Posted on: September 21, 2023, 02:53h.
Last updated on: September 21, 2023, 02:53h.
Global business travel shows signs of recovery post-COVID-19 pandemic, a trend that could benefit Las Vegas casino hotel operators with convention space on the famous Strip.
The Global Business Travel Association (GBTA) predicts that the industry will surpass pre-pandemic spending levels by next year, potentially reaching $1.8 trillion by 2027.
“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,” said GBTA CEO Suzanne Neufang.
Recent developments in Las Vegas, such as the Las Vegas Convention and Visitors Authority (LVCVA) raising rates for exhibitors at the Las Vegas Convention Center and optimistic statements from casino operators, further support this forecast.
Factors Driving the Rebound
The progress made in fighting the COVID-19 pandemic and the return of in-person meetings and events are the main drivers behind the recovery of global business travel in the past 18 months, according to GBTA. It also noted that the recovery of international business travel capacity and volumes contributed to this trend.
Las Vegas casino operators like MGM Resorts International, Caesars Entertainment, Wynn Resorts, and Circa, which offer ample convention space, are well-positioned to take advantage of the rebound in business travel.
Additionally, the recovery of the Chinese economy and the subsequent reopening of the Asian market presents opportunities for Macau operators such as Las Vegas Sands, MGM, and Wynn. GBTA projects that China will regain its position as the world’s top business travel market by the end of 2023.