in place through February 14, 2021. The regulations apply to restaurants, bars, gaming operations, gyms, dance and martial arts studios, museums, art galleries, libraries, zoos, aquariums, arcades, racetracks, bowling alleys, miniature golf, and amusement/theme parks.
Restaurants and bars limited to 25% capacity, with no more than four people per table, reservations required, and no walk-ins allowed. Private gatherings limited in number to 10 people from no less than two households. Indoor malls and retail stores allowed to operate at 50% of capacity limit.
Restaurant capacity increased to 35%, with no reservations required. Capacity at casinos, places of worship, gyms/fitness centers, dance and martial arts studios, arcades, racetracks, bowling alleys, and pool halls increased. Public gatherings and event limits increased from 10 to 100 individuals, or 35% capacity. Venues eligible for large gatherings capped at 20% of total fixed seated capacity, with strict social-distancing requirements. On January 21, 2021, President Joe Biden signed an executive order that adds safeguards to international travel and requires masks on planes, ships, buses, trains, subways, ferries, taxis, etc.
HVS Las Vegas Casino & Hotel Market Outlook 2021. Restaurant capacity increased to 35%, with no reservations required. Capacity at casinos, places of worship, gyms/fitness centers, dance and martial arts studios, arcades, racetracks, bowling alleys, and pool halls increased from 35% to 50%. Public gatherings and event limits increased from 10 to 100 individuals, or 35%. Venues eligible for large gatherings capped at 20% of total fixed seated capacity.
