The pandemic impacted almost all industries worldwide. Commercial and tribal casinos in the US went through temporary restrictions and closures. However, the good news is that Las Vegas gaming firms benefit from the return to normalcy.
Businesses in Las Vegas are beginning to rebound thanks to an uptick in tourism and the lifting of travel restrictions during the past two years. According to a new study, the business travel market is heading in the right direction. It’s reasonable to assume that Las Vegas company owners will soon benefit from the uptick in corporate tourism.
The “2023 GBTA Business Travel Index Outlook – Annual Worldwide Study and Forecast” report was just released by the Global Business Travel Association (GBTA) in partnership with Visa, and it provides key trends and forecasts for the global business travel market. This research is undoubtedly helpful for casinos and other Las Vegas businesses catering to business travelers by providing meeting and exposition space on the Strip.
Las Vegas Gaming Firms Recovering Due to Increased Business Travel
According to bookie pay per head sources, the current analysis claims that the corporate travel market has recovered more rapidly than predicted. According to the latest study, “the global corporate travel market has returned at a more rapid rate than forecast only a year ago,” it is projected to increase to roughly $1.8 trillion by 2027 from its pre-pandemic expenditure level of $1.4 trillion in 2024.
There was a 47 percent increase to $1.03 trillion in corporate travel spending worldwide last year. According to gambling software providers, the upswing continued this year, with a projected expansion of 32%. The uptick in demand following the epidemic is attributed to “better global economic conditions in 2022 and 2023 and recession risks that have yet to emerge.”
According to GBTA’s findings, the rate of business travel recovery varied by area. While Western Europe witnessed the most significant increase in spending in 2022, Latin America and North America have seen considerable expenditure growth.
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