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Hotel room rates in Las Vegas increased significantly during the week of the inaugural Heineken Silver Las Vegas Grand Prix last month, but occupancy rates were slightly lower, according to a new report by data firm CoStar Analytics. CoStar said the average daily rate from Monday through Sunday of race week was $629, which was $360, or 134%, more than the same week last year. That will be music to the ears of race organizers, including major casino operators Wynn Resorts, MGM Resorts and Caesars Entertainment, who were founding partners of the event. The report notes that luxury-class hotels make up more than 40% of the Vegas strip’s hotel room count, which LVCVA President & CEO Steve Hill told SBJ was in the 150,000 range. Luxury hotels had average daily rates of $952 and $962 on Friday and Saturday of race weekend, up more than $500 from last year’s comparable period. Hotel occupancy rates, another key measure that will be closely tracked by Vegas watchers, was 89.4% during the race weekend, down three percentage points from 92.5% last year. But the report notes: “This is not unusual, as some mega events deter visitors seeking to avoid the crowds.” The report added that Friday and Saturday occupancy levels “were above 90%, equating to approximately 95,000 occupied hotel rooms per night.” The second edition of the race is scheduled for Nov. 21-23 of 2024.
