Las Vegas hotel room rates dropping for Formula 1 weekend

Formula One Las Vegas Grand Prix weekend room rates on the Strip continue to decrease one week out from the inaugural race.

In a little over a year some room prices the Las Vegas Review-Journal has been tracking at four Caesars Entertainment properties have fallen as much as 75 percent leading up to race weekend Nov. 16-18., since first posted in November 2022.

It is not out of the ordinary for the average rate to go down if the booking pace has slowed down, according to Dr. Mehmet Erdem, professor of hotel operations and technology at UNLV’s William F. Harrah College of Hospitality.

“This is only a reflection of room availability and not necessarily an indicator of decrease in anticipated revenue potential,” Erdem said Thursday in an email to the Review-Journal. “Despite the decrease in room rates, judging by the pricing of venues and restaurants for the race weekend, the demand is going to be high and Las Vegas no longer has a slow weekend before Thanksgiving; at least not until the F-1 contract expires.”

Here’s how a four-day stay (Nov. 16-19) at four Caesars Entertainment properties (tax and fees included) have changed in just over a year’s time.

Note: Paris Las Vegas has apparently sold out, with Caesars Entertainment’s website listing no available rooms for the dates. On Monday, Paris still had listed availability, with the four-day stay price listed at $1,076.03, 29 percent cheaper than Oct. 16.

The Linq Hotel

— Nov. 2, 2022: $2,694.87;

— Sept. 14: $1,395.54;

— Oct. 16: $810.55;

— Thursday: $778.58.

That’s a 71 percent decrease from November 2022 and a 4 percent decrease in the past month.

Paris Las Vegas

Nov. 2, 2022: $3,497.60;

— Sept. 14: $1,837.66;

— Oct. 16: $1,513.45;

— Thursday: Sold out.

Planet Hollywood

Nov. 2, 2022: $4,336.61;

— Sept. 14: $1,791.18;

— Oct. 16: $1,524.79;

— Thursday: $1,082.61.

That’s a 75 percent decrease from November 2022 and a 29 percent decrease in the past month.

Caesars Palace

Nov. 2, 2022:$5,323.02;

— Sept. 14: $$3,383.71;

— Oct. 16: $$2,420.49;

— Thursday: $$2,182.39.

That’s a 59 percent decrease from November 2022 and a 10 percent decrease in the past month.

The three properties with rooms remaining Thursday combined saw an average price decrease of 68 percent since Nov. 2, 2022.

Those traveling in internationally likely already booked their hotel stays well in advance, but some fans, especially those in neighboring states, could be waiting until the last minute to book, angling for the cheapest price, Erdem said.

“It would be incorrect to conclude that those who are booking at the lower rates between now and the event dates are not planning on participating in the festivities,” Erdem said. “For example, we sometimes see a spike of last minute bookings, especially from the Southern California market, for New Year’s Eve in Las Vegas. It should be noted that visitors to a gaming destination such as Las Vegas tend to have higher tolerance for risk. So, it is possible that some fans of the event may wait longer than the average person in anticipation of a ‘good deal’.”

Contact Mick Akers at makers@reviewjournal.com or 702-387-2920. Follow @mickakers on X.