Vegas Soars: Super Bowl Frenzy Sends Hotel Rates Skyrocketing
Hotel room prices in Las Vegas have skyrocketed by an average of 300% compared to last year’s Super Bowl weekend. This surge is particularly evident in properties along the famed Las Vegas Strip, including MGM Resorts and Caesars Entertainment, where rates are considerably higher than during the November F1 races.
The Super Bowl Effect
With the Super Bowl set to unfold in Las Vegas, the city is witnessing an extraordinary spike in hotel room rates. This phenomenon is not just a local occurrence but a reflection of the unique confluence of sports fervor and the allure of the renowned Las Vegas Strip.
Las Vegas is set to host the Super Bowl for the first time in history, and indications are pointing towards a spectacular weekend for the city, according to Bank of America. Beyond MGM and Caesars, other companies with properties in Las Vegas, such as Wynn Resorts, Golden Entertainment, Genting Group, Red Rock Resorts, and Boyd Gaming, could also benefit from the heightened activity. To a lesser extent, Hilton Worldwide, Hyatt Hotels, and Marriott Hotels are expected to see a boost.
Historic Rate Surge
Comparing current rates to the same period last year reveals a staggering average increase of 300%. This historic surge is indicative of the unparalleled demand generated by the Super Bowl frenzy. Properties, especially those along the iconic Las Vegas Strip, are commanding premium prices, creating an atmosphere of exclusivity and heightened enthusiasm.
MGM Resorts and Caesars Entertainment at the Epicenter
In terms of local betting, Caesars Sportsbook and BetMGM are predicted to experience a surge in activity at their Vegas locations. Caesars, with a substantial online sports betting share in Nevada, and BetMGM, set to draw attention with their new app launch in the state, are offering new parlay options and integration with BetMGM Rewards.
Wynn Resorts is anticipated to be a significant winner, attracting high-end guests for a sold-out weekend. The Venetian has also seen increased traffic and higher room rates due to its proximity to the Sphere concert venue. The Venetian and Palazzo casino-hotel properties, held by VICI Properties and Apollo Global Management under a triple net lease agreement, are poised for positive outcomes.
Analysts have highlighted a strong weekend for Penn Entertainment and Disney’s ESPN Bet, known for its high percentage of female bettors and active involvement with Taylor Swift and Travis Kelce prop bets. While DraftKings and Flutter Entertainment’s FanDuel lack licenses in Nevada, they are expected to have a significant betting weekend nationwide.
First-Ever Super Bowl in Vegas
This Super Bowl holds special significance for Las Vegas as it marks the first time the city is hosting the iconic event. Bank of America predicts an exceptionally positive weekend for the city, hinting at potential economic windfalls for a wide array of businesses.
Wynn Resorts and The Venetian as Winners
Wynn Resorts is set to be a clear winner, attracting high-end guests for a fully booked weekend. The Venetian, strategically positioned near the Sphere concert venue, is already witnessing increased traffic and higher room rates, signaling positive outcomes for VICI Properties and Apollo Global Management under their triple net lease agreement.
Conclusion
As Las Vegas braces itself for the historic Super Bowl weekend, the surge in hotel room rates reflects not only the city’s unique allure but also the transformative power of major sporting events. The impact is far-reaching, benefiting not only hospitality giants like MGM Resorts and Caesars Entertainment but also creating a ripple effect across diverse sectors, showcasing the resilience and adaptability of the entertainment capital of the world.