Las Vegas Strip hotel rooms hit $215 in September, trend expected to take prices higher
LAS VEGAS (KLAS) — The average price for hotel rooms shot up above $200 during September while the number of visitors dropped, according to a Tuesday report from the Las Vegas Convention and Visitors Authority (LVCVA).
The average price for a hotel room on the Strip hit $215.54 (not including resort fees), and the average overall came in at $201.50. Downtown prices were much lower, averaging $120.91 in September.
The Strip price is more than $60 higher than the September cost of rooms before the pandemic, and prices are expected to keep going up in October, on pace to set records for Las Vegas. The Formula One race in November could push prices even higher during a month that usually sees hotel prices leveling off or even declining, as they did by about $30 last year.
For more than a week following a Sept. 10 cyber attack on MGM Resorts International, hotel operations and casinos struggled to accommodate Las Vegas guests. Patrons reported that room keys didn’t work and employees were tracking guests with pencil-and-paper records. One estimate published by Reuters suggested MGM took a $100 million hit in September because of the attack.
LVCVA’s report showed hotel occupancy edging up, but failing to beat percentages from September 2022. Occupancy was down by half a percentage point at 82.6%.
RevPAR — revenue per available room — reached $166.44, a 7.0% increase compared to last September. On the Strip, it hit $182.56, up 7.3%.
A report from last week indicated passenger traffic through Reid International Airport was up 0.7% compared to last September, but LVCVA statistics showed visitation dropped by 0.5%. A total of 3,336,900 visitors were counted in the LVCVA report.
That follows July’s 1.0% increase and August’s 4.0% increase in LVCVA’s counts.
Convention attendance in September was up 9.5%, according to LVCVA.
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