Zona de Azar USA – Super Bowl Weekend Sets Record Room Rates in Las Vegas

USA.- February 20, 2024 www.zonadeazar.com Over the Super Bowl weekend, Las Vegas experienced its highest average daily room rates on record for Friday and Saturday, according to new data released on Friday.

A report from hospitality analytics firm CoStar revealed that hotel rates in the region reached unprecedented levels, with an average daily room rate of approximately $747.

In comparison, the same time period last year had average daily room rates of about $227.

Analysts predict that the impact of the Super Bowl on room rates and generated revenue will extend into the following week’s data, given that the game took place on Sunday. A comprehensive report on the entire weekend is anticipated in the coming days.

Prior to Super Bowl 58, featuring the Kansas City Chiefs and San Francisco 49ers, the highest average daily room rates for a Super Bowl host city were $563 for Friday and Saturday during Super Bowl 54 in Miami between the same teams.

According to CoStar, two-day weekend occupancy reached nearly 84 percent, with weekend average daily room rates witnessing a 227 percent growth compared to the same weekend last year, which was also a Super Bowl weekend. Overall room rates for the week of Feb. 4 to Feb. 10 increased by 126 percent. As a point of comparison, the actualized average daily room rates during the Formula One Grand Prix held from Nov. 16-18 last year reached $502.

Las Vegas tourism officials are optimistic about the economic impact of the NFL championship event at Allegiant Stadium, suggesting that it may exceed conservative estimates. However, many are still in the process of analyzing the numbers.

“While we’re still assessing the full impact of the Super Bowl, one clear winner was room revenue and rates – which translates to room tax,” noted Brendan Bussmann, an industry analyst with Las Vegas-based B Global.

Bussmann mentioned that he will be closely monitoring gross gaming revenue, room taxes, and visitation levels to gauge the comprehensive economic impact of the event. Initial estimates predicted around 330,000 visitors to Las Vegas for the Super Bowl weekend, but now officials suggest that number could reach as high as 450,000, with spending potentially reaching $1.1 billion over the extended Super Bowl weekend.

Edited by: @MaiaDigital www.zonadeazar.com