Many room rates in Las Vegas are lower than pre-pandemic levels in an effort to attract more visitors, but prices have remained more stable compared to many other markets.
The nationwide average daily room rate from July 12 to 18 was $ 98.56, according to data and analytics company STR. Meanwhile, a number of upscale Las Vegas resorts continued to charge well over $ 100 for a weekend reservation, even with reduced foot traffic.
âI think it reflects the nature of Las Vegas. There is so much more to Las Vegas than just a hotel room and a swimming pool, even in this day and age, âsaid Alan Feldman, Distinguished Fellow of the UNLV International Gaming Institute. “Hotels in other markets wish they could get these higher rates, especially in markets that have as many rooms as we do.”
He said many room rates were higher than expected and pointed out that some upscale properties are still able to price their rooms in the $ 200 range at times. Even low-end properties have ânot greatâ¦ (but) not greatâ rates.
While room rates can rise when visitor demand is high – at major conventions or sporting events, for example – Feldman said the prices seen today won’t always paint an accurate picture of demand for guests. visitors. He said internal activities within a property and other factors could cause room rates to change.
“There is some correlation, but it’s hard to know from week to week how that correlates,” he said, adding that room rates “were going to rebound a bit.”
Macquarie analyst Chad Beynon said hotel prices could rise this fall.
âIn the short term, I think the rates are extremely low in Vegas,â said Chad Beynon, analyst at Macquarie. “(But) when you look at October and November, the rates are a bit more comparable to what we’ve seen in historical periods.”
In a report released last week, Macquarie presented the average daily room rates for a number of properties over the coming months.
Two-week room rates at Aria in October averaged $ 237, down from a listing of $ 159 for next Saturday. The average October room price for a room at the Venetian was $ 283, down from $ 202 on Saturday.
Beynon said room rate discounts are still the largest in the summer, and added that prices are expected to improve when more non-gaming amenities return to Las Vegas properties.
âOver the next few months, howeverâ¦ it really looks like these companies are going out of their way to fill hotel rooms,â he said.
Las Vegas will likely struggle to increase visits in the short term during the pandemic, he said. He pointed to spikes in COVID-19 cases in the United States and various airlines not adding more routes.
The Review-Journal is owned by the family of the President and CEO of Las Vegas Sands Corp. Sheldon Adelson. Las Vegas Sands operates the Venetian.