Las Vegas New Year’s Eve revelers can expect to pay more for a room
With 320,000 people expected in the Las Vegas area this New Year’s Eve, David Strow has high hopes that recent investments made by his company will help its hotels stand out from the pack.
Strow, a Boyd Gaming Corp. spokesman, said he expects to see payoff from a players reward program that encourages patrons at the company’s Midwestern properties to visit Boyd’s Vegas sites.
Boyd’s Strip-area Gold Coast, Summerlin-based Suncoast and downtown Fremont hotels have already sold out, Strow said. The Orleans at Tropicana Avenue and Arville Street, close to the Strip, has rooms listed for $220 for Friday, $245 for Saturday and $108 for Sunday.
“It is one of the highest demand dates, if not the highest,” Strow said. “Room rates are going to reflect that.”
Throughout Las Vegas, New Year’s Eve revelers can expect to pay a little more for a room this weekend.
From Sunday to New Year’s Eve, the average daily room rate is expected to be $237, up 7 percent compared to last year, according to J.P. Morgan’s Strip room rates survey.
The weekday rates are down 39 percent while weekend rates more than doubled at 116 percent due to New Year’s Eve falling on a Saturday.
MORE ROOMS, MORE PEOPLE
The 320,000-person crowd estimated by the Las Vegas Convention and Visitors Authority means an additional 1,000 people on New Year’s Eve compared to last year. About 260 more rooms are available than at this time last year, bringing the total to 149,476.
Visitors are expected to spend $215 million this year, same as last year, according to the authority’s data. The estimated citywide occupancy rate will be 98.5 percent, the same as last year.
MGM resorts are expected to reach capacity this weekend, and only a few rooms are left, said Micah Richins, chief commercial officer for MGM Resorts International.
MGM’s properties are charging higher rates this year because of the strong demand created by the holiday falling on a weekend, plus a growing number of attractions outside of gambling, Richins said.
“Our city has proven that we know how to execute on big events, time after time,” he said. “Visitors can have confidence that their expectations will be met or surpassed when they come here.”
PREVIOUS YEARS
The last time New Year’s Eve fell on a Saturday was in 2011. Las Vegas saw about 332,000 visitors, and 98.4 percent of rooms were occupied that year, according to authority data. The area saw a $209.8 million non-gaming impact from visitors.
In 2005, another year when New Year’s Eve fell on a Saturday, Vegas saw 304,000 visitors and had a 99 percent occupancy rate. Those previous years do not take into account whether Vegas had fewer rooms available than this year, said Amanda Arentsen, the authority’s communications manager. New Year’s Eve will fall on a Saturday again in 2022.
“Over the years, Las Vegas has rightfully earned its reputation as the top destination to ring in the new year,” Arentsen said. “Our resorts and attractions continue to offer unique and entertaining experiences that match the energy and excitement of America’s party while extending the celebration throughout the weekend.”
During the first seven days of January, average daily room rates on the Strip are running 11 percent higher than the year prior at $382, according to J.P. Morgan.
Weekday rates are down 2 percent, and weekend rates are up 51 percent. The J.P. Morgan survey credits this to the Consumer Electronics Show, which starts Jan. 5, ending on a Sunday in 2017. In 2016, it ended on a Saturday.
Looking ahead, weekday rates in the first quarter of 2017 will be 6 percent higher on average compared to the same period the year prior. Weekend rates will be 10 percent higher, according to the survey.
Contact Wade Tyler Millward at 702-383-4602 or wmillward@reviewjournal.com. Follow @wademillward on Twitter.