Las Vegas Casino Room Rates for Super Bowl LVIII Continue to Climb
Posted on: January 18, 2024, 11:02h.
Last updated on: January 18, 2024, 11:34h.
If you plan on attending Super Bowl LVIII in Las Vegas next month, you might be smart to book your lodging sooner rather than later.
Unlike the Formula 1 Las Vegas Grand Prix last November, where room rates dropped significantly in the leadup to the inaugural race, casino resorts continue to raise nightly costs for their standard king or double queen occupancies.
According to an assessment conducted by Wells Fargo Securities, MGM Resorts rooms are going for an average of $1,078 a night for the February 9-11 weekend. The price doesn’t include resort fees, which the company recently elevated. MGM’s room rates have climbed 13% from Wells Fargo’s previous Super Bowl coverage.
Rooms at The Venetian are averaging $1,266 a night, and at Wynn and Encore, rooms are averaging a staggering $2,833 a night.
For budget travelers who might be trying to attend the Super Bowl because their team reaches the big game, there are slightly more affordable options from respected properties. They include the Red Rock west of the Strip for $400, Horseshoe at $259, and Sahara at $470.
Downtown Las Vegas, typically where such budget seekers stay, has an abundance of even cheaper rooms. The Golden Nugget is $340, Four Queens is $313, and El Cortez is $270.
Betting On a Record Weekend
Las Vegas tourism officials expect Super Bowl LVIII weekend to be its biggest event ever. It was only six years ago when Las Vegas was shunned by the NFL for events because of the state and city’s widespread sports betting.
That all changed in May 2018, when the US Supreme Court struck down a federal bill that had limited single-game wagering to Nevada. Since then, nearly 40 states have legalized some form of sports gambling.
It was not that long ago where Las Vegas couldn’t even advertise during the Super Bowl,” Jay Kornegay, vice president of race and sports operations at the Westgate, told Travel Weekly. “We were the bad boys for the longest time, but now we’re all family. And we couldn’t be happier.”
Nevada sportsbooks took $153.2 million in wagers during last year’s Super Bowl LVII between the Kansas City Chiefs and Philadelphia Eagles. The books kept about $11.3 million of the action on the Chiefs’ 38-35 win.
Super Bowl LVII ranked fourth on the Nevada Super Bowl list in terms of betting action, aka handle. The state’s best mark came during Super Bowl LVI in 2022, when oddsmakers accepted almost $180 million in wagers on the Los Angeles Rams and Cincinnati Bengals (the Rams won, 23-20).
Kornegay and other oddsmakers are optimistic that the 2022 record will fall next month.
Winning Streak
Many visitors in town for Super Bowl LVIII will place some action on the big game. Oddsmakers have fared well throughout history on the NFL title match.
Since the Nevada Gaming Control Board (NGCB) began tallying results for the Super Bowl in 1991, the house has lost the Super Bowl just twice, in 1995 and 2008. Nevada oddsmakers have otherwise won against bettors to go 30-2.
Four teams will inch one step closer to Las Vegas during the NFL Divisional Playoffs this weekend. The Baltimore Ravens are 9.5-point favorites at home against the Houston Texans, while the San Francisco 49ers are also 9.5-point favorites at home against the Green Bay Packers.
On Sunday, the home team Detroit Lions are 6.5-point favorites against the Tampa Bay Buccaneers, and the weekend nightcap has the Buffalo Bills favored by 2.5 against the visiting Kansas City Chiefs.
Source: casino.org
