On November 18, 2023, it was reported that the price of F1 Las Vegas Grand Prix race tickets and accommodations had plummeted due to overestimation of demand at high costs. This had resulted in a surplus of available hotel rooms in Las Vegas just one day before the big race, and at much lower prices than initially anticipated.
When booking portals opened last November, room prices at most Strip resorts ranged from $653 to $1,773 per night. However, prices have since dropped by as much as 75%. Hotels.com found rooms available for much lower prices, with the Luxor’s lowest room dropping to $249 (a 62% decrease) and other hotels offering rooms for as low as $63.
Despite the overall drop in prices, some hotels, such as the Bellagio, saw an increase in their lowest-priced room. The average price across 47 Strip resorts was approximately $593, which is a little more than three times the average daily room rate in 2022.
One writer shared a viral story about booking a $18 room at the Flamingo, which usually charged $899 a night for race week. However, the price for race night had increased to $399, still a significant discount compared to previous years. Additionally, resort fees and taxes added extra costs to these discounted rates.
Despite the availability of more affordable accommodations, some race fans expressed reluctance to attend due to the initial high ticket prices and the lack of time to make last-minute travel plans. One fan, Kevin Beaumont, shared his decision to enjoy the event from home rather than be “ripped off” with high prices in Las Vegas.
Overall, the sudden drop in prices for F1 Las Vegas Grand Prix race tickets and accommodations has made it more accessible for fans who were previously unable to afford the high costs. However, it also highlights the challenge of finding a balance between setting reasonable prices and generating sufficient demand for such events.