Las Vegas Grand Prix weekend room rates continue to fall
Hotel room rates on the Strip for the weekend of the inaugural Formula One Las Vegas Grand Prix continue to fall with the race now just one month away.
A comparison of four Caesars Entertainment properties’ room rates tracked by the Las Vegas Review-Journal on Monday from when race weekend scheduling was launched on Nov. 2, 2022, shows some prices have dipped as much as 70 percent.
Here’s how a four-day stay (Nov. 16-19) at four Caesars Entertainment properties (taxes and fees included) have changed in just under a year over the last month.
The Linq Hotel
■ Nov. 2, 2022: $2,694.87;
■ Sept. 14: $1,395.54;
■ Monday: $810.55.
That’s a 70 percent decrease from November 2022 and a 42 percent decrease in the last month.
Paris Las Vegas
■ Nov. 2, 2022: $3,497.60;
■ Sept. 14: $1,837.66;
■ Monday: $1,513.45.
That’s a 57 percent decrease from November 2022 and an 18 percent decrease in the last month.
Planet Hollywood
■ Nov. 2, 2022: $4,336.61;
■ Sept. 14: $1,791.18;
■ Monday: $1,524.79.
That’s a 65 percent decrease from November 2022 and a 15 percent decrease in the last month.
Caesars Palace
■ Nov. 2, 2022: $5,323.02;
■ Sept. 14: $3,383.71;
■ Monday: $2,420.49.
That’s a 55 percent decrease from November 2022 and a 28 percent decrease in the last month.
Combined, the four properties saw an average price decrease of 62 percent since Nov. 2, 2022.
The Las Vegas Grand Prix, which takes place Nov. 16-18, is projected to attract 105,000 fans nightly. Those fans will fill the F1-controlled grandstands and hospitality spaces being constructed at various points along the 3.8-mile circuit. That track spans portions of Las Vegas Boulevard, Koval Lane and Sands and Harmon avenues.
The continued drop in prices does not necessarily indicate lower interest in the event than what wass expected, according to Dr. Mehmet Erdem, professor of hotel operations and technology at UNLV’s William F. Harrah College of Hospitality.
Since this is the first Las Vegas Grand Prix, operators don’t have existing data to compare it to like they do with other annual major events such as New Year’s Eve and the National Finals Rodeo.
“It is not unusual to be overly optimistic about the optimal room rates for such first-time events, especially when comparative predictive analytics data is limited,” Erdem told the Review-Journal last month.
Contact Mick Akers at makers@reviewjournal.com or 702-387-2920. Follow @mickakers on X.