Las Vegas sees room rates, ticket prices decline ahead of inaugural F1 Grand Prix

With the inaugural Formula One Las Vegas Grand Prix just a week away, room rates along the famous Strip are experiencing declines.

Over the past year, room prices at several Caesars Entertainment properties, monitored by the Las Vegas Review-Journal, have witnessed reductions of up to 75%, offering potential attendees more affordable accommodations leading up to the race weekend from November 16 to 18.

According to Dr. Mehmet Erdem, a professor of hotel operations and technology at UNLV’s William F. Harrah College of Hospitality, a decrease in average rates isn't uncommon if booking momentum has slowed down.

However, he emphasizes that this decline may not necessarily indicate a decrease in anticipated revenue potential. Erdem told Review-Journal: "Despite the decrease in room rates, judging by the pricing of venues and restaurants for the race weekend, the demand is going to be high."

Here's a breakdown of the changes in four-day stays (Nov. 16-19) at four Caesars Entertainment properties, as per Review-Journal:

The Linq Hotel

• Nov. 2, 2022: $2,694.87;
• Sept. 14: $1,395.54;
• Oct. 16: $810.55;
• Thursday: $778.58.

A 71% decrease from November 2022 and a 4% decrease in the past month.

Paris Las Vegas

• Nov. 2, 2022: $2,694.87
• Sept. 14: $1,395.54
• Oct. 16: $810.55
• Thursday: $778.58

Planet Hollywood

• Nov. 2, 2022: $4,336.61
• Sept. 14: $1,791.18
• Oct. 16: $1,524.79
• Thursday: $1,082.61

A 75% decrease from November 2022 and a 29% decrease in the past month.

Caesars Palace

• Nov. 2, 2022: $5,323.02
• Sept. 14: $3,383.71
• Oct. 16: $2,420.49
• Thursday: $2,182.39

A 59% decrease from November 2022 and a 10% decrease in the past month.

Erdem notes that visitors to gaming destinations like Las Vegas tend to have higher risk tolerance, allowing for last-minute bookings in anticipation of a "good deal."