Why are Las Vegas room rates predicted to rise more than average this year? And how can the average traveler save when visiting Sin City? We’ve got the reasons for the predicted price hikes this summer, and some suggestions for how to visit Vegas on a budget!
Tropicana Las Vegas officially closed back in April, and this week the Mirage is shutting their doors as they transition to the Hard Rock. And believe it or not, both Caesars and MGM are set to profit from these resort closures. This week, Bally’s applied for an implosion permit from Clark County officials, but as we wait for the Tropicana building to come crashing down, most people have not considered that the loss of the Tropicana also means the loss of about 1,500 hotel rooms. Additionally, losing the Mirage means another 3,000 rooms are now off the market, bringing the total to 4500 rooms, or about 5% of all hotel rooms in the city. And while you probably haven’t thought about what that will do to Vegas room rates, Caesars and MGM sure have.
As we head into peak summer travel season there are now fewer rooms in Las Vegas, while collectively MGM and Caesars control over 60% of all the hotel rooms up and down the Las Vegas Strip. And you don’t have to be an economics expert to understand the basic principle of supply and demand. You see where this is going right? An equity research group familiar with such things believes that the falling supply and rising demands of summer will somehow lead to Vegas room rates being inflated. Not exactly a stretch, I know. But the question still remains: How do you and I avoid paying through the nose to visit Las Vegas?
So how can you save money on your next trip to Las Vegas? Well there’s all sorts of free things you can do, like walking around Fremont Street or taking in the Bellagio fountain show. Our friends at Nerd Wallet actually addressed this very question just a couple of weeks ago. Here are some of the suggestions they had for saving cash, like avoiding peak travel times, which could mean delaying your trip until September, or simply planning to visit Monday through Thursday for more reasonable prices. You could also consider staying off the Strip or using your credit card or hotel rewards points to grab discounted or even free room to avoid the spike in Las Vegas room rates.
Eating off the Strip could also save you some cash, as could taking a red-eye flight. We’ve linked to the Nerd Wallet article on all the ways to save money on your next Vegas trip, plus several free things you can do once you’re there. And don’t forget you could always do things like visit the Pinball Hall of Fame or take in the exterior light show at the Las Vegas Sphere. Of course, you can’t enjoy the free Mirage Volcano show anymore… not since Hard Rock put the kibosh on that shit.