Las Vegas has a lot going for it, with hundreds of events and nearly 450 days of sunshine throughout the year. The city’s annual visitor count is estimated at 40 million people, but what most visitors don’t know is that they can visit Las Vegas on their budget without sacrificing too much in quality or sightseeing opportunities.
The Las Vegas Strip was the busiest in its history during 2018, according to Nevada officials. The state expects tourism revenues to top $7 billion this year and projects another 10 percent increase next year., leading hotels like MGM Resorts International’s new 11-acre “Neonopolis” area that features 3D rendering of cities from around the world
Las Vegas has been a popular destination for many years. In recent years, the city’s hotels have seen a significant increase in occupancy rates and room rates. In fact, hotel occupancy rates have risen to an all-time high of 3.4 percent.
Las Vegas is back to being Las Vegas.
At least, based on the scarcity of hotel rooms and the prices of those that are available.
What’s Hot Right Now
After more than a year of suffering for business due to the COVID-19 outbreak, the return of huge events and following sold-out hotels are strengthening the city’s return to normality.
The three-day Electric Daisy Carnival (EDC) on October 22-24, according to the Las Vegas Review-Journal, was the typical Vegas weekend, drawing thousands of music fans to the dance event and driving up lodging prices. How high do you want to go?
The R-J, on the other hand, observed that whatever rooms remained were being sold for twice, often treble, the typical lodging fee. Take, for example, the Excalibur. The Excalibur, which was advertising a room fee of $509 a night, was generally regarded a very inexpensive hotel when compared to high-end destinations like Aria, the Cosmopolitan, and Bellagio, among others.
The accommodation cost at Excalibur for the upcoming Halloween Weekend is $199 per night.
‘America’s Playground,’ among other labels for the gambling and entertainment hotspot, has long been a unique draw that attracted 42.5 million visitors in 2019.
Some come for the gambling, others for the food, still others for the A-List entertainment, and yet others for the nightlife. The festival, conference, and event industry, which attracts tens of thousands – often hundreds of thousands – of people for a single weekend, is often overlooked.
At the height of the epidemic, when festivals and conferences were canceled, it was something Las Vegas lacked.
“Room rates are demonstrating their durability in the face of events like EDC.” “We witnessed a jump in downtown rates during Life is Beautiful,” said Brendan Bussmann, director of government relations for Global Market Advisors in Las Vegas, referring to the Life Is Beautiful Music & Arts Festival last month. “However, when you have a citywide event with the kind of turnout that EDC attracts, it helps all the ships rise with the tide.”
The first full season with the Las Vegas Raiders, who not only lure locals to their shiny new Allegiant Stadium, but also thousands of fans from visiting teams wanting to combine a Sunday football game with a lengthy Vegas weekend, is also helping.
“When huge event weekends like these with EDC and the Raiders occur, accommodation prices will rise due to the increased amount of visitors to the location.” It’s wonderful for the destination’s long-term advantage, but it’s also beneficial for us in the near term as we recover,” Bussman noted.
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