It’s too early for Las Vegas to react to spiking gasoline prices, the top executive of the Las Vegas Convention and Tourism Authority said Tuesday.
Steve Hill, president and CEO of the LVCVA, said in the past, resort companies have presented guests from drive markets with gasoline gift cards to offset the expense of a trip to Las Vegas.
But Hill cautioned that as volatile as oil prices have been in the last few days, it’s still too early to consider whether gasoline prices would have a detrimental effect on Southern Nevada visitation.
“You can put together packages that can overcome the cost of gas fairly easily,” Hill said after Tuesday’s LVCVA board meeting. “It’s an important component, but you know it’s not going to be 10 and 20 percent of the cost of a trip to Las Vegas for sure.”
Hill said the immediate effects of the spike in gasoline prices last week were masked in the city by the presence of ConExpo-Con/Agg, the major every-three-years construction equipment trade show that brought an estimated 140,000 people to Las Vegas.
Many show attendees were already in Las Vegas or on their way Feb. 28 when U.S. and Israeli forces bombed targets in Iran. Within days, the turmoil in the Mideast escalated and the movement of oil shipments slowed, leading to an increase in gasoline prices in Las Vegas that started at 11 cents a gallon and quickly climbed by more than 50 cents.
By the end of the week, the cost of a gallon of gasoline increased well beyond $5 a gallon in California, Las Vegas’ largest tourism market.
This is a developing story. Check back for updates.
Contact Richard N. Velotta at rvelotta@reviewjournal.com or 702-477-3893. Follow @RickVelotta on X.
