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Quiet on the Las Vegas “Strip”

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Quiet on the Las Vegas “Strip” Research & Forecast Report LAS VEGAS | HOTEL Q1 2018 All Quiet on the Las Vegas “Strip” > Southern Nevada had one major property, the SLS, sell in the first quarter of 2018 Economic Indicators > Visitor volume decreased in 2017 and appears to be continuing a AIR CONVENTION RevPAR downward trend in January 2018 Passengers Attendance > Room inventory growth should begin in earnest in 2019 -16.7 +6.7% Southern Nevada’s hospitality sector has struggled over the past year with decreasing visitor volume and in recent months Jan with decreasing gaming revenue. Despite these problems, sales +2.7% 2018 of hospitality properties has rebounded since the second and third quarters of 2017, with four major properties sold during the fourth quarter of 2017 and first quarter of 2018. Market Indicators Relative to prior period Q1 2018 Q2 2018* Visitor volume in 2017 was 42.2 million visitors, less than the 43.2 million visitors to Las Vegas in 2016. While the October mass shooting Room Inventory in Las Vegas may have exacerbated this trend, it did not cause it. Room Occupancy During 2017 there were only two months, March and May, in which Average Daily Rate visitor volume increased over the previous year. So far in January Revenue Per Available Room 2018, visitor volume is down by 3.3 percent compared to January 2017. *Projected Revenue Per Available Room (RevPAR) RevPAR $130.00 Summary Statistics Las Vegas Market Q1-17 Q4-17 Q1-18 $125.00 Room Inventory 148,092 146,599 146,715 $120.00 $115.00 Room Occupancy 88.4% 84.0% 83.8% $110.00 Average Daily Rate $139.30 $125.11 $163.90 $105.00 Revenue Per Available Room $123.42 $105.53 $137.35 $100.00 1 Q 2016 2 Q 2016 3 Q 2016 4 Q 2016 1 Q 2017 2 Q 2017 3 Q 2017 4 Q 2017 Gaming revenue in Clark County was stronger in 2017 than 2016, with Sales $9.98 billion in gaming revenue last year compared to $9.71 billion Volume in 2016. January 2018 gaming revenue was down by 3.7 percent compared to January 2017. The average daily room rate (ADR) in January 2018 was up 9.1 percent compared to January 2017, while revenue per available room (RevPAR) was up 6.7 percent over the same period. Gaming revenue in Clark County in January 2018 was down 3.7 percent compared to January 2017. Las Vegas “Strip” gaming revenue was down 8.9 percent year-over-year, while Downtown gaming revenue increased by 1.8 percent and gaming revenue on the Boulder Strip, which mostly plays host to local casino patrons, increased by 6.8 percent. The take-away here is that locals appear to be spending more money on gaming, hence the improvement on the Boulder Strip, while tourists are spending less, hence the decrease on the Las Vegas “Strip”. Downtown attracts a combination of tourists and locals, and thus saw Sales vs. gaming revenue growth somewhere between the other two segments Price Per Unit of the market. Room inventory increased slightly in the first quarter of 2018 with the completion of the 172-room Hilton Garden Inn. Construction on the Resorts World Las Vegas projects has heated up this quarter. It has been confirmed that Wynn Resort’s 1,000-room Paradise Park project will be constructed on the former site of the Desert Inn Golf Course. Wynn also announced the development of Wynn West, a 2,500 unit casino resort located on the site of demolished New Frontier across from their existing Wynn and Encore properties. The recently purchased Fontainebleau Resort, on which construction halted during the Great Recession, has been relaunched as The Drew Las Vegas, with permits pulled to renew construction on its 3,889 rooms. The Edge, an “extreme sports” resort is also proposed for the south Strip area. Several limited Market Health Data Point 2014 2015 2016 2017 2018* Visitor Volume (millions)* 3.39 3.39 3.47 3.51 3.39 Room Occupancy* 83.5% 81.7% 84.7% 85.7% 83.8% ADR* $118.20 $136.02 $144.88 $150.21 $163.90 RevPAR* $98.70 $111.13 $122.71 $128.73 $137.35 Convention Attendance (millions)* 0.63 0.68 0.77 0.74 0.61 Passengers McCarran Int’l (millions)* 3.29 3.30 3.55 3.68 3.78 Gaming Revenue (Clark County; millions)* $777.2 $838.2 $810.5 $926.2 $892.1 Gaming Revenue (“Strip”; millions)* $499.8 $576.8 $532.3 $608.9 $554.8 Data from Las Vegas Convention & Visitors Authority * Data is January YTD 2 Las Vegas Research & Forecast Report | Q1 2018 | Hospitality | Colliers International service hotels are now under construction or planned to begin construction in the Valley, including Holiday Home, Homewood Suites, TownePlace Suites, Home2Suites and a Starwood hotel near the Las Vegas Speedway. Aside from new property development, Southern Nevada is slated for $1.4 billion in property remodels and renovations over the next two years, including Park MGM, a rebrand and remodel of the Monte Carlo Resort & Casino and Palace Station Hotel & Casino. Conference center and convention center construction and expansions total almost $2 billion and include the expansion of the Las Vegas Convention Center, the new Caesars Forum convention center and the expansion of the MGM Grand conference center. Non-gaming developments slated for the Valley over the next three years include Area 15, a 146,000 square foot recreation attraction, Las Vegas Ballpark in Summerlin, Las Vegas Stadium, which will host the NFL Las Vegas Raiders, the All Net Resort & Arena, which will host the WNBA Las Vegas Aces, Madison Square Garden’s Sphere Arena and an expansion of the Showcase Mall on the Las Vegas “Strip”. Hospitality sales were down in 2017 compared to 2016 in terms of sale volume, but up in terms of rooms sold. The first quarter of 2018 will see the closing of the Meruelo Group’s purchase of the SLS hotel casino, though as yet the consideration for that property is unknown. Hospitality Sales* Year Sales Volume Units Sold Price/Unit 2018 n/a 1,325 n/a 2017 $917.4 MM 6,626 $138,000 2016 $1221.8 MM 4,776 $254,000 2015 $466.2 MM 5,445 $86,000 2014 $2001.3 MM 7,614 $263,000 2013 $57.8 MM 1,335 $43,000 2012 $159.8 MM 3,120 $51,000 2011 $1577.8 MM 7,507 $210,000 * Only includes properties with 100 or more units, arm’s-length sales 3 Las Vegas Research & Forecast Report | Q1 2018 | Hospitality | Colliers International Significant Hotel Sale Activity 215 Aliante Hotel and Casino NORTH Casino Hotel - $380,000,000 NORTHWEST LAS VEGAS 202 Units - $1,881,000/Unit September 2016 95 Casino Hotel - North Vegas 15 Stratosphere Las Vegas Casino Hotel - $421,000,000 2,427 Units - $174,000/Unit October 2017 DOWNTOWN Casino Hotel - Strip SUMMERLIN WEST EAST CENTRAL LAS VEGAS RESORT Fontainebleau Resort CORRIDOR Casino Hotel - $600,000,000 3,889 Units - $154,000/Unit 95 August 2017 THE Casino Hotel - Strip “STRIP” AIRPORT Tropicana Las Vegas 215 Casino Hotel - $360,000,000 1,497 Units - $240,000/Unit HENDERSON SOUTHWEST December 2015 Casino Hotel - Strip SOUTH LAS VEGAS Palms Casino Resort Casino Hotel - $315,500,000 711 Units - $440,000/Unit October 2016 Casino Hotel - Resort Corridor Sale Activity Continued Property Name Sale Date Units Price Price/Unit Submarket Property Type Eastside Cannery Dec 2016 307 $139,000,000 $453,000 East Vegas Casino Hotel Cannery Hotel & Casino Dec 2016 201 $91,000,000 $453,000 North Vegas Casino Hotel Arizona Charlie’s Casino Oct 2017 303 $53,000,000 $174,000 East Vegas Casino Hotel Marriott Springhill Jul 2017 299 $50,500,000 $169,000 Resort Corridor Full Service Arizona Charlie’s Decatur Oct 2017 259 $45,000,000 $174,000 West Vegas Casino Hotel 4 Las Vegas Research & Forecast Report | Q1 2018 | Hospitality | Colliers International Market Comparisons - Las Vegas Hospitality Market TOTAL INVENTORY AVERAGE SALES PRICE COMPLETIONS CURRENT COMPLETIONS YTD FUTURE DEVELOPMENT TYPE TOTAL SALES (UNITS) TOTAL SALES VOLUME (UNITS) PER UNIT QUARTER (UNITS) (UNITS) (UNITS) DOWNTOWN CAS 7,428 - $0 n/a - - - FS - - $0 n/a - - - LS 204 - $0 n/a - - - Total 7,632 - $0 n/a - - - LAS VEGAS “STRIP” CAS 80,185 1,325 n/a n/a - - 11,389 FS 5,450 - $0 n/a - - - LS 2,224 - $0 n/a - - - Total 87,859 1,325 $0 n/a - - 11,389 RESORT CORRIDOR CAS 10,610 - $0 n/a - - - FS 4,830 - $0 n/a - - - LS 5,939 - $0 n/a - - - Total 21,379 - $0 n/a - - - AIRPORT CAS - - $0 n/a - - 640 FS - - $0 n/a - - - LS 1,175 - $0 n/a - - - Total 1,175 - $0 n/a - - 640 EAST LAS VEGAS SUBMARKET CAS 1,704 - $0 n/a - - - FS - - $0 n/a - - - LS 3,058 - $0 n/a - - - Total 4,762 - $0 n/a - - - HENDERSON SUBMARKET CAS 2,035 - $0 n/a - - - FS 732 - $0 n/a - - - LS 1,465 - $0 n/a - - - Total 4,232 - $0 n/a - - - NORTH LAS VEGAS SUBMARKET CAS 988 - $0 n/a - - - FS - - $0 n/a - - - LS 1,280 - $0 n/a - - 125 Total 2,268 - $0 n/a - - 125 SOUTH LAS VEGAS SUBMARKET CAS 2,463 - $0 n/a - - - FS - - $0 n/a - - 211 LS 1,404 - $0 n/a - - - Total 3,867 - $0 n/a - - 211 SUMMERLIN SUBMARKET CAS 1,770 - $0 n/a - - - FS 123 - $0 n/a - - - LS 515 - $0 n/a - - - Total 2,408 - $0 n/a - - - WEST CENTRAL SUBMARKET CAS 3,425 - $0 n/a - - - FS 118 - $0 n/a - - - LS 2,900 - $0 n/a 172 172 405 Total 6,443 - $0 n/a 172 172 405 MARKET TOTAL CAS 110,608 1,325 n/a n/a - - 12,029 FS 11,253 - $0 n/a - - 211 LS 20,164 - $0 n/a 172 172 530 Total 142,025 1,325 n/a n/a 172 172 12,770 QUARTERLY COMPARISON AND TOTALS Q1-18 142,025 1,325 n/a n/a 172 172 12,770 Q4-17 141,853 2,989 $518,923,611 $173,611 229 449 10,439 Q3-17 141,624 746 $90,174,194 $120,877 0 220 10,105 Q2-17 141,624 194 $14,225,000 $73,325 169 220 5,670 Q1-17 141,853 2,697 $294,035,872 $109,023 51 51 5,670 5 Las Vegas Research & Forecast Report | Q1 2018 | Hospitality | Colliers International COLLIERS INTERNATIONAL | LAS VEGAS 69 countries 3960 Howard Hughes Parkway Suite 150 Las Vegas, Nevada 89169 | USA $2.7 +1 702 735 5700 billion in www.colliers.com/lasvegas annual revenue* MARKET CONTACT: Mike Mixer 2.0 Executive Managing Director | Las Vegas billion square feet +1 702 735 5700 under management [email protected] John Stater 15,400 Research & GIS Manager | Las Vegas professionals +1 702 836 3781 [email protected] and staff $116 billion in total transaction value *All statistics are for 2017, are in U.S.
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