Using the demand trend and aggregate operation statistics of the Las Vegas convention hotels and convention centers from 1997 through 2008, this study has developed an inventory model to estimate the optimal MICE capacity for Las Vegas and provided a gauge for the magnitude of over-capacity from 2010 through 2014. The inventory model predicts that Las Vegas will continue to experience severe over-capacity, with the worst situation occurring in 2014. Due to the existing over-capacity, some new developments in 2009, and the economic recession, this study recommends that MICE industry practitioners, investors, and government officials should carefully review and modify new MICE expansions to avoid severe overcapacity. The Las Vegas MICE industry should refrain from massive expansions for the next several years.