Las Vegas Grand Prix 2024 hotel room rates start cheaper than 2023 race

Formula One Las Vegas Grand Prix 2024 hotel room rate schedules are already available and their initial asking prices are much lower than what was originally advertised for this year’s inaugural event.

Initial rates at four Caesars Entertainment properties are far less than the launch prices last year ahead of the 2023 grand prix, but they are higher priced than the rooms rates advertised during race weekend this year.

The rates for 2023 fell more than 70 percent from the time they were first posted in November 2022 to a month out from race week.

Here are the hotel room rates for a four night stay from Nov.20 to Nov. 24, 2024 Las Vegas Grand Prix weekend compared to previous rates for the 2023 race, tracked by the Las Vegas Review-Journal.

Linq:

Price listed Friday for 2024 race weekend: $1,310.45

Nov. 2, 2022: $2,694.87;

Race week 2023: $903.58;

That is a 51 percent difference between when room rates launched this year for the 2024 Las Vegas Grand Prix than Nov. 2, 2022 for the 2023 race.

Paris Las Vegas:

Price listed Friday for 2024 race weekend: $1,486.19;

Nov. 2, 2022: $3,497.60;

Race week 2023: $1,320.93;

That is a 56 percent difference between when room rates launched this year for the 2024 Las Vegas Grand Prix than Nov. 2, 2022 for the 2023 race.

Planet Hollywood:

Price listed Friday for 2024 race weekend: $1,643.78;

Nov. 2, 2022: $4,336.61;

Race week 2023: $1,003.24;

That is a 62 percent difference between when room rates launched this year for the 2024 Las Vegas Grand Prix than Nov. 2, 2022 for the 2023 race.

Caesars Palace:

Price listed Friday for 2024 race weekend: $45,555.86;

Nov. 2, 2022: $5,323.02;

Race week: $2,182.39;

Race week price 2023: $2,182.39.

The $9,999 room per night average indicates Caesars will be the host hotel for F1. A similar situation occurred with 2024 Super Bowl room rates and that property, being that’s the NFL’s host hotel that week.

The significant price decrease at launch this year for the 2024 date compared to last year when prices were put on sale for the 2023 race shows resort operators adjusted prices based on their experience with year one, according to Dr. Mehmet Erdem, professor of hotel operations and technology at UNLV’s William F. Harrah College of Hospitality.

“Presence of past data is always helpful and the lower room rates for the 2024 F1 weekend could be attributed to what was aggregated across multiple data channels during the past weeks, e.g. metrics such as pace of booking-pace,” Erdem said in a email earlier this month. “Moving forward, there are probably no more unknown unknowns about the market for the F1 weekend. This does not mean that we will not see any fluctuations at all with room rates.”

For the 2024 race, hotel officials are offering free cancellations until Nov. 18. That’s a change from the inaugural race for which no refunds were offered.

Contact Mick Akers at makers@reviewjournal.com or 702-387-2920. Follow @mickakers on X.