Las Vegas Hotel Market 2026: Occupancy, ADR, RevPAR, Room Tax, F1 and Operator Results

Las Vegas’s hotel market in 2026: visitor volume held roughly flat after a hard 2025, conventions still carried midweek, and September rates fell about 6% citywide (more than 10% on the Strip) as leisure travelers faced higher airfares into Harry Reid. This page tracks LVCVA occupancy, ADR and RevPAR for the Strip, downtown and citywide; MGM Resorts and Caesars Entertainment Q3 results (attributed); Clark County combined transient lodging (room) tax by district; Culinary Union contracts after Strip-wide unionization; Harry Reid passenger traffic; the Canada inbound drop; Formula 1, Sphere and the Athletics’ ballpark pipeline; and sales with price per key where disclosed.

Last updated: October 30, 2026 · Refresh as LVCVA Executive Summaries, operator 10-Qs and Clark County tax guidance land. Byline: Nathan Snyder, Editor.

2026 performance at a glance

Full-year 2025 (LVCVA): 38.5 million visitors (−7.5%); hotel occupancy 80.3% (−3.3 pts); ADR $183.52 (−5.0%); citywide RevPAR $147.30 (−8.8%); Strip year-end RevPAR $163.52 (labeled Strip, not citywide); downtown RevPAR $66.14; convention attendance about 6 million (nearly matching 2024); inventory about 150,300 rooms — largest U.S. hotel inventory (LVCVA press release; LVCVA CY 2025 indicators PDF; Las Vegas Sun YE coverage). Prefer LVCVA $147.30 citywide RevPAR — do not use the Review-Journal’s $158.62 figure (reporting error; same −8.8% YoY but wrong level).

September 2026 (LVCVA Executive Summary via FOX5): visitors 3,097,200 (+0.2%); occupancy 78.1% (−0.5 pts); ADR $178.63 (−6.3%); RevPAR $139.51 (−6.9%); weighted inventory 150,613; room nights occupied 3,529,500 (−0.3%). Strip: occ 80.1% (−1.2 pts), ADR $184.63 (−10.6%), RevPAR $147.89 (−11.9%). Downtown: occ 62.0% (−5.4 pts), ADR $95.94 (−2.9%), RevPAR $59.48 (−10.7%). Weekend occ 89.8%; midweek 73.1% (FOX5, Oct. 29, 2026).

YTD through September 2026: visitors 28,886,300 (−0.1%); convention attendance 4,968,200 (+9.6%); occupancy 80.1% (−0.3 pts); ADR $183.06 (+1.0%); RevPAR $146.63 (+0.6%) — steadier year-to-date even as the September month was a rate story (same LVCVA / FOX5).

Clark County combined transient lodging (room) tax

Map the property to the tax district — do not print a single unlabeled “Vegas room tax” percentage.

Sources: Clark County Municode Ch. 4.08; County transient lodging guidance; City of Las Vegas Room Tax.

Culinary Union: Major Strip resorts are unionized after Venetian/Palazzo and Fontainebleau first contracts. Culinary Local 226 documents put Resorts World and Fontainebleau contracts through Sept. 30, 2028; the 2023 citywide deals covering MGM, Caesars and Wynn/Encore workers are framed on the same 2028 cycle in union materials — present as contract fact, not estimate (Culinary Resorts World release; AP / Culinary). Sphere’s ~June 2026 tentative first contract (>800 workers) remains tentative — ratification not locked here.

Operator Q3 2026 results (attributed)

MGM Resorts — Las Vegas Strip Resorts (Q3 2026 earnings, Oct. 28, 2026): Strip occupancy flat 89%; ADR $218 (−8%); RevPAR $193 (−8%); Strip revenue about $2.0B (−2%); segment Adjusted EBITDAR $531M (−12%). Management attributed leisure softness partly to airline pricing to Las Vegas about 45% higher vs prior summer — quote as attributed earnings commentary, not LVCVA data (MGM release).

Caesars Entertainment — Las Vegas segment (Q3 2026, Oct. 27, 2026): Las Vegas net revenue $930M (−2.3%); Adjusted EBITDA $343M (−9.5%); hotel revenue −9.3%; F&B −12.6%; casino +10.4%. Filing attributes weakness to fewer citywide convention events and lower leisure visitation (Caesars release). Wynn Q3 2026 Las Vegas ADR/occupancy is not confirmed in free sources reviewed for this pack and is omitted.

Demand drivers

Air: Harry Reid September 2026 passengers 4,076,634 (−8.43%); YTD through Sept 38,429,929 (−7.29%) (FOX5 / airport).

Canada inbound 2025: 1,196,300 visitors (−17.4% YoY) — steepest large North American drop (LVCVA / Oxford Economics via FOX5). Mexico +1% to 1.19M; total international −4.8% to 4.73M.

Formula 1: Heineken Las Vegas Grand Prix Nov. 19–21, 2026; race locked through 2037 with LVCVA $100M sponsorship over 10 years ($10M/yr) for 2028–2037 as framed in local coverage. Do not invent 2026 race-week ADR lift until LVCVA November package publishes.

Hard Rock Las Vegas (ex-Mirage): About 3,600–3,700 rooms total (Review-Journal ~3,600; FOX5 ~3,700 / more than 3,700), with 675 rooms and suites in the Guitar tower (42 stories). Open target late second half / Q4 2027 (Review-Journal; FOX5). Publish as a range — do not pick a single room count.

Sphere / A’s: LVCVA YE narrative cited Wizard of Oz at Sphere >2M tickets / >$260M sales. Athletics ballpark targeted for the 2028 MLB season; Bally’s resort towers are not timed to open with the ballpark — 2026–27 near the former Tropicana site is a construction / displacement story more than incremental room demand.

Notable sales

• Studio 6 Suites Las Vegas – Tropicana (Q1 2026): 308 keys for $31.5M (est.) — $102,273 per key ($31,500,000 ÷ 308). Buyer Tropicana Hotel LLC / seller D Koval LLC (LW Hospitality Advisors Q1 2026 Major U.S. Hotel Sales Survey).
• Gold Spike (venue + connected Oasis hotel), downtown (~130 keys combined as reported, ~June 2026): $11.38M — about $87,538/key on the reported package (label keys as reported). Buyers Huan “Jeff” Mai & Qing Zhong; broker LOGIC CRE (Review-Journal).
• Downtowner boutique + nearby parcels, downtown (May 13, 2026): bulk sale about $10.3M confirmed (Review-Journal citing Clark County records; Hoodline). About 125 operating rooms on the primary site — roughly $82,400/key on 125 keys; multi-parcel package — do not treat as hotel-only $/key without that caveat. Buyer Michael Poura / Hsieh estate; broker LOGIC CRE (Review-Journal; Hoodline).
• Longhorn Casino & Hotel (Henderson / Boulder Strip) + Bighorn Casino (North Las Vegas), ~June–July 2026: operator transfer to DeSimone Gaming; price undisclosed. Not a priced Strip hotel trade — locals casino/hotel package (Gambling News).

Distress: The Lexi (64 keys, 1501 W Sahara) — Fairview Partners foreclosed October 2025 after an April 2025 notice of default alleging about $11.6M; RI Marketplace listed a lender-owned auction (starting bid $2M cited in Review-Journal) (RI Marketplace; Review-Journal).

No Host/MGM/Caesars Strip trophy sale with public $/key was confirmed for this pack. TOD Hotel / Tod Motor Inn and Rodeway Inn (E Fremont) dual-ask listings are omitted (conflicting asks not both verified). Downtown Grand court-approved sale to Vegas Ventures (Oct. 2026) is noted as receivership exit with price undisclosed. No CoStar weekly prints or unmerged Claude scrapes are used on this page.

Key sources

• LVCVA YE 2025 press release; LVCVA CY 2025 indicators PDF (NSLA); LVCVA Executive Summary via FOX5 Sept. 2026
• MGM Q3 2026 earnings; Caesars Q3 2026 earnings / 10-Q (Wynn Q3 omitted — not confirmed)
• Clark County Municode Ch. 4.08; City of Las Vegas Room Tax
• Culinary Local 226 (Sept. 30, 2028 expiries); Harry Reid Sept 2026 traffic
• LW Hospitality Advisors Q1 2026 survey (Studio 6 Tropicana); Review-Journal / Hoodline (Downtowner, Lexi, Hard Rock); Gambling News (Longhorn/Bighorn)
• F1 Las Vegas GP 2026; LVCVA F1 sponsorship coverage; Review-Journal A’s ballpark

What’s next for Las Vegas hotels

• Event-led ADR recovery is the near-term story after a rough 2025. LVCVA data reported by FOX5 put May 2026 visitation near 3.5 million (+2% YoY), hotel occupancy at 84.7%, ADR near $211 (+6.3%), and RevPAR at $178.40 (+8.5%) — record May levels — with Strip RevPAR $198.38 (+9.5%) on 87.6% Strip occupancy, driven by EDC, BTS concerts at Allegiant Stadium, conventions and Golden Knights playoffs (FOX5 / LVCVA).
• Las Vegas sat out FIFA World Cup 2026 as a match host. Allegiant Stadium was not among the 16 North American host venues; Review-Journal reporting said World Cup bid requirements would have meant $100M+ in upgrades because the retractable tray pitch did not meet FIFA standards, and organizers declined to bid (Las Vegas Review-Journal). Analysis: Summer 2026 Cup visitation may still spill from other host cities, but Vegas owners should not underwrite Cup room blocks the way Atlanta, Miami or NY/NJ hosts did.
• Convention campus investment still matters more than Cup spillover. May 2026 convention attendance hit 586,300 (+14.7% YoY) on the same LVCVA release. Owners near the Las Vegas Convention Center should watch CES and midweek group pace as the primary forward indicator.
• Air capacity is a soft undercurrent beneath strong rates. Harry Reid handled 4.57 million passengers in May 2026 (−8.4% YoY) and 21.5 million YTD (−6.2%) per the same LVCVA figures. Analysis: Rate power with softer air seats raises the risk that leisure ADR gains reverse if highway/drive-in traffic cannot fully replace fly-in volume.
• Booking-tech and pay-later tools reshape leisure and group commit timing. Vrbo Reserve Now, Pay Later lets eligible home guests book with $0 due at reservation; Meta Muse AI connectors (Agoda live abroad; Cloudbeds U.S. direct path planned Q1 2027) add another distribution surface. Meta has not disclosed a hotel take-rate — label distribution-cost outlooks as Analysis.
• Capital markets remain selective for mega-Strip projects. LVCVA’s Tourism Construction Bulletin tracks campus and Strip-adjacent projects rather than a flood of new mega-resort rooms in 2026. Analysis: With limited net new Strip keys in the near term, existing owners capture event ADR spikes — but refinance and CapEx for aging assets still depend on gaming + lodging cash flow, not Cup rooms.

Las Vegas hotel market FAQ

How is the Las Vegas hotel market doing in 2026?

Full-year 2025 (LVCVA): 80.3% occupancy, $183.52 ADR, citywide RevPAR $147.30 (not the Review-Journal’s $158.62) and 38.5 million visitors (−7.5%). Strip year-end RevPAR was $163.52. Through September 2026, visitors were roughly flat (−0.1%) with convention attendance +9.6%, ADR +1.0% and RevPAR +0.6%. September month: citywide RevPAR $139.51 (−6.9%) and Strip RevPAR $147.89 (−11.9%).

What is the Las Vegas room tax?

Combined Clark County transient lodging tax depends on district: 13.38% for resort hotels in the Primary Gaming Corridor, 13% in the Stadium District outside that corridor, 12.5% within about 35 miles of the LVCC outside the Stadium District, and 10.5% farther out. Always map the property.

Why did September 2026 rates fall?

LVCVA put citywide ADR at $178.63 (−6.3%) and Strip ADR at $184.63 (−10.6%). MGM management separately attributed leisure softness in Q3 partly to airfares to Las Vegas about 45% higher vs the prior summer — attributed operator commentary, not an LVCVA causal finding.

When do Strip Culinary contracts expire?

Culinary Local 226 documents put Resorts World and Fontainebleau contracts through September 30, 2028; other Strip properties are framed on the same 2028 cycle. Attribute property-by-property.

How large is Las Vegas hotel inventory?

About 150,300 rooms at YE 2025 and 150,613 weighted rooms in September 2026 (LVCVA) — the largest U.S. hotel inventory.