Las Vegas Grand Prix hotel rates raised more than 300%

LAS VEGAS (KLAS) — With a little over a year before the return of the Las Vegas Grand Prix F1 race, hotel room rates for the Las Vegas Strip are beginning to be published.

As of Oct. 31, Caesars Entertainment is the first major Strip hotel company to publish rates for race weekend. The 2023 Las Vegas Grand Prix is being held on the night of Nov. 18, and 8 News Now looked at the weekend of Nov. 16-19, 2023, and compared it to the same weekend this year, Nov. 17-20.

Las Vegas hotels never have a set rate day-to-day. The rates are determined on demand, also known as dynamic pricing. This is why even on a normal week the rate for the same room can change by hundreds of dollars. The rates listed in the chart below are correct as of 3:45 p.m. on Nov. 4, 2022.

8 News Now is using the room rates for the lowest published rate and the average rate for race weekend. 8 News Now is also not taking into consideration resort fees.

So far, the average room rate increase, year-over-year, is approximately 305%. However, the largest percentage increase is the Rio All-Suite Hotel & Casino which has raised its room rates for that weekend by 466% from $100/night in 2022 to $566/night in 2023.

But the most expensive cheap room is now at Caesars Palace at $1,519/night. This, however, is also the smallest percent change at 106% higher than this year.

The Venetian is the second most expensive cheap room at $1,499/night.

This chart will continue to be updated throughout the next year and in future stories about the 2023 Las Vegas Grand Prix.

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