The Las Vegas Strip generally does things on a massive scale. Yes, there are some hidden intimate spots on the Strip, but that's not what has made the area famous.
Any road that has a knockoff of the Eiffel Tower, the Statue of Liberty, and an Egyptian pyramid within about a mile of each other clearly has "go big" aspirations. The two largest operators on the Strip, Caesars Entertainment (CZR) -) and MGM Resorts International have made excess of their calling card.
Both companies have generally opted for larger-than-life over subtle. Caesars Palace, for example, offers huge Roman statues and buildings designed to look like castles from the Roman Empire. Caesars also has the Paris Las Vegas, with its Eiffel Tower, and Flamingo, a dated resort full of bright pink touches.
MGM Resorts International (MGM) -) may have some sleeker properties like the chic Cosmopolitan, but it also owns the over-the-top New York, New York, Luxor, the Egyptian pyramid, and the medieval-themed Excalibur.
The Las Vegas Strip has embraced "big and bold" which has made it an ideal site for some of the biggest events in the world. After hosting the NFL draft and NBA all-star games in the past, the Strip will welcome two even bigger sporting events over the next few months.
It will host a Formula 1 race in November and welcome the Super Bowl in February. Both of those are expected to draw huge crowds, but a new report suggests that these events won't be solely for rich Strip visitors flying in on private jets.
The Arena Media Brands, LLC and respective content providers to this website may receive compensation for some links to products and services on this website.
Image source: Shutterstock
F1 weekend hotel prices are down
Formula 1 weekend, from Nov. 16-19 will attract a lot of high rollers. The race, which will literally take place on the Las Vegas Strip, will be one of the biggest events in the city's history and it will attract a massive crowd,
Hotel prices for the four-day weekend, however, have fallen significantly between November 2022 and Oct. 16, 2023, a new report from the Las Vegas Review-Journal shows. That's not to say that demand for the race is not high, it's just not as high as it once was.
The Review-Journal examined prices for hotel stays at four Caesars properties over the four-day weekend — The Linq, Paris Las Vegas, Planet Hollywood, and Caesars Palace. Of those four, Caesars Palace is an upscale property with Paris a little below that and Linq and Planet Hollywood on the lower end of the company's holdings.
Caesars has seen room rates fall by 55% since last November, according to the paper. Paris Las Vegas was similar at a 57% drop while Planet Hollywood's rates have fallen by 65% and The Linq's rates are down 70%.
VISIT LAS VEGAS: Are you ready to plan your dream Las Vegas Strip getaway?
The rates, it should be noted, are still well higher than each hotel would charge on a non-event weekend in November. Overall, prices at the four Caesars properties have fallen by a combined 62% since November last year.
Price drops, however, do make the event accessible to more people. It's very likely that Strip rooms will be fully sold out for race weekend, something that only happens during huge conventions like CES.
F1, Super Bowl will draw huge crowds
Since Las Vegas has never held a Formula 1 race on the Strip or hosted the Super Bowl, there's no baseline to compare rates to. It's not unusual with major sporting events for high-rollers to lock in their rooms first, spending a premium amount to secure their desired accommodations.
Caesars CEO Tom Reeg remains optimistic about the F1 race. He spoke about it during the company's second-quarter earnings call.
"Demand for F1 particularly at the high end has been very, very strong for us," he said. "We feel very good about it as to how we are positioned ahead of the event and we're anxious like everybody else to see how this event plays in Las Vegas as we look to future years."
F1? SUPER BOWL? MARCH MADNESS? Plan a dream Las Vegas getaway.
Reeg is also confident about the Super Bowl.
"Superbowl ‘24 is exceedingly strong from a demand standpoint, where we sit today in terms of booked capacity versus a typical Super Bowl. We are dramatically ahead of and at higher rates than ever typically at this time ahead of the Super Bowl," he shared.
