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Appraising a Las Vegas Wedding Chapel

by Administrator on Nov 25, 2008 Special-Purpose Appraisal 690 Views

Recent statistics indicate that about 115,000 weddings occurred in Las Vegas in 2007.  With the economy in free fall, most expect that 2008 will see fewer weddings.  Las Vegas Convention and Visitor Authority (LVCVA) “Profile Study” in 2007 noted that about 4% of those responding to their survey were in Las Vegas for a wedding, and sources have indicated that the wedding business generates about $ 900 million annually.
There are about 150 wedding chapel businesses advertising in the 2008 Las Vegas phone directory, and an online count verifies a similar number of wedding chapel businesses.  All of the large casino / hotels offer wedding packages, thus about 30% of the total are high-end wedding providers.
Based on research, both via personal calls and on the Internet a pattern emerges regarding the cost of Las Vegas weddings.  At the low end of the spectrum, “no-frills” wedding packages are sold that typically include; short-term (usually 30 minutes or less) of a chapel time, contact with a wedding planner, a limousine ride, a witness (if required), wedding music, basic flowers, a hand full of wedding photos, an Internet transmitted interactive web video and a DVD copy of the ceremony.  Most packages of this type run between $ 200 and $ 900, and quality improves as the package price increases.  Most of the wedding package offerings in this range do not include; the $ 55 license fee, tips, hair and makeup, wedding garments, a reception, food or entertainment.  Well for an additional $ 150 to $ 500 you can get Elvis to attend many ceremonies.
Of course the sky is the limit for high end Las Vegas wedding spectrum.  You can spend as much or more than you would have spent in your home town.  Most of the high end business is conducted by the exclusive Downtown and Strip Hotel / Casinos and not the smaller wedding chapels, and they offer all of the frills including; selections of the best dresses, awesome reception facilities, chef prepared food, first-class entertainment and you pick the wedding location. 
Of course the sky is the limit for high end Las Vegas wedding spectrum.  You can spend as much or more than you would have spent in your home town.  Most of the high end business is conducted by the exclusive Downtown and Strip Hotel / Casinos and not the smaller wedding chapels, and they offer all of the frills including; selections of the best dresses, awesome reception facilities, chef prepared food, first-class entertainment and you pick the wedding location. 
Richard Markel, president of the Association for Wedding Professionals International noted that the average cost of a wedding in the U.S. is now between $21,000 and $24,000, but the low end weddings that Las Vegas is most famous for usually have much lower price tags.  Why?  Because losing the reception with its requisite food preparation and service can save you nearly 1/3rd off of the wedding costs.  A few wedding photos versus having them done professionally can save you another $ 2,500 to $ 5,000, and the expensive tux and dress are often rented.
The average low-end wedding generates about $ 600 in gross revenues for a Las Vegas chapel, so the wedding business for most chapels is all about volume.  With most of the wedding volume falling to the low end of the cost spectrum, and relatively few providers, it’s not difficult to imagine that a good location can help secure a decent wedding volume.
Like many other businesses, the competition in the wedding business in Las Vegas is intense.  While opportunity for profits exists, the business is not for everyone.  Steep entry costs for high visibility locations can be the beginning of the end for a wedding business.
Wedding businesses in Las Vegas are often coupled with; a chapel, a motel, a retail business like a gift shop, a gaming area, a photography studios or other income generating elements.  Thus, wedding business appraisals are usually complex appraisals of “going-concerns,” and value is generally established via historical income and expense records.
2013 Update: Visitor volume and weddings has been relatively high compared to 2007 and the wedding business appears to be relatively strong compared to many other businesses.

For more appraisal information contact Glenn J. Rigdon, MA, MRICS, ASA a Las Vegas / Henderson Nevada appraiser via email or via his business website Horizon Village Appraisal (http://www.horizonvillageappraisal.com), or you can also click on “Contact Us” on the home page of this website.

 

Article source: http://www.appraisalarticles.com/Real-Property-Appraisal/Real-Property-Appraisal/Special-Purpose-Appraisal//57-Appraising-a-Las-Vegas-Wedding-Chapel.html

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