LAS VEGAS (KLAS) — Room charges plunged by greater than 20% in November because the F1 Las Vegas Grand Prix stepped again after its splashy 2023 debut.
Tourism figures launched Tuesday by the Las Vegas Conference and Guests Authority (LVCVA) confirmed decrease resort charges and decrease income per obtainable room (RevPAR) final month as in comparison with November 2023. It was a troublesome comparability to sky-high room charges and tourism spending that got here within the race’s first 12 months.
Race officers acknowledged that F1’s second 12 months can be extra inline with what Las Vegas can anticipate going ahead, with decrease attendance and ticket gross sales than the primary 12 months.
The typical day by day price for resort rooms dropped from about $249.31 per evening to $198.72. Strip rooms went for about $14 extra on common at $212.49, and rooms downtown have been solely down about $4 to $104.50.
RevPAR declined from $230.46 final November on the Strip to $179.13 this 12 months — a 22.3% decline.
Passenger numbers drop at Reid Airport in November
The dramatic drop-offs got here because the estimated variety of guests went up barely, up 0.6% to three,313,700, in keeping with LVCVA. Customer estimates for Laughlin have been up by 5.9%, and down 10.8% in Mesquite.
Lodge occupancy was about even with a 12 months in the past at 81.4%, however room nights dropped barely due to a lower in conference attendance. Total, conference attendance was down about 8.4% in comparison with final 12 months.
The F1 race in November 2023 and the Tremendous Bowl in February precipitated spikes that may make comparisons troublesome. On high of that, different components by way of the 12 months are affecting the year-over-year comparisons.
The closing of the Tropicana in early April and the non permanent shuttering in July of The Mirage because it rebrands beneath Exhausting Rock Worldwide have eradicated 1000’s of resort rooms. However the opening of Fontainebleau Las Vegas in December 2023 added 1000’s of rooms. The timing of these openings and closings are exhibiting up in graphs a 12 months later.
Via the tip of November, conference attendance is down 1.3%. The CES present and the upcoming Con-Ag Expo will buoy attendance in 2025.
