Vegas Hotel Room Prices Continue to Drop

Having visited Las Vegas recently, I can definately say that room rates were definately down from prior years. Granted, August is a slow time for Vegas, but rates were still less expensive than I can remember. In my case, I checked in to the Rio and spent 4 nights with a strip view for only a little over $200. And, with the massive City Center location coming onboard late this year, downward pressures on hotel prices should continue.

Below is an excerpt from The Las Vegas Sun discussing this very thing.

Rob Kronman, who works in finance in Los Angeles, would have been willing to pay at least twice what he spent for two nights at the Encore last week. Thanks to a heated price war in Las Vegas, Kronman snagged a suite at the Encore for $109 per night, with a $50 credit toward resort purchases.

“I’ve stayed at the Hilton and Monte Carlo but this was a whole level above,” he said. “It was an extraordinary stay in what was probably a $400 room.”

Philadelphia schoolteacher Jackie Degregorio, who longed to stay at the Bellagio after previous stays at lower-end properties in Las Vegas, recently jumped at the chance to pay $180 per night for four nights in a room facing the dancing fountains.

“I probably would have paid more, but I felt better about getting the discount,” Degregorio said. “It was definitely worth it.”

They are among many consumers who are reaping the rewards of an unprecedented price war in Las Vegas, where four- and five-star properties are going for two- and three-star rates.

Will hotel prices in Las Vegas remain low? Or, if the economy finally comes back, will the rates increase once again? One things for sure, there hasn't been a cheaper time to stay in Vegas in years.

For the complete story, please see Liz Benston,Seduction by room rate, The Las Vegas Sun, August 24, 2009.