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Las Vegas was perhaps hardest hit by the global economic recession and US housing market collapse. As the nation’s fastest growing metropolis and a top tourist destination, Vegas’ housing and tourism industries suffered major blows.
Although tourism declined 4.4% and 3% in 2008 and 2009 respectively, Vegas’ luck now seems to be changing–thanks to a rebounding American economy and a surge in tourists from mainland China who have long targeted Vegas as a “must see” destination. The Chinese are not just the fastest growing segment of tourists, they’re also the biggest spenders. In fact, the U.S. Department of Commerce estimates that Chinese visitors spend, on average, $6,000 per trip–far more than tourists from any other country. In hopes of reviving Vegas’ tourism industry, the Las Vegas Convention & Visitors Authority (LVCVA) has allocated significant resources for marketing campaigns in China’s largest cities.
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