According to reports, room rates are soaring, and sportsbooks are at maximum capacity for the throngs that descended onto the Las Vegas Strip and surrounding areas in Nevada due to March Madness fever.
No Place Like Vegas
Watching March Madness in a Las Vegas sportsbook is an experience like no other. Some believe that Las Vegas has lost its appeal now that casinos are so prevalent throughout the country and iGaming platforms allow people to play blackjack for money without ever leaving their couch.
However, few, if any, sportsbooks rival those of Las Vegas. Many feel like cheap knockoffs with a dearth of seating and monitors that are a fraction of the size of the 20-foot by 220-foot-long LED video wall found at SuperBook at the Westgate or the Mega Fan Cave at the LINQ. The amenities are also not nearly as plush as those found at many of the Las Vegas sportsbooks, nor are they as large.
Unlike last year, when the Super Bowl was held at Allegiant Stadium in nearby Paradise, Nevada, between the 49ers and the Chiefs, this year’s Big Game between the Eagles and the Chiefs was held in New Orleans, Louisiana.
Thus, foot traffic plummeted in Las Vegas during this year’s Super Bowl weekend compared to last year’s, and room rates tumbled right along with it due to lack of demand. Sin City was remarkably devoid of the palpable electricity normally found during major sporting events, but New Orleans is a party city, and it appears people merely shifted locales.
“This doesn’t feel like a normal Super Bowl weekend on the Strip. The buzz isn’t there. The crowd isn’t the normal A-list. It’s more like the normies and low-budget crowd.” — Jeremy Ross, a local bartender
“Casino execs across Las Vegas are baffled and rattled by Super Bowl weekend falling off a cliff. Some are reporting losing days (expenses exceed revenue) multiple days this week. As our fellow kids say, Oof.” — Vital Vegas
March Madness Boost
However, fast-forward five weeks, and Las Vegas is jumping again with the onslaught of March Madness fans, many of whom are simply finding a warm destination to shake off a season’s worth of frigid cold. A Las Vegas sportsbook is ground central for March Madness bettors, and although they are often imitated, they are never duplicated.
Below are room rate comparisons during this year’s Super Bowl weekend and the first weekend of March Madness.
| Casino Resort | Super Bowl | March Madness |
|---|---|---|
| Caesars Palace | $40 | $561 |
| MGM Grand | $68 | $348 |
| Paris | $35 | $146 |
| Luxor | $19 | SOLD OUT |
| Harrah’s | $16 | $55 |
| Bellagio | $194 | $294 |
We should also note that the first weekend of the Dead & Company’s return to The Sphere has also attracted thousands of fans and curiosity-seekers. According to analyst Barry Jonas of Truist Securities, Strip resorts are experiencing strong demand through April as room rates at MGM Resort hotels are up 11% year-over-year while Caesars Entertainment properties are showing a 1% increase.
