Las Vegas Room Rates Are Still Down From Last Year

Las Vegas Strip View

This year’s New Year’s Eve will be different for most people than almost any other in the past. Health experts are warning against travel, yet many are still expected to make the trip to popular tourist destinations to celebrate. New reports shed light on how Las Vegas room rates stand right now.

As you might expect, rates in the city are going for considerably less than they were in 2019. That’s good news for potential travelers. The casino companies here, however, are feeling the effects of this drop in revenue.

Let’s take a look at where things stand here!

Tourism Rates in Las Vegas Have City Officials Concerned

Las Vegas is one of the world’s most popular tourist destinations. Prior to 2020, “Sin City” saw nearly 42 million visitors annually. Revenue was surging here and several massive new casino-resorts have been under construction.

The events that unfolded this year have taken an almost incomprehensible impact on this city. Even today, with most casinos open, Las Vegas is seeing major drops in its tourism rates. This seems to be getting worse as the winter months continue.

In October, Las Vegas saw just 1.9 million visitors. That represents an increase from the month of September. Unfortunately, it’s only half of what was seen in October of 2019.

Casino companies here are doing everything they can to attract more visitors. With travel restrictions set in place throughout the country and an increasing number of Covid-19 infections, this hasn’t been easy. Several of the biggest hotel-casinos here have recently begun shutting down during the week as a way to save money.

Officials in Las Vegas recognize how difficult this situation is. Setting more intense regulations could help to protect Clark County’s health care system. At the same time, it could lead to an even larger drop in tourism and revenue.

The holidays tend to be big tourism dates for Las Vegas. Will the holiday season in 2020 be any different?

Here’s a Look at Where Las Vegas Room Rates Stand Right Now

Google searches for “travel” have been at an all-time high throughout the year. Many have been stuck at home for months at a time with limited contact with friends and family. Everyone seems to be dreaming of the time when they can take a real vacation again.

Some are choosing to take their trips right now. Las Vegas continues to see millions of visitors per month, despite the warnings from the country’s health officials. The pandemic seems to be at its worst right now and there are doubts on whether or not the upcoming holidays will result in a major spike in tourism.

Potential travelers will find that room rates in Las Vegas are down from 2019. Even over New Year’s, rooms can be booked at prices that haven’t been seen in years. A new report from the Las Vegas Convention and Visitors Authority sheds light on how far rates have dropped.

Over New Year’s Eve, a room at the Aria can be booked for $399. The Cosmopolitan, known as one of the most expensive venues in Las Vegas, is offering rooms for $500. The brand new Circa Casino-Resort in Downtown Las Vegas is offering New Year’s rooms for $315.

These prices are relatively high for most individuals. Things are still significantly cheaper here over the holidays than in the past. It will be interesting to see if the drop in prices helps to bring in more tourists.

There is reason to be optimistic for the future of Las Vegas. One prominent analyst expects the casino industry here to see a massive recovery in 2021.

Jim Cramer Expects Casino Industry to Recover in 2021

The US casino industry had its worst-ever year in 2020. All of the country’s casinos were shut down for months. After finally reopening, most of the gambling venues here struggled immensely to attract players.

This situation isn’t expected to last forever. In fact, CNBC’s Jim Cramer expects to see a massive recovery for this industry next year. He claims that mass vaccinations will result in a huge increase in tourism to cities such as Las Vegas.

“Once enough people are vaccinated … the economy goes back to normal, travel resumes and people start gambling in person again,” Cramer told his viewers. “That’s why the casinos should have a huge year in 2021.”

Cramer isn’t alone in holding that theory. Many analysts predict that as the pandemic slows down, travel and gambling will begin to surge. That could offer investors an exciting opportunity to capitalize on this industry.

Those who plan to travel this year, regardless of the risk, will find Las Vegas room rates lower than they have been in years. If Jim Cramer is correct in his assessment, this could be the lowest we see room rates in this city ever again.

Do you plan to visit Las Vegas over the holidays? Which hotel do you plan to stay in? Let us know in the comments section below!

Marriot Providing $10M Worth in Hotel Stays for Healthcare Workers

Marriott International Logo RedIn a positive trend that we’ve been seeing over the past couple weeks, Marriot International is joining other hotel properties like Diamond Resorts and Greektown in Detroit, Michigan in providing free stays for healthcare professionals fighting the coronavirus pandemic.

In their new initiative called “Rooms for Responders,” Marriot International will be offering complimentary rooms in cities across the US where the COVID-19 outbreak has been the most disruptive.

Those cities include New York City, the country’s coronavirus epicenter, Newark, N.J., Washington, D.C., New Orleans, Detroit, Chicago, Las Vegas, and Los Angeles.

Partnering with the American College of Emergency Physicians & Emergency Nurses Association

The hotel property has joined forces with the American College of Emergency Physicians and the Emergency Nurses Association to set up healthcare professionals with comped stays at the participating Marriot properties.

According to Mariott International President and CEO Arne Sorenson, American Express and JPMorgan Chase, the hotel’s credit card partners, will be joining in on their humanitarian effort.

Doctors and nurses, who have the biggest risk of catching COVID-19 since they’re in close, constant daily contact with patients, will be able to have a comfortable, clean, and safe space to rest their head after a long shift.

Complimentary hotel stays help in the fight against COVID-19 because it alleviates the worry that many healthcare workers or first responders have about getting their families or loved ones at home infected with the virus.

Community Caregiver Program

Outside of the free stays offered in the select cities where COVID-19 has made the biggest impact, Marriot International has also initiated their new Community Caregiver Program.

This program offers discounted rates to first responders and healthcare workers at over 2,500 of their properties. The initiative is beneficial for workers who are looking to book stays at locations that are closer to the hospitals they’re working at.

The initiative is available in the United States, Canada, the Caribbean, and Latin America.

Properties Across US Offering Over 3 Million Hotel Rooms to Healthcare Workers

Hotel chains and independent properties have really stepped up to the plate during the coronavirus pandemic. They’re helping in the best way that they’re able to, providing a free stay to those who need it the most during the outbreak.

In a new nationwide initiative called “Hospitality for Hope,” over 15,000 hotels have signed up to match healthcare and emergency frontline workers with complimentary stays at participating properties.

Through this and several over initiatives that the hospitality industry have recently joined, a combined total of 3.4 million hotel rooms have been made available to our country’s healthcare workers in this desperate time of need.

According to Chip Rogers, President and CEO of the American Hotel and Lodging Association (AHLA), the company that organized Hospitality for Hope, the hospitality industry is “uniquely positioned” to support communities by taking care of frontline workers during this public health crisis.

Rogers explained that as an industry of people that’s used to taking care of people, now’s the time to really be there for our healthcare heroes and emergency workers who are putting their lives on the line every day just to keep the citizens of this country safe.

Stay Tuned

We are grateful for the hospitality industry for providing a safe haven for our country’s healthcare professional and first responders. During a time where their own industries have been rocked with economic loss, they’re still doing their part to give back in a major way.

Because these workers have a comfortable, free room to rest in and a space to keep themselves at a safe distance from their loved ones, we imagine it’s helping lift some of the stress out of their daily routines during this new normal.

While we can imagine how tough it is for these workers to be away from their families during this time, we imagine it helps remove the burden of worrying about whether or not their families will get sick.

Do you know someone who is a healthcare professional or frontline worker? Leave a shout-out to them in the comments below and give them our many thanks! We are humbled by your continued sacrifice.

Stay safe and healthy out there, everyone.

Las Vegas Holiday Offers Are Finally Here!

The holiday season is almost here and many people around the world are now flocking to Las Vegas for the celebrations! Many hotel-casinos in this city recognize this. There are now a huge number of fantastic Las Vegas holiday offers available!

This is one of the best times to visit the city. The weather is a little cooler and room rates tend to be a little cheaper. Here are some of the amazing offers now available!

These Are Some Las Vegas Holiday Offers Available Right Now

Thanksgiving is just around the corner and soon, December’s holidays will start creeping up. Some of the best hotel-casinos in the city are now offering some incredible perks to guests.

On Cyber Monday, Caesars Entertainment Corp is offering guests an incredible 40% discount on rooms between the dates of December 2nd and October of 2020. This deal will only last for one day, so make sure to take advantage! This deal is available for many of Caesars’ biggest properties including The LINQ, the Rio Hotel & Casino, and Caesars Palace.

The Cosmopolitan Hotel & Casino is one of the most popular venues in Las Vegas. Between now and December 3rd, this hotel is offering a unique “double or nothing” deal for guests. You’re able to book a one-night stay and get another for free.

MGM Resorts International also now has one of the best Las Vegas holiday offers. The company will offer a 30% discount for most of its Las Vegas properties from now until Saturday afternoon.

Just about every single hotel-casino operator in the city is offering something special this holiday season. Now might be the best time of the year to book your room!

Las Vegas Casino Revenue Continues to Increase

At the beginning of this year, it looked as if gambling revenue in Vegas was beginning to drop. Fortunately, this did not turn out to be the case. For the majority of 2019, casinos have managed to bring in a significant amount of revenue.

Over the past three months, gambling revenue has increased significantly. In September, news broke that casinos in Nevada managed to surpass $1 billion. Baccarat helped to bring in the most money to casinos in the city.

Incredibly, casino revenue once again surpassed $1 billion in October of this year. Statewide, gambling revenue in Nevada reached $1.022 billion. Revenue from the Las Vegas Strip came out to $538.5 million.

Overall, revenue from August, September, and October increased by 2.3% compared to the same period in 2018. Downtown Las Vegas revenue increased the most, at 8.85%.

Things are going well in this city right now. Hopefully, the holidays help to increase revenue, as well.

Some incredible Las Vegas holiday offers are now available! If you’re planning to visit this city soon, make sure to take advantage of these deals!

Stay tuned for more Las Vegas casino news over the next few months!

Non Gambling Options in LV Hotels Are Growing More Popular

Las Vegas is home to many of the biggest and best casinos in the world. Interestingly, non-gambling options in LV hotels are generating more revenue than ever before. It appears that many individuals are choosing to visit this city for reasons other than gambling.

Famous Las Vegas Sign

Some don’t want to admit it, but Las Vegas is changing. Now is the perfect time to look at the amount of revenue that non-gambling activities are bringing in. Let’s get into it!

Tourism Numbers in Las Vegas Are Increasing

At the start of 2019, things didn’t look great for Las Vegas. Tourism numbers were dropping and casinos were struggling to generate revenue. Fortunately, things have begun to turn around in this famous city.

More visitors have begun heading to Las Vegas. The summer months, in particular, drew in a wave of tourists. There’s still a chance that tourism numbers are going to break records here.

Hotel occupancy was at 89.3% in August. This was the highest in the city since 2007 when hotel occupancy was at 90.7%. Many analysts still believe that more than 43 million individuals will visit in 2019, setting a new record.

It now appears that many are visiting this city for reasons outside of just gambling. That’s great news for hotel-casinos in Las Vegas, many of which are beginning to invest more in their non-gambling amenities.

Revenue From Non-Gambling Hotels in LV Casinos Grows

Back in 1999, Nevada began earning more from its non-gambling amenities than it makes inside casinos. Since that year, non-gambling options in LV hotels have gotten even more popular. According to David Schwartz, a gaming research analyst with the UNLV, claims the average Las Vegas tourist spends $434.70 per day. $285.41 goes to activities outside of gambling and $142.29 goes towards gambling.

Interestingly, the largest percentage of visitors to this city are millennials. Seth Schorr, CEO of Fifth Street Gaming, claims millennials simply don’t gamble as much as the older generations. Those that choose to gamble generally enjoy social games like craps.

“The other thing that is tricky with the casino audience is there’s a perception of what a casino is,” Schorr said. “The Generation X, Z and millennials are all a little off on the betting part. They’d rather see themselves on TV or in a big Instagram or YouTube rush, sharing with their friends, not sitting by themselves playing slots. The question is how do you make it social for many in gambling without it being craps,” he said.

Some believe that Esports betting will grow extremely popular in this city. Esports grow more popular every single month. Others believe that entertainment centers that feature virtual reality and other tech innovations will help to bring in non-gambling revenue here, as well.

More Casinos Are Coming to Las Vegas

Non-gambling options in LV hotels continue to grow more popular. That doesn’t mean casino companies are choosing not to invest here, though. Several major casino projects are set to open in Las Vegas over the next few years.

One that many are excited about is Resorts World. This new casino-resort, being constructed in the northern area of the Las Vegas Strip, is expected to be a major success. It will officially open in 2020.

The new Virgin Hotel is opening up next year, as well. Virgin Hotels purchased its first Las Vegas property from Hard Rock International this year and is working to renovate and update the casino and hotel.

It’s clear that non-gambling options in LV hotels are growing more popular. This will likely continue, as millennials simply aren’t as interested in gambling as the older generations.

Stay tuned for more Las Vegas casino news over the next few weeks!