Tourism ticked up and the average daily room rate in Las Vegas rocketed to a new record with the arrival of Formula One in November, according to new figures released by the Las Vegas Convention and Visitors Authority.

Las Vegas Convention and Visitors Authority (LVCVA) has reported that its average daily rate (ADR) hit an all-time monthly high of USD 249.31 in November, a 33.7 pc increase from the same month last year.

According to a press statement by LVCVA, the revenue per available room (RevPAR) for the month was concurrently up 34.8 pc, to USD 204.18.

The LVCVA credited events like the Specialty Equipment Market Association (SEMA) trade show in early November and mid-November’s Formula One Las Vegas Grand Prix with helping to drive both ADR and RevPAR gains.

The statement adds that hotel occupancy for the month rose 0.7 percentage points year-over-year, coming in at 81.9 pc, while total visitor volume was up 0.8 pc from November 2022, exceeding 3.29 million. The LVCVA also reported that convention attendance increased 2.7 pc year-over-year, nearing a total of 600,000 attendees.