Grand Prix turbocharged Vegas hotel rates to record high last month

Monday, 29 Dec, 2023 0

The Formula 1 Las Vegas Grand Prix spurred record average daily room rates for Las Vegas hotels last month.

The ADR of $249.31 during November was an all-time high, the Las Vegas Convention and Visitors Authority said,

It marked a 33.7% increase from a year ago.

Revenue per available room (RevPAR) was also up by more than one third year-over-year.

The LVCVA also cited the SEMA tradeshow in November for boosting hotel revenues.

It said that visitor volume, convention attendance and hotel occupancy were all up marginally.

Weekend occupancy reached 88.7%, while midweek hotel occupancy was 78.9% across the month.

Visitor volume in November was 3,292,800.

Casinos also benefited from a Las Vegas Grand Prix boost, recording their second highest monthly gaming revenues of all time, according to the Gaming Control Board.

They generated $821 million in gaming revenue while statewide, gaming revenue was more than $1.37 billion.

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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.

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