Sky-high Las Vegas Formula 1 hotel costs are no surprise to fan base of international travelers, high-rollers
LAS VEGAS, Nev. (FOX5) -The skyrocketing prices of Las Vegas Strip hotel rooms for the November 2023 Formula 1 race leave plenty with sticker shock, but are really no surprise to die-hard or wealthy fans coming from all parts of the world.
From Caesars, MGM Resorts to Resorts World, major brands along Las Vegas Boulevard already opened up hotel bookings for the November 16-18. 2023 race dates. A stay at Caesar’s Palace is running $1,500 a night, and sister property The Linq boasts $750 a night and above.
Ticket prices for Formula 1 fans run from $500 to $10,000.
Las Vegas Valley leaders are looking to Formula 1 with anticipation, counting on the fanfare to usher in the return of international travelers and high-rollers-- in particular, those from Europe.
“When we look at what Formula One, what their normal fan base is, this really gives us an opportunity to market to that European fan base. If someone is coming here from Europe, and this is a once in a lifetime trip, then they’re probably going to be way less price sensitive,” said Dr. Amanda Belarmino, assistant professor at the William F. Harrah College of Hospitality.
Previous high-end race destinations include Abu Dhabi, Monaco, Barcelona and Singapore-- which are far from budget-friendly cities for travelers. If you’re looking for a deal in Las Vegas, a Formula 1 weekend may not be your best bet-- and casinos are banking on wealthy travelers.
“So it would indicate to me that the Formula One fan base has a high disposable income if they’re going to be traveling for this. If I were doing revenue management right now, I would want to be protecting rooms for my casino players. These room rates signaled to me that there’s a high demand from our casino players,” Belarmino said.
If you hope to travel to Las Vegas for the fan festivities, Belarmino advises that hotel prices could possibly soften in the event of a recession. Otherwise, your best budget-friendly option is a off-Strip hotel or even a vacation rental.
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