NCAA men’s basketball tournament started last week, and in the second weekend, a higher room rate is going progressively at Las Vegas hotel-casinos.
In previous months, the reservation of rooms is not up to the mark, and it was low. But in March, Resorts in Las Vegas is experiencing higher reservations than previous.
Debi Nutton, the gaming consultant, states that tourism in the city is growing up again, and things are looking up. The higher rate of reservation of the room is now showing this.
Demand can be traced by looking at the room rates. As the reservation is going higher, the direct impact is falling on the room rates. Due to higher reservations and demand for hotel rooms, the room rates also remaining higher on Saturday.
Nevada sportsbooks and hotels remain busy during the tournament, but last year the tournament did not take place due to Covid-19. On April 5, the championship game will be held in Indiana.
As the second weekend of the tournament play is coming up, the room rates are also rising.
Room rent increases by 42 percent in Excalibur Hotel than the starting rate. Last Saturday, the room rent was $139, and this week it raises to $238. The Flamingo Hotel and Casino are enjoying a 32 percent increase in their room rent from $175 to $259. Moreover, there is no reservation available at Caesars Palace. It has become full this weekend.
Deterioration in Year-long Tourism
Due to the coronavirus pandemic, the tourism sector in the city has collapsed severely. The economy is battling with a tourism slump for the year long. If the trend of higher room rate sustained in March, this means that there could happen an economic rebound in March.
Because of all the games, the first week of March Madness remains great always. Maybe the next week is not as great as this week. But great weather and pent-up demand in Las Vegas is, of course, a great time to talk about.
Openings of the Casinos
As the hotel reservations are going full in almost all resorts, tourism officials at Las Vegas are highly motivated to start the full operation of hotel-casinos in recent weeks.