Will Room Rates Spike after this NEWS impacts the strip?
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- Опубликовано: 3 июн 2024
- Correction the slated opening date is Spring 2027 for hard rock not july.
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I feel like Las Vegas has evolved from a budget-friendly destination to one that caters to a more affluent clientele, offering upscale dining, sports events (including F1) , speakeasies, replacing traditional shows and cheap eats.
you are very correct in that
Yup, I absolutely agree. I'm really curious to see what the off-strip and downtown casinos do in Vegas to attract "regular gamblers". A lot of them already offer table games with lower minimum bets and better comps. I can't wait to see Marc and Dave's video on their off-strip trip!
I think Vegas has always been responsive to market conditions rather than dictating them. That is the evolution. It was budget-friendly 40 years ago, before there was such thing as databases, player tracking and cards, etc. And so the idea was make it super cheap to stay, eat, be entertained, and drink, and see if they could make up for it in gambling, but in a very general, group sense (damn, it was so great back then). With player cards and databases, they could get away from blanket offers and make focused offers, which increased their overall profits. They morphed when the boomers and gen x had kids (Circus-Circus, Excalibur, Treasure Island for example). When those kids were grown, Vegas said hell no, don't bring the kids. They have morphed many times. BUT THIS GENERATION of age now--the millenials, they are a very risk-averse bunch---and for good reason. They will spend money but not gamble it. And combined with the access to gambling elsewhere, that's what you see today.
More so on the Strip. Downtown tries to keep it like sin city.
Back in the '70's we flew from the Midwest for a 3 day stay, all inclusive, for $149. Now the flight is more than that, the room is more than that, the resort & parking fees are more than that ... and Shows ? Also more. $600+ before you even think about gambling. 💁♂️ No thanks !!!
Part of the problem is the strip has went into maximum gouge mode, but people still keep coming in record numbers. People, take a look those at those off-strip (boyds, stataion, Palms) properties. Even downtown. You will get much better room rates, food prices, and for the most part a much better gamble.
That being said, I'm not an economist, but I don't see that because of one hotel shutting down that all of sudden rates will jump 30$ across the strip.
3,000 rooms is a lot to take out of the supply. Rates may not double, but you may easily see a double-digit percentage hike.
Thank goodness we’re happy playing local or going to Laughlin or Downtown Vegas through our senior center for now. I know things can and will probably change.
Back in 1984 I flew to Vegas on a group trip from the Mid West. $99 for airfare there & back plus 3 days, 2 nights hotel stay at Circus Circus. I also received a free coupon book filled with free meals & drinks. I brought with me $200 for gambling & expences & came back home with $1100. I had a great time. I can't even imagine what that trip would cost today. The sad thing is I'll probably never get to go back there because everything is so expensive. I have 4 local Casinos I go to once in awhile and I do get free hotel offers from them. I now call them my Vegas at Home Trips.
Thanks for doing what you do.
As a young married couple years ago, with small children, we enjoyed staying at Circus Circus. It was in its prime and economical and fun for us.
Then as we got older, we stayed at Harrah’s and the Flamingo which was very nice and we would fly.
Now as retired seniors, we only go to Vegas through our senior center to Downtown Golden Nugget because they still allow busses. Haven’t flown to Vegas from California for awhile because then you have to taxi, which was more efficient than Uber, to and from your hotel.
Our senior center does a great job at booking at our local casinos in Southern California from around Los Angeles.
Thanks for keeping us up-to-date. Somehow, I think if room rates go up in 2024, they’re not coming down in 2027. Time to consider Downtown or “locals” casinos - there are a lot of them, and some are really great.
There are options like down town and. off the strip
@@GambleSmart Yep, I’m a Stations Casino person; Red Rock is my go to 😎
I’ve also been getting a lot of offers from the Palms lately. Haven’t stayed there in years.
@@GambleSmart Is this having a big impact on the weekly rentals?
This might make a good alternative & a new episode for you.
The monthly & nightly rates are totally separate issues, but Vegas has a unique weekly market to analyze.
Las Vegas is turning itself into a once a year vacation spot. Book early save up money and find coupons whenever/wherever possible. If I’m not comped hotel and free play I’m not going. I just assume travel to Oklahoma and hit WinStar or Choctaw.
Yep!! Non-Vegas options are plentiful in California and they are all pretty good for people who don’t need the celebrity restaurants, “Showgirls” walking everywhere expecting to be paid hooker prices for a picture, resort and parking fees, traffic and construction everywhere, etc.
Always appreciate your thoughts on Vegas!!!
They (casinos) may regret this after they are knee deep into it. My comps have gone way down. My food offers way down, they’ve given me very little reason to come and spend my money there. I’m taking a break from gambling. I do enjoy it but they lowered my free play to $75. That barely pays for my gas. Food is only once a month and I used to get it once a week. Anyway prices rarely go back down. Look at gas prices. Maybe Vegas will hit a stumbling block but something is indicating to them to stop on the rewards. Do people need to slow down and let them feel their decisions. Idk 🤷🏻♀️.. anybody else going to slow down?
When build and open new hotels prices don’t drop. Haven’t been back in years and no plans in future. Use to have season NASCAR seats.
It may be a combination of reasons. It’s also now the peak of tourist season despite the heat. People coming from all over the world willing to pay for the Vegas experience. Many writing their visits off as business. Constant sport and gambling events keep the strip busy.
The rates probably will decrease when the winter months start up again. Ebb and flow.
You're exactly right Dave, when it reopens prices won't be coming back down. Just like prices haven't come back down post-COVID. Welcome to gougeflation, the new normal.
Good reason to just gamble at your local casino
Why would rooms go up 30% because the # of rooms went down by abuot 2%, even bringing the 1500 Tropican rooms into this equation? I mean there is summer seasonality, and recently Fountainbleu opened and added rooms, although that's far up the strip. There have also been a fair # of rooms opening up just off strip, and downtown seems to be having a resurgence of sorts.
It is speculation of course, and the casinos do want the rooms filled. So wait and see.
As a senior, we don’t go during the hot weather months.
I used to love Vegas but I'm not so sure anymore with the direction it is moving in. I enjoy gambling and good value gaming and eats and just going to party but Vegas seems to be trending in a direction where it's more concerned about clubbing and high end dining and very expensive events that you could go to for a fraction of the price in a different city.
It just isn't that great of a value anymore to go there.
I am trending towards other gambling towns now especially as I get older like Biloxi where I get comped for my rooms. It's too bad because I enjoy the electricity of Vegas but it is losing it's luster. Even wealthy people know when they are getting price gouged.
I'm very lucky and blessed that when I go to the El Cortez for 3 days my room is automatically free and coumped with food and free play.
I hope it’s not a permanent thing. I am planning a trip to Vegas next May/June with some friends and we have an idea of where we may stay but it depends on how much it will be. I understand the hotels need to make money but it’s so sad how high the resort fees are getting too. That also is a factor on our list of possible places to stay when we’re there. 😊🎰
I’m not a high roller by ANY stretch but I get very nice room offers at mgm and Venetian. Also resort credits so eating isn’t an issue.
I’ll let you guys know if the offers for the remainder of the year change. Don’t want to give a sky is falling vibe
I think if all the RUclipsrs that showcase Las Vegas were to get together to boycott them, instead of showcasing them, that would really hurt their pocket, I love Vegas but I’m finding out there are other places to go now with better rewards
Looked @ prices for G2E,forgetaboutit. Flights crazy from east coast rooms pricey, and getting worst!? WOW. Will have to stay in Florida.
oh no you gotta come :) if possible
I wonder if comped rooms will remain the same? I likely won't go if I have to pay for lodging, or, maybe I will, it just is easier to commit to travel when I am not paying for some parts of it.
comps come off your pool, so think about bigger costs coming out of the pool and the pool staying the same, logic says not as many free nights or less comp rooms, but we will see
Booooo!
Thanks for the info as always
I dont go to LV, was thinking about doing so in the fall..but maybe not now lol. Thanks Dave 😁
Plus, Tropicana will go under the wrecking ball.
Those rooms were already taken into account before it closed , but it did add to the issue
Scored a free room for the week at Paris first week of July for the WSOP. Hope you're in town, would love to see ya!
never know, it’s could happen
Thanks for updated information
hope it helps !
My room is comped, so I’m not too worried about it, it’s the FC AIRFARE from the East Coast that’s making me think twice about going back to Vegas more than once or twice a year.
Love your show and ALL the helpful tips you guys give to the people.
Yup. I've seen flights slowly go up over the past few years. It's getting ridiculous. I've flown for as little as $300 r/t in the past. This past April it was closer to $700. Out of EWR.
Supply and demand will always reflect the "correct" price. If the people don't go to LV, then prices will come down. As long as you keep paying, they will keep raising prices until you don't. Basic capitalism and the way it should be.
Prices are not going to go up 30% on average. Las Vegas has over 150k rooms countywide. Even if only 50k of those rooms are on the strip-reducing the pool by 3k rooms is only a 5-6% decrease. Right now, the average daily rate for a room on the strip is like $191. An increase of 30% would make the average price closer to $250 per night. I don’t see that happening with the economy starting to stall. I could see strip prices going up 5-12%, but 30% just seems unlikely.
Hi Dave.
Always enjoy hearing yr News Flashes!
This is hard on the wallet. I'd say almost all people hv a travel cost (Flying) and look to booking early to get a better deal on rooms.
Since covid, they added all these taxes, room cleaning and parking.
After all these increases,what's left to gamble with!!??
I'm wondering if the increase in rooms in Vegas will trickle down to casinos elsewhere?
Room cleaning charges, taxes, and parking hv.
people will look at not going to Vegas but maybe a more local casino and they will get the overload that wld hv gone to Vegas.
😢
this is the issue, prices raise, salaries don’t , so trips are less.
Good Morning Dave. Since I will probably never travel there doesn't hurt me so much but for everyone who loves going it will. I haven't stayed at Ballys in Evansville or Harrah's in Metropolis in probably 3 years. Plus I have a sister in Metropolis if I need a place to stay. I'm about 1 hours 40 minutes between both. I 🤔 I spend more time on road then playing but then Kentucky has Beautiful Scenery. Take Care Dave.
thank you rosemary ! you have a great. day as well
Just vacationed in Vegas last week and came home with a little money thanks to your method of budgeting and not chasing a win. Thanks guys!! Went to see the Volcano Show and Beatle's Love at the Mirage before both are gone. :( I am curious to see if the rates jump since the Tropicana is already gone and the Mirage will be gone in July.
It’s dominoes that we are waiting for them to fall. Very glad you had a good trip and got to see the volcano and love before they are gone. Rumors are circling about love but unclear if they will find a new home.
There’s too many other casinos and other places that are much cheaper than Las Vegas
It's not only Vegas. It's nationwide. Mortgage rates again above 7% and house prices keep going up. Saying all that they are still being bought and inventory is at an all time low. Its all Business 101. Supply and Demand.
Yes I find it annoying that room rates will rise with a close that they said wasn't going to happen. I feel like the resort lied and there should be some sort of pushback on them from the local government. I want to be optimistic that things will go back to being cheap, but I think I'm just fooling myself. However, with that being said, Vegas will loose visitors if the prices are out of control.
Maybe, but how many rooms did Resort World and other new casinos add? Ultimately Vegas is going to charge what people are willing to pay. Unfortunately it's become pretty expensive as it is unless you gamble enough to get free rooms. I was more concerned with all the sports teams moving there driving up demand as out of state people go to see their team play and hit Vegas.
Fontainebleau will absorb some of the customers perhaps as well.
I have not been to Vegas since 2006. Rooms comped.Food cheap.Shows cheap.Airfare depends but it was still cheap compared to now! Free slot tournaments. Those days are gone on the strip. Those hotels were loyal to their guests and you didn't have to be a whale. Now, I do think it is possible for this to backfire. If rooms go up and everyone goes downtown or off the strip or to other gambling destinations,Then the casino resorts on the strip will have to lower rates,comp more,have things that get people there. It is possible.If they go up then I know for myself that it is much cheaper and the same thing to stay at local casinos in Oklahoma than to go to Vegas.Sure, I liked all the attractions and shows in Vegas but I am not about to spend a fortune just to get there and stay there and then add my gambling budget to it. I have always wanted to go to Atlantis in the Bahamas. I am going to need a reason to pay high rates.Vegas isn't the reason.Been many times.
I've said this before. Save the travel expenses and the hassel of getting to Vegas, and find a casino/ hotel property closer to home. That will greatly increase your gambling budget as well as the rewards and comps you can earn at a more local property.
My wife and I drive less than two hours to Seneca Niagara, where we get our 2-night stay comped as well as dining and drink credits. Our player points cover the rest, except tips and fuel, of course. As Canadians, we even get free play for crossing the border. That's what I call gambling smart 🎰 .
As for Vegas; been there (3X), done that, got the t-shirt.😂
LOL, OMG, It's getting more expensive to lose money in Vegas!
I read about this in one of the newsletters I get. I believe tourism will drop, at least during construction. I guess my days of visiting LV are over.
You are not alone in that , it’s one more thing that makes travel harder
Do you think it will be the same on Fremont st?
I watch everyday. I believe your channel helps to improve how you should gamble. I really appreciate both of you.
I think Vegas is trying to rid itself of the people that play a dollar or less on machines. One can sit at a machine for an hour with less than $300. This prevents bigger bettors from gaining access to the machines.
I was in vegas in few weeks ago I hardly gambled. Lol
I don't think this is the motivation at all. I'm sure any (even) strip casino is more than happy to furnish the costs involved in a slot machine for $300/hr. Or even $100. If a specific machine is popular, they can always put more on the floor. I don't see Vegas making a decision to push away players willing to put only $300 in a machine. I think people willing to put only $300 in a machine are pushing away Vegas.
We booked a room at Planet Hollywood for the first week of October. We have only paid the deposit. Will the room rate be honored?
I'm glad I can write Las Vegas off my bucket list after going there several times over the past decade. Always stayed on the strip, went for the shows, the food, and of course the slots. Now its just overpriced . All good things must pass.
Vegas is just way too expensive these days.
Summer time means higher prices wherever you go. U do make a good point though ❤ x
Did they spike when the Tropicana closed earlier this year?
There was a small uptick but the difference was one tropicana was at the end of the strip, had been going down hill for a call, not a 4 star resort, finally not good occupancy % since covid. Mirage is middle of the strip and regularly is very high occupancy.
Don't go for a while, And you would see a quick positive change for the gamblers. 👍👍🕳️🕳️
Just won’t go ! Vegas is not the same anyway ! Will go to my local casino
People who are not interested in nightclubs and celebrity chef restaurants should really give Reno/Lake Tahoe a try! There are properties that can rival Vegas Casinos like the Peppermill and Silver Legacy.
EXACTLY!! We play local in California. Don’t miss the “show girls” and other street scammers.
Some of the older groups and entertainers of our time are now doing one-nighters at our local casino like Yaamava and Pala and Pechanga and Morongo. These casinos are doing great and giving Vegas a run for their money.
As low rollers, we enjoy our modest comps.
Shit...I didnt think of that! I'm a "Downtowner" so I didnt think it would affect me, but it just mite....Somethin to think about for nxt couple of trips...thnx Dave(I think, ha!)👍
better to know and not know!
also the Tropicana rooms are gone
If they see the rooms are filled at a high price they will continue to charge a high price. Because they are into profit beyond greed it will not stop. We are nothing more then a dollar sign to them. Gone are the good old days 😔
exactly!
Being that Vegas has over 150,000 rooms I'm not sure how much this will effect it. They still have to get people there so hopefully this won't hurt us too bad.
time will tell, many industry analysts are concerned.
It'll only be permanent if people continue to pay it. Prices will be driven down if people stop paying. I'd say this is surely good news for Downtown, which it is, but even there prices are climbing pretty quick.
Was thinking about returning to Vegas next year from the UK and whilst I am not a high roller I do come armed with decent money. Not going to do that if I'm getting ripped for over $200/night plus ever increasing resort fees.
Don’t worry… they’ve managed to keep a lot of people from wanting to even go to Vegas right now with their ridiculous table minimums, triple 0 roulette, 6 to 5 blackjack and jacked up prices all around… I don’t think capacity is going to be as much of an issue as simply finding another opportunity to gouge people.
That just chaps my ass. Crazy it's going to become a shit show. We all might have to start getting a suite and sharing hotel rooms with a couple rooms in them
We might be 8 deep in a room with roll away beds soon :)
@@GambleSmart roflmaoooooo bunk beds
Several new hotels have opened. Reno just remodeled as well. No worries.
we will see
No desire to go back to Vegas anyway. We get rooms free at local casinos all the time.
Unreal as the Big Two Caesars and MGM just keep ripping off people, I'm done with Vegas, local Casinos are so much better good comps and better payoffs at least to me.
Vegas setting itself up for diminishing returns, everyone going to start going to other destinations
I just don’t go to Vegas anymore,PERIOD..
Gamble=Free Room to become Gamble More=Free Room
WOW the audio in the vid needs some work! Absolute max volume, I can barely hear it.
not heard that comment , it’s fine on the phone, desktop and tv when i listen to it. i will check with some testers
Why are you surprised when in your previous video you and Marc stated the “Casino” is a BUSINESS😂😂😂😂😂
Online gambling will only increase over time. People won't need to pay thousands of dollars to travel to Vegas. Greed will only take them so far until the public refuses to play their game.
That’s why I’m glad I always get comped.
Enjoy it while it lasts.
@@5877user I will
I'm a downtown person myself.. As a loyal patron to one company that has casinos all over the US, have not have paid for a room in 25 years. Am I a high roller of course not, $3 is my max bet, for "Classic" Blazing 7s. Otherwise $1 or less, but when you play 4 days and recycle the same $500-1000 thru the machines, thats a lot of cash. A person does not realize how much that recycled money ends up being. A win/loss statement gives you the facts. At 1 of my favorite casinos in Laughlin I ran over $30,000 thru and lost $199. So you can play and recycle, and get comps with a low budget.
I have my hotel
good early planning susan
They can keep Vegas. It's not what it used to be. I'm not interested. If you haven't seen it, use Google. Not worth it. I have free rooms at Sam's Towne. But I'm not going to use them in Vegas. Why spend a fortune to fly when I can drive 4 hours to Sam's Towne in Mississippi. Machines pay better (so it seems) anywhere but Vegas. Nah. Leave Vegas for tv shows and movies. It's not for me anymore.
I don't think you right about this
that 3000 rooms are coming off inventory or rates going up?