Hotel room rates plummet for F1 Las Vegas Grand Prix weekend

Hotel room rates plummet for F1 Las Vegas Grand Prix weekend

Article brief provided by Las Vegas Review-Journal
  • Mick Akers, Las Vegas Review-Journal
September 14, 2023 9:19 PM
  • Mick Akers, Las Vegas Review-Journal

Hotel room rates for Las Vegas Grand Prix weekend have fallen by nearly 60 percent in some cases since they were first posted last fall. But an industry expert says that does not necessarily mean interest in the event is failing to meet expectation.

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When select Las Vegas resorts in November 2022 opened their booking schedules for race weekend, listed prices were as high as they have been seen in the city’s history. While still at higher than normal rates, a major decrease has occurred.

When a drop in booking pace occurs, it automatically triggers revenue management systems to suggest the lowering of room rates, according to Dr. Mehmet Erdem, professor of hotel operations and technology at UNLV’s William F. Harrah College of Hospitality.