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Why are the hotel and ticket prices for Las Vegas GP dropping drastically?

The Las Vegas Grand Prix is having some problems as the attendance to the international event has been far from what they expected, becoming a nightmare for the organizers of the Formula 1 which will be held next week.

The top category of motor racing will arrive in Sin City, but there is a big problem looming: not all tickets have been sold and hotels have not filled their rooms, so they have had to drastically reduce their prices.

The high costs and the fact that the title is already defined for Max Verstappen, have caused the Las Vegas GP to generate lower expectations, so the decision has been made to reduce their prices.

This is demonstrated in the ticket prices, which have dropped up to 62% compared to the price they were offered at the beginning of the Qualifying day; while for the Race you can already find tickets for around one thousand dollars.

The hotels on the iconic Vegas Strip have also been affected by the low demand in their reservations, where 21 of the 22 that are in the vicinity of the circuit made a substantial reduction of the prices, they registered a few months ago.

According to Oversteer48 which made a comparison of hotel prices between 2022 and 2023, such as the Aria, which in this same month of the previous year offered rooms for 366 dollars, at the most accessible price. And it came to offer its rates for this year up to 1,633 dollars for the most economical room, showing an increase of up to 346%.

Data showed that the average increase in room rate per night was over 300% for the hotels that had published their rates, and the maximum increase was 466% for the Rio hotel. However, these rates are no longer the same a week before the Las Vegas Grand Prix, which has suffered a serious reduction. A clear case is that of the Circus Circus, which at the beginning put its cheapest rooms at $649, but today, they are already at $111, a decrease of 83%. According to the table shared by Oversteeer48, only the Aria is the only hotel/casino that did not reduce its prices, while there are others, such as the Bellagio, which already have a 5% 'discount'.

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