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The first-ever Formula 1 Las Vegas Grand Prix is set to take place soon, and room rates in the city have dropped significantly since they were initially announced a year ago. A recent survey conducted by Casino.org compared prices at 13 major Strip resorts, revealing an average 58% decrease in room rates between November 2, 2022, and October 27, 2023.
The survey found that third-party websites may offer cheaper results than resort sites, and most of the resorts advertised discounts of up to 15% for joining their loyalty clubs. However, it’s important to note that resort fees and taxes were not included in the survey results.
The survey results were ordered from the highest percentage price decrease to the lowest, with budget resorts experiencing the greatest drops in room rates. The Rio saw the largest decrease at 83%, with room rates dropping from $566 to $99. Other resorts such as Circus Circus, Sahara, Excalibur, and MGM Grand also saw significant price decreases.
Interestingly, luxury resorts, such as Bellagio and Aria, saw minimal decreases in room rates, with Aria experiencing only a 4% drop. Wynn Las Vegas was not included in the survey, as they did not publish rates for the F1 race weekend a year ago. The survey also encountered difficulties collecting data on room rates for Caesars Entertainment properties due to technical issues on their website.
Another survey by the Las Vegas Review-Journal found similar drops in room rates at Caesars properties, with the Linq experiencing a 70% decrease and Planet Hollywood seeing a 65% drop in prices.
According to experts, factors contributing to the significant decrease in room rates may include heavy competition, nonrace-fan avoidance, and fans with other accommodations. Despite the price drops, the decrease in room rates does not necessarily indicate lower interest in the event but may be attributed to initial optimism and limited data for pricing the inaugural event.
As the Formula 1 Las Vegas Grand Prix draws closer, it seems that race fans have a wide range of accommodations to choose from at significantly reduced prices.