Las Vegas Strip Hotels Push Room Rates Higher in Early 2025

Las Vegas Strip hotel rates rose in the first quarter of 2025, with the average price for the visitor accommodated by MGM Resorts soaring 3% against 6% increase at its own Caesars Entertainment. April rates climbed even further, with MGM up 11% and Caesars up 1% vs 2022. Barry Jonas of Truist Securities stated that despite a slower start in January, demand for Las Vegas remains strong, particularly for April bookings.

Visitors continue to flock to the Strip, though rising costs are becoming a concern. January 2025 set a milestone with average nightly rates approaching $200, reflecting a 2% increase from January 2024 and a $30 rise since 2019. Complaints have focused on pricey cocktails, increased resort fees — now up to $55 per night before tax — and unfavorable blackjack rule changes.

Las Vegas registered 41.67 million visitors in 2024, a 2% increase over 2023 but 2% below pre-pandemic levels. Consumer frustrations over food and drink prices have gone viral, including a widely shared post about a price hike at Pin-Up Pizza inside Planet Hollywood.

Despite rising costs, MGM Resorts and Caesars Entertainment reported strong first-quarter results and maintained an optimistic outlook for spring 2025. Visitor satisfaction remains high, with 87% of guests in 2024 reporting they were very satisfied with their experience, even amid concerns about increasing expenses.