November’s Formula One Las Vegas Grand Prix race didn’t provide the expected business lift that a few Strip properties experienced from 2023’s inaugural event.
Visitation associated with the recent race was up less than 1 percent. However, hotel room rates were down more than 21 percent in the month and casino revenue fell by more than 4 percent.
A year ago, anticipation for the much-hyped race sent hotel room rates as high as four figures a night at several properties along the Strip that fronted a 2-mile stretch of the racing circuit.
That wasn’t the case a year later. According to the Las Vegas Convention and Visitors Authority (LVCVA), the average daily hotel room rate on the Strip was $212.49 — a 21.3 percent decline compared to the high-priced rates casinos offered in November 2023.
