RACE TO THE BOTTOM: Vegas Room Rates Plummet for F1 Grand Prix

A compare of way rates for the initiatory Formula 1 Las Vegas Grand Prix showed that at 13 major Strip resorts, prices make plummeted an middling of 58% since they were world-class announced a yr ago.

In Casino.org‘s survey, prices were compared from Nov. 2, 2022, when to the highest degree were first of all announced, to a snapshot taken on 9 a.m. Oct. 27, 2023. These prices were all obtained direct through resort hotel websites and didn’t include taxes and resort fees, which Casino.org was not able-bodied to ascertain for every resort.

Room rates alteration daily, as tin resort fees. And these charges tin add together up. At the Sahara, for instance, taxes and fees amounted to $203.46 per dark — more than its lowest-priced elbow room costs per night!

Third-party websites may bring on cheaper results than holiday resort sites. Also, nearly every resort website advertised up to a 15% discount for connexion its loyalty club, which these results didn’t factor in.

We’ve ordered the resorts from the highest percent price step-down to the lowest. As you tin see, this places budget resorts up top, with sumptuousness resorts, where to the highest degree people who can open a Las Vegas Grand Prix just the ticket are potential to want to stay, at the bottom.

How They Finished

1. Rio
Decrease: 83%
$566 to $99

2. Circus Circus
Decrease: 82%
$649 to $116

3. Sahara
Decrease: 79%
$711 to $147

4. Excalibur
Decrease: 72%
$700 to $199

5. MGM Grand
Decrease: 66%
$1,000 to $342

6. (tie) New York-New York
Decrease: 65%
$800 to $284

6. (tie) Mandalay Bay
Decrease: 65%
$933 to $322

7. Luxor
Decrease: 63%
$653 to $242

8. Resorts World
Decrease: 58%
$1,199 to $499

9. Venetian
Decrease: 52%
$1,499 to $719

10. Vdara
Decrease: 51%
$1,400 to $692

11. Bellagio
Decrease: 10%
$1,995 to $1,799

12. Aria
Decrease: 4%
$1,633 to $1,567

Wynn Las Vegas wasn’t included in our study because it didn’t release rates for F1 rush weekend a yr ago.

Where are Caesars’ Rates?

You might have noticed the want of any of the Nina from Carolina properties Caesars Entertainment operates on the Las Vegas Strip. We couldn’t include them because, at the random time we chose to lead our survey, multiple attempts to volume reservations via caesars.com hung the website indefinitely, rendering Casino.org unable to obtain any electric current prices for run weekend.

However, the Las Vegas Review-Journal newspaper lately conducted a similar study of run weekend prices that also found precipitous drops all around. By sheer coincidence, its study of the lowest middling elbow room rates for Nov. 16-19, 2023 compared prices at quaternary Caesars properties on Nov. 2, 2022, and Oct. 16, 2023.

Its results were as follows, which we also ordered according to the percent of decrease. Since it wasn’t our survey, however, we didn’t factor these decreases into our ordinary percentage.

1. Linq
Decrease: 70%
$2,695 to $811

2. Planet Hollywood
Decrease: 65%
$4,337 to $1,524

3. Paris
Decrease: 57%
$3,498 to $1,513

4. Caesars Palace
Decrease: 55%
$5,323 to $2,420

So What Happened?

According to the R-J’s story, the F1 terms free-fall doesn’t designate take down involvement in the event, but rather, an initial optimism fed past a lack of previous data suggesting a sane base of operations price.

It is non unusual to live overly optimistic nearly the optimal room rates for such first-time events, especially when comparative prognosticative analytics information is limited,” Mehmet Erdem, prof of hotel operations and engineering at UNLV’s William F. Harrah College of Hospitality, told the R-J.

Other factors perchance contributing to the toll plump include:

• Heavy competition.
  A reported 105K Las Vegas Grand Prix tickets were made usable by Formula 1 for fans to look out from grandstands and other venues along the track. However, in that location are to a greater extent than 150K hotel rooms inwards Las Vegas. Assuming an tenancy of two race fans per room, a surplus of 30K rooms may be applying downward pressure level on way rates.
• Nonrace-fan avoidance.
  No single wants to add up to Las Vegas for the go through of existence inconvenienced past a rush they don’t upkeep about.
• Fans with other accommodations.
  Many tickets and passes are beingness distributed to celebrities and other VIPs who wouldn’t stay on inwards ordinary hotel rooms anyway. In addition, some ticketed fans may be Las Vegas locals, and some may feature secured alternative accommodations through services such as Airbnb.

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