Super Bowl LVIII Predicted to Drive Average Daily Rate of Rooms in Vegas to Highest in History
LAS VEGAS, NV – With the Super Bowl slated to take place in Las Vegas this year, experts are predicting that the elite event – which will be attracting sports fans from across the nation, and perhaps even the world – will result in the highest hotel average daily rate (ADR) for any host city in Super Bowl history.
Super Bowl LVIII, the championship game of the National Football League (NFL) for the 2023 season, is scheduled to be played on February 11, 2024 at Las Vegas’ Allegiant Stadium. A rematch of Super Bowl LIV, it will be played between the National Football Conference (NFC) champion San Francisco 49ers and the American Football Conference (AFC) champion and defending Super Bowl champion Kansas City Chiefs.
With that being the case, the rental market’s ADR in Las Vegas is projected to reach $573 between the days of February 9 through 11, the highest level out of any Super Bowl weekend in history. The reason for such a surge in prices is clear when you look at the statistics- it is currently anticipated that the rental market in Vegas – from Friday through Sunday night on Super Bowl weekend – will reach a whopping occupancy rate of 87.9 percent, and that level of demand naturally has a significant effect on pricing.
The ADR of $573 – combined with the projected occupancy rate of 87.9 percent – would equate to a revenue per available room (RevPAR) rate of $504. This would result in not only the highest level of demand in Super Bowl history, but also one of the highest for any sporting event in the history of Sin City itself; for example, the Formula One Vegas Grand Prix – held in November 2023 from a Thursday through Saturday period – resulted in an ADR of $502 a RevPAR of $390.
The current record holder for the highest Super Bowl ADR and RevPAR level is Miami, and one of the main reasons that Las Vegas is expected to overtake that record this February is due to the fact that the city has over twice the number of hotels (393) and rooms (172,707) available when compared to the Floridian city.
Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.