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!