Las Vegas continues to reopen and live events are back. The whole shebang of entertainment from nightclubs reopening to national tours, residencies, and stage shows like Cirque Du Soliel are once again available. This is great for anyone visiting Las Vegas but there is a downside. Hotel room prices are beginning to increase as large events return. The amazing hotel deals from 2020 are slowly going away.
Recent earnings calls shed some insight into the timelines of when a couple of the largest Las Vegas casino-resort companies expect to see higher room rates. During the recent Caesars’ earnings call, CEO Tom Reeg mentioned that their properties are already booked through the summer during weekends.
This may not be entirely accurate, but the company has been seeing higher occupancy every month of the year. Weekends are obviously busier than weekdays since there are very few conferences booking large blocks of rooms on those days.
Occupancy isn’t room rates but as rooms get filled rates will go higher. Look for room rates at Caesars properties to start increasing this summer. Likewise, expect to see MGM Resorts Las Vegas hotel room prices start to get more expensive too. The company has been very aggressive booking entertainment and that will help boost prices.
MGM Resorts is expecting to see room rates get back to 2019 levels by early next year. Coincidentally, or not, the convention that usually has the largest attendance annually is returning in 2022.
The Consumer Electronics Show (CES) usually boosts occupancy and hotel room rates for casinos in January. More than 170,000 people were in Las Vegas for CES 2020. While the show might not draw that many people next year, it should bring enough for Las Vegas hotel room prices to jump.
Enjoy the great deals while you can because they won’t be around forever.
CES, the world’s most influential technology event, will return to Las Vegas next year between Jan. 5-8, 2022. The move back to Las Vegas follows a successful all-digital CES 2021. Next year CES will welcome the tech industry both in-person at the Las Vegas Convention Center and digitally.
There are nearly 1,000 companies planning to showcase their most innovative technologies. No matter how successful the digital conference was this year, there’s nothing like seeing the newest electronics first hand or from tech media outlets touching and demoing the products.
Companies like Amazon, AMD, AT&T, Daimler AG, Dell, Google, Hyundai, IBM, Intel, Lenovo, LG, Samsung Electronics, and Sony will be in attendance to show off their latest and greatest in Las Vegas next January.
“We’re thrilled to return to Las Vegas – home to CES for more than 40 years – and look forward to seeing many new and returning faces,” said Gary Shapiro, president and CEO, CTA. “Hundreds of executives have told us how much they need CES to meet new and existing customers, find partners, reach the media and discover innovation.”
CES 2021 was supposed to be the debut of the new Boring Company Las Vegas Convention Center Loop. Since CES didn’t take place, the World of Concrete show in June.
Las Vegas is on the way back today with entertainment and shows packing casinos and hotels during the weekends. The return of large conferences will be one of the first very large-scale events to start filling hotels during weekdays.
Marc Meltzer covers Las Vegas, gaming and men’s lifestyle for various outlets. Check out his blog at Edge Vegas.
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