A gaming industry analyst whose company conducts weekly room rate surveys for Strip resorts says hotel room rates for November’s Formula One Las Vegas Grand Prix race are “stuck in neutral” compared with last year.
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Barry Jonas, a gaming analyst for Atlanta-based Truist Securities, told investors in a Monday report that MGM Resorts International’s forecast for sluggish room rate growth during F1 appears to be playing out.
For the days leading up to the Nov. 23 race, room rates are tracking at an average of between $200 and $800 a night at MGM properties and $150 to $400 a night at Caesars resorts compared with $500 to $1,400 a night at MGM and $150 to $600 a night at Caesars a year ago, according to Truist research.
