The problem in Las Vegas may only get worse. Jefferies estimates Las Vegas is expected to add another 17,000 hotel rooms over the next two years as projects such as City Center, Cosmopolitan and a Planet Hollywood Towers expansion are completed.

“I’ve seen numbers that say all the new rooms will exceed max capacity of planes that could come in and out at McCarran International Airport in Las Vegas. In other words, you’d need a whole new airport to fill the demand of new rooms,” said Mr. Aronson.