With a lift from the long-awaited World of Concrete expo, 2021’s first major convention in Las Vegas, room rates at Las Vegas Strip hotels topped 2019 tide marks for the first time this year for the period from Sunday June 6, to Saturday June 12, inclusive.
A survey conducted by JP Morgan found that while midweek numbers fell short of those seen two years ago when Las Vegas was at its peak, Sunday through Thursday room rates closed the gap between 2019 and the low prices that prevailed this winter and spring. Weekday rates were down only 9 percent overall and strong weekend rates put the Strip over the top for a four percent gain on 2019.
Despite having a plethora of rooms to fill, MGM Resorts International hotels were down 10 percent from two years ago. The Venetian and Palazzo were next at minus-15 percent, while hotel-rich Caesars Entertainment missed the 2019 mark by 14 percent. Wynn Las Vegas and Encore fell the most, down 20 percent.
Weekend bookings put the Strip over 2019 heights. Venetian and Palazzo led with an increase of 123 percent, while Wynn and Encore grew rates by 53 percent. MGM hotels were close behind at plus-38 percent. Only Caesars properties fell short, with room rates down 10 percent on the June weekend dates. The company has spoken repeatedly about reducing its Strip exposure, but has formally postponed any property sales until next year.
World of Concrete drew 60,000 conventioneers in 2019. Even though Morgan analysts predicted the 2021 turnout “will likely be much smaller than prior years,” the cost of rooms over the week surrounding the trade show hardly reflects the decrease in attendance.
