Reno Tahoe room revenues increase for 27th consecutive month
November 11, 2016
The Reno-Sparks Convention and Visitors Authority (RSCVA) today announced that Taxable Room Revenues for Washoe County have increased, on a year-over-year (YOY) basis, every month, from July 2014 through September 2016.
"After the double-digit increases reported by Reno Tahoe lodging properties in Fiscal Year 2015-2016, it's encouraging to see that we're still experiencing growth across all the major data sets tracked by the RSCVA," said RSCVA Interim Managing Director Jennifer Cunningham in a press release. "This trend was aided by a great ski season last year, and the early Sierra snowfall keeps us hopeful that we can continue to attract more visitors through the all-important winter months ahead."
Through September, the first quarter of Fiscal Year 2016-2017 has shown year-over-year increases in the three key indicators monitored by the RSCVA. Cash Occupied Room Nights are up 1.6 percent, more than 16,100 room nights; the Average Daily Rate (ADR) is up 9.1 percent, an increase of $8.81; and Taxable Room Revenues are up 10.8 percent, more than $10.7 million.
"Reno Tahoe hotels, along with economic development, restaurants, and the arts and culture communities, have all contributed to the impressive, consistent growth we've seen over the last two years," said RSCVA Board Chair Bob Lucey. "The Board of Directors has done a tremendous job finalizing a five-year strategic plan to help support those efforts, and is preparing to bring in a new leader to help further grow the destination's appeal on a national level. There's a lot of work left to do, but we have a solid foundation and momentum that we can build on."
For the first time ever, Reno Tahoe lodging properties realized an ADR above $100 in three consecutive months (July-September), helping drive increases in Taxable Room Revenues. Overall, Cash Occupied Room Nights for the first quarter of Fiscal Year 2016-2017 are up more than 51,000, 5.2 percent, compared to the same time period in Fiscal Year 2014-2015, when the 27 months of consecutive Taxable Room Revenues began.
Recommended Stories For You
Trending In: Newsletter
- Mishimoto Automotive opens distribution center in Washoe County
- Phigenics announces R&D investment in Reno
- Rancharrah opens new Information Pavilion and launches membership to The Club at Rancharrah
- Universal Value Advisors joins Fieldstone Financial Advisors Network
- International premium real estate firm expands Lake Tahoe presence