LAS VEGAS (KTNV) — In November of 2023, visitors will be swarming hotel lobbies for a world-class event, the Formula 1 Las Vegas Grand Prix, but experts say the price for a stay in the Las Vegas Valley is going to be high.
Caesars Entertainment released rates for its properties ahead of next year's race, hinting at weekend costs that will be up more than 200% for six of Caesars’ hotels in comparison to the same time this year.
The largest rate increase is at the Rio, it went from $100 a night this year to $790 a night next year, about a 680% increase. Gordon Prouty, Westgate Vice President of Public Affairs says that's no surprise, especially during events like this.
"Rates are going to be based on demand and obviously that is going to be a very high occupancy and high demand," Prouty said.
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Caesars Palace is listing rooms at $1,300 a night, Planet Hollywood at $1,100, and Prouty says rates at the Westgate have yet to be released, but they'll be competitive. He says the economic impact of this event will be astronomical.
"I would expect something like this that will draw international attention," said Prouty.
It's those tourists that Steve Budin, a Las Vegas Financial analyst, says will bring in billions of dollars to the valley.
"Not only are they going to be attending the event, but they'll also be going to the restaurant, they'll be doing some gambling, they'll probably be doing some shopping,” Budin said.
Mary Beth Sewald, the Vegas Chamber President and CEO, says having an international company build ties with Las Vegas will benefit our city significantly.
"Everyone is going to put money in workers' pockets that they'll spend throughout the entire community on things like groceries, entertainment, electronics, and so much more," Sewald said.
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