The Parking Advisors team has provided parking consulting services throughout Las Vegas and the surrounding area, including value-add studies, development feasibility analyses, vendor selection processes, technology installations, and more.
Leading Las Vegas Parking Consultants
Parking Advisors is a national parking consulting firm with extensive experience across the Las Vegas market.
Parking Advisors in Las Vegas
Las Vegas Parking Market Dynamics
Las Vegas’ parking fundamentals are impacted by a number of unique factors. Some of the primary market dynamics affecting the value of parking asset's in Las Vegas are detailed below:
Tourist-Centric Parking Demand
Las Vegas ranks towards the top of major US metros in per-capita tourism rates. Its parking market, like the rest of its economy, revolves heavily around tourism.
Events, Conventions & Conferences
Las Vegas is a global hub for conventions, conferences, and large events (e.g., CES, NAB Show, UFC events). These events attract large crowds from around the country and globally, creating periodic surges in parking demand, particularly near convention centers and resort areas. Event traffic has only grown in recent years with new developments such as Allegiant Stadium and the MSG Sphere.
Asset managers should maintain a close relationship with event planners and major venues to anticipate parking needs and capitalize off of this demand segment. Event-driven pricing, valet services, and special partnerships with event organizers can help maximize parking income, and selecting a capable third party parking operator is often instrumental in properly executing on these opportunities.
Casino & Resort Parking
Many Las Vegas resorts and casinos have historically offered free parking as a perk to customers to encourage long stays and gaming. However, in recent years, most of the casinos along the Las Vegas Strip have begun charging for parking to generate revenue. Loyalty programs are still prevalent with the casinos, and many parkers do receive complimentary parking for being frequent customers or Nevada residents. Asset managers must track competitor pricing and consumer preferences to accommodates both early-morning and late-night demand from the casinos & resorts.
Parking Asset Value Enhancements
Operator Selection
Partnering with a strong vendor to manage your garage operations is necessary to execute on value-creation initiatives and maintain a positive customer experience. Our operator RFP process identifies the best operating team and executable strategy at the lowest costs. This is especially important in Las Vegas, where garage operators play a key role in securing event parking partnerships.
Parking Technology
Implementing the right technology at your parking asset is essential for reducing revenue loss and creating a quality customer experience. Complimentary & discounted parking programs are particularly common in Las Vegas which makes it especially important to have strong controls over garage access and point of sale mechanisms. Parking Advisors facilitates Technology RFPs for access & revenue control systems that improve the value of your parking asset. Our RFP documents standardize the functionality and costs across all vendor proposals, and we tailor the processes to fit the business needs of each individual facility.
Staffing Efficiencies
Many casinos & resorts along the Las Vegas Strip generate high demand for valet & premium parking. The valet demand, plus the 24/7 nature of the market leads to higher staffing costs for Las Vegas garages compared to other major metros. In order to combat these challenges, it’s important to closely monitor staffing schedules against vehicle volume trends to achieve maximum efficiency. Parking Advisors excels in analyzing parking volume data and labor hours to optimize your asset’s staffing plan and maximize profit.
Rate Management
Effectively managing parking rates in a competitive market like Las Vegas is essential for maximizing asset value. Parking Advisors has access to a large set of parking rate data at facilities across Las Vegas. We apply this information to specific submarkets in the city to optimize your asset’s rate structure.
Get in Touch
To share your Las Vegas parking question or provide a brief project description, get in touch with us.