Weakness in hotel-room prices for Las Vegas is persisting past October into November, according to a research note published Friday by Truist Securities.
Truist analyst Barry Jonas characterized fourth-quarter rates as “a seesaw.” MGM Resorts International and Caesars Entertainment weren’t performing up to par, while high-end Wynn Resorts was “meaningfully outperforming” the market.
Jonas attributed Las Vegas Grand Prix-related business for the strong Wynn results. He said consumer fuel prices remain a concern, in spite of stable visitation to Sin City.
Truist found overall Las Vegas Strip room prices for the third quarter of 2026 to be seven percent off 2025’s pace. Wynn was up 3%, while Caesars was off by 11% and MGM by 9%.
Room prices on weekend nights in the third trimester were flat with 2025. However, that was undermined by sharply lower midweek rates. Caesars’s rates were down 20% and MGM’s fell 17%. But Wynn again outperformed, up 10%, with the Strip overall down 9%.
Strip rates appeared to have bottomed out in August, when they were down 9% at the high end, and plunged 28% at the low end. Middle-tier rooms were 21%, the Truist report found.
MGM rates overall dropped 17% compared to 18% for Caesars and flat for Wynn. Most of the damage fell on midweek nights, where MGM and Caesars plummeted 26% each and Wynn soared 27%. Truist found that weekend rates were down 7% at MGM and 10% at Caesars, while Wynn dipped 9%.
In September, high-end prices remained off by 9%, with the middle market down 11%. Low-end rooms were down by 18%. Wynn rooms nudged up 2%, while MGM’s slid 11% and Caesars’s fell 15% in price.
Those drop-offs were sufficient to negate a strong July. For the third quarter overall, high-end rooms were 4% cheaper, mid-market down 12%, and bargain-tier fell 19%.
Jonas called the October numbers, by contrast, “encouraging.” The exception was Caesars, jumping 23% on weekends, but down by 4% midweek. Both weekend and midweek numbers “remain healthy” for everyone else, Jonas reported. Wynn shot up 15%, MGM leapt 12%, and the overall Strip was 8% higher.
Three scheduled home games by the NFL’s Las Vegas Raiders were credited with the puissant October data. Bargain business still slipped 3%, but middle-tier rooms were up 18% and high-end prices rose 7%.
Rates diverged sharply in November advance bookings. Wynn rocketed 31% higher. However, MGM tumbled 12% and Caesars was down 9%. The overall Strip was off by a percentage point than in 2025.
Such a November boost as there was happened mainly at the high end. Top-tier rooms rose 8% in price. Compared to that, middle-class ones were 16% down and the low end dropped 10%.
Jonas quoted MGM executives as saying, “There’s still work to do” in terms of Grand Prix business. He added that Truist data “also suggests solid [year-over-year] rate growth at higher-end properties during the event, which typically skews more toward the higher-value consumer.”
Comparatively, MGM’s Formula One potency at some resorts was diluted by weaker results at others, Jonas wrote.
Wynn, on the other hand, told Jonas that it was “pacing ahead of last year” in terms of F1-related business. Race owner Liberty Media maintained that “ticket sales are trending well ahead of the last year.” It added that it had reached end-of-September ticket volumes by late July.
