People who waited to book a Las Vegas hotel room for the Super Bowl might save some serious money.
Super Bowl LVIII between the Chiefs and 49ers is this Sunday, and Sin City is on fire with anticipation. Everything surrounding the event in Vegas is incredibly expensive.
Whether it’s tickets to the game, parking, drinks, table minimums or anything else you can think of, prices are soaring. That had been true for hotel rooms, but it appears that’s no longer the case.
Rooms were going for several thousand dollars just a few days ago. But with the game two days away, prices have cratered.
Las Vegas Super Bowl hotel room rates plummet.
Rooms at multiple properties on The Strip are now under $1,000 for a Saturday check-in with a Monday check-out. That definitely wasn’t the case not that long ago.
For comparison, the cheapest room at Caesars Palace with taxes and fees towards the end of January was around $7,000 for a Friday-Monday trip. A room at Caesars Palace now for the same dates costs $1,923.89.
Expensive? Yes. Will it break the bank? Not in the same fashion spending $7,000 would have. The average rate as of Thursday was $288.82 a night, according to a survey from the Las Vegas Review-Journal. That’s down from an average of $443.84 just a few weeks ago.
Room rates in Las Vegas for the Super Bowl are declining. (Photo by Douglas P. DeFelice/Getty Images)
What’s causing prices to drop?
This is a pretty simple lesson in economics. Resorts were attempting to control supply by not marketing all the rooms that were available at once.
Limited supply and high demand sent prices skyrocketing. The most eager fans with plenty of cash to burn quickly booked up rooms.
However, once demand started to dry up due to high costs, then more rooms had to be released and that drove prices down.
While hotel room rates have been slashed, tickets are still wildly expensive. The cheapest ticket as of publication to walk through the doors at Allegiant Stadium is a staggering $8,198 on SeatGeek. People can now use all the savings from their hotel rooms to purchase tickets because that will still break the bank. Let me know how much money you’d spend to attend the Super Bowl at David.Hookstead@outkick.com.