When Super Bowl LVIII comes to Las Vegas, it could help Sin City set a new record for room rates. On the 28th of January 2024, the Kansa City Chiefs and the San Francisco 49ers both secured their places in the upcoming Super Bowl. Some analysts are expecting room rates in Las Vegas to skyrocket during the Super Bowl, perhaps to record-breaking levels.
Super Bowl Sees High Room Rates
Super Bowl LVIII is set to take place on the 11th of February and is being hosted at Allegiant Stadium, which is the home of the Las Vegas Raiders. Analysts have already started comparing room rates for the upcoming Super Bowl compared to the 2023 event, which was hosted in Phoenix, Arizona. This comparison is difficult due to the difference between the settings, but the findings are interesting.
During the 2023 Super Bowl, the average room rate in Phoenix was around $300 per night. Currently, it will cost you around $800 per night to book a room in Las Vegas over the Super Bowl weekend. This $800 figure is from room rates at Caesars Entertainment and MGM Resorts, which are the two largest operators of strip resorts.
Could Benefit Sin City More than F1
It also looks like the Super Bowl could be a more successful event for Las Vegas than the Formula One race was. F1 returned to Las Vegas for the first time in 40 years, and the race took place in late 2023. While the race was certainly a success for Sin City, many feel that the benefit was only felt by high-end casino resorts.
The F1 race was highly disruptive for many areas of Las Vegas, and few businesses benefitted. However, with the Super Bowl, it’s not just the high-end resorts but also mid-tier properties that are also able to increase rates. The SUper Bowl could also help draw many visitors to Sin City, putting it on track to beat 2023.
The Super Bowl in February might also be able to soften the blow of cheaper room rates in March. Rates are expected to dip due to the absence of the CON/AGG Convention and weaker prices seen during the Consumer Electronics Show in early January 2024.