People who waited to reserve a hotel room in Las Vegas for the Super Bowl may find themselves saving a significant amount of money. The highly anticipated Super Bowl LVIII between the Chiefs and 49ers is taking place this Sunday, and the excitement in Sin City is palpable. However, everything related to the event in Vegas comes with a hefty price tag. Whether it’s tickets to the game, parking, drinks, or table minimums, prices are skyrocketing. This was also the case for hotel rooms, until recently.
Just a few days ago, hotel rooms were being sold for several thousand dollars. However, with the game only two days away, prices have drastically dropped. Multiple properties on The Strip are now offering rooms for under $1,000 for a Saturday check-in and a Monday check-out. This is a significant change from the exorbitant prices that were being charged not long ago.
To provide some perspective, at the end of January, the cheapest room at Caesars Palace, including taxes and fees, was priced at around $7,000 for a Friday-Monday stay. Now, that same room for the same dates costs $1,923.89. While still expensive, it is a far cry from the previous cost of $7,000. According to a survey from the Las Vegas Review-Journal, the average nightly rate as of Thursday was $288.82, down from $443.84 just a few weeks ago.
This decline in room rates for the Super Bowl in Las Vegas is a prime example of basic economics. Initially, resorts aimed to control the supply of available rooms by not marketing all of them at once. This limited supply coupled with high demand caused prices to skyrocket. Fans who were eager and had the means to do so quickly booked up the available rooms. However, as demand dwindled due to the exorbitant costs, more rooms had to be released, resulting in a decrease in prices.
While hotel room rates have significantly dropped, the same cannot be said for ticket prices. As of now, the cheapest ticket available to enter Allegiant Stadium is an astonishing $8,198 on SeatGeek. Therefore, even with the savings from hotel rooms, attending the Super Bowl is still a costly endeavor. Let me know how much you would be willing to spend to be part of this event at David.Hookstead@
According to the Source outkick.com