Room Rates Pick Up Ahead of New Year’s Eve

Since the closure of casinos and covid-19 restrictions, room rates in Las Vegas have been well below average. The occupancy rate has reduced significantly and has forced some casinos to shut down hotel operations completely, while others closed during the weekdays. However, things are starting to look good as the prices listed for New Year’s Eve are skyrocketing.

In October, the average room rate was $104.54, according to the Las Vegas Convention and Visitors Authority data. Figures from the same period last year show that the 2020 rate was down 23 percent. The room rate has gone up more than three times for December 31. At the Cosmopolitan of Las Vegas, the going rate for a room on New Year’s Eve starts at $500. At Aria, you will spend at least $399 to spend New Year’s Eve in that hotel.

These higher prices are an indication that there is increased demand, but it is doubtful that the number of visitors will get close to what was obtained last year. The town may be ‘full’ at least more than what has been for months. However, the 25 percent capacity limit will things a great deal.

Last year, the number of people that visited Las Vegas during New Year’s Eve stood at over 300,000. With demand surging at downtown Las Vegas and on the Strip, resorts raised their room prices significantly. According to Hotel.com, the going rate for Delano was $749, while the Bellagio started at $614.

In comparison to last year, it is difficult to say how much disparity will be seen. There are a lot of restrictions that will keep the number low. The Fremont Street Experience’s annual party has been canceled. The Strip has been stopped from carrying out its midnight fireworks show. Also, no nightclubs will be open, no public event will admit more than fifty people, and private gatherings must be limited to ten people from no more than two households. These restrictions will not make Las Vegas the number one holiday destination spot as they will most likely be denied the experiences they come for.

What to expect in 2021?

It is unclear the impact the introduction of the vaccine will have on the restrictions. Governor Sisolak recently extended the directive on casino floors to maintain 25 percent capacity until January 15, 2021. However, if the daily number of covid-19 new cases drops, it is possible that these restrictions are reviewed and might be less strict.

The rates for rooms for New Year’s Eve are considerably higher, compared to what it has been for the better part of 2020. However, these rates are still lower when compared to the 2019 figures. A search on the Caesars Palace website showed that you can get a room at the hotel starting from $299. In 2019, the least amount for a room at the facility was $574. That is a 48 percent reduction in its pricing this year.

With the increase in prices, certainly, the number of people that will visit Las Vegas on New Year’s Eve will be more than the regular day in 2020. It is good news for resorts as it is an indication that things might start to pick up soon. Also, it will generate more revenue for these casinos. Most of which have struggled through the better part of the year.

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Rebecca
Rebecca lives in Las Vegas and after completing her degree at Reynolds Journalism school joined the USGS team to pursue her journalism dreams.