Las Vegas Grand Prix weekend hotel room rates have stabilized ahead of race weekend

While Las Vegas Grand Prix weekend room rates still lag behind last year’s rates, the market appears to have stabilized.

After surveying room rates for race weekend, Nov. 21-23, gaming analyst Truist Securities noted in a report last week that rates have seen a marginal improvement compared with its previous survey in September.

“We will be monitoring closely to see if any momentum is sustained,” the report issued Oct. 23 by Truist, stated.

The average three-night stay (Nov. 21-23) at nine MGM Resorts properties during race weekend as of Tuesday was $1,314.72 total, according to room rates advertised on the company’s website and compiled by the Review-Journal. The average cost of the same three days at eight Caesars Entertainment properties was $987.41, according to a Review-Journal review.

The most expensive three-night stay at an MGM Resorts property was at Bellagio at $2,706.66 and the cheapest was at the Excalibur at $801.25, with taxes and fees included.

Bellagio: $2,706.66; Aria: $2,070.50; Vdara: $1,501.43; MGM Grand: $918.65; Mandalay Bay: $$1,181.98; Park MGM: $1,100.07; New York-New York: $908.45; Luxor: $801.25; and Excalibur: $636.57

As far as Caesars properties go, the most-expensive three-night stay is at Caesars Palace at $2,037.27 and the cheapest race weekend stay is at the Linq for $687.48.

Caesars Palace: $2,037.27; Paris: $924.78; Planet Hollywood: $858.12; Horseshoe: $714.12; Harrah’s: $694.85; Cromwell: $1192.59; Flamingo: $790.09; and Linq: $687.48

Last year ahead of the inaugural Las Vegas Grand Prix room rates for race weekend at Caesars properties were as high as $5,323 at Caesars Palace when rooms were first made available in 2022, but those numbers adjusted and the price dipped to $2,420 a little over a month out from the 2023 race.

It was previously noted that weaker demand for rooms during F1 weekend in Las Vegas would result in a $30 million loss to MGM Resorts.

Although the demand started off weak, MGM Resorts President and CEO Bill Hornbuckle said he is still bullish about the weekend.

“Formula One, despite the slow start on rooms and some of that is not catchupable, when it comes to gaming, we’re looking at an equal, if not better, theoretical entry into that event,” Hornbuckle said Wednesday during a company earnings call. “Now, as you know, anything can happen, but we are excited by, at least at the high end, what that event continues to generate for us in terms of people coming in.”

A previous version of this story misstated the average three-night rate for MGM Resorts properties.

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