There are no big surprises in the recent data. A notable positive is the sixth consecutive month of improvement for gross gaming revenue growth.
Stat & Trend Highlights
August’s 12MMA visitor total for Reno-Sparks increased by 1.5% Y-O-Y to 388,844. The visitor count was essentially flat compared to July’s 12MMA of 388,630. Visitation to the region has not seen the turnaround that Las Vegas has experienced. The 12MMA peak occurred in May 2004, when 467,904 visitors came to the region. The Reno-Sparks hospitality industry continues to face challenges.
Washoe County 12MMA Y-O-Y gross gaming revenue growth in August (3%) represents the sixth consecutive month of improvement and the largest in 18 months, with total revenue reaching $63,683,583. Compared to July, though, there was a 0.33% decrease.
Like Clark County, retail sales in Washoe County have been steadily climbing, reaching $572.5 million in July, up 7.3% on a 12MMA basis when compared to July 2014. This makes 52 consecutive months (over four years) with rising retail sales on a Y-O-Y basis. As the chart shows, Washoe’s taxable sales growth is beating the state average on a percent growth basis.
MLS home resales in the Reno-Sparks area declined to 517 units in August on a 12MMA. This was the first decline in 11 months, but home sales are still in record-high territory. The median price rose to $270,056 (12MMA) in August. That was a 15.7% jump compared to August 2014. By comparison, the Las Vegas median resale price in August was $184,049, just 68 percent as high.
According to AAA, on October 12, 2015, the average price per gallon for regular unleaded gasoline in Reno-Sparks had plummeted by 21.2% from $3.56 a year prior to $2.80. The price was also down $0.17 (5.8%) compared to September 12. We expect gas prices to remain lower than last year for the rest of 2015.