As the summer approaches to us will be looking to acquire these top of the line hotel rooms at 1940s prices, but they will soon be shocked to realize that prices are going back up.
“Forward-looking business continues to improve, even as we look out to July and August,” MGM Mirage Chief Financial Officer Dan D’Arrigo said. “Thus far we’re able to firm up rates going forward as opposed to going the opposite way.”
Another aspect that plays into the summer slow down for the Las Vegas hotels and casinos is the increasing temperature that deters many tourists from vacationing there.
Right now is the prime time for hotels and casinos to raise their room rates as visitors have expressed their opinion and are willing to pay an additional $10 up to $50 more than they are paying now per room per night.
As a casino vacation destination, many weekend warriors will travel to Las Vegas to spend a couple nights in a cheap hotel and enjoy their time gambling. This is a common occurrence especially with residents of California who don’t mind the 4 Hour drive to spend a weekend away.
Ginny Tarantino is one of these weekend warriors who finds the summer and ideal time to capitalize on low room rates. Last week she spent $40 a night at the Excalibur Hotel and Casino merely because the price was right.
“Based on that rate I’d like to come back more often on weekends, or during the week if I get more time off from work,” Tarantino said.
Mark Capone lives in New York City and decided to spend $1000 for four nights at the Mirage rather than going to Aruba. He admitted that if the room rates at the casino and hotels were lower than we gladly go to Las Vegas and possibly even doubled the amount of times he traveled there.
“I think the hotels should look at making some of the amenities less expensive, like the spa and drinks,” he said. “In the end, someone’s going to go back home and say, ‘I only went out with $1,000 and I spent $4,000.’?” said Capone.
