Dive Brief:
- Las Vegas hotels saw record-breaking performance from Super Bowl LVIII, according to CoStar data.
- The big game drove the highest weekend ADR ever for hotels in the market, with ADR for the Friday and Saturday before the Super Bowl at $747, a CoStar report detailed. Occupancy and RevPAR were similarly up in Las Vegas for the weekend.
- With these results, Las Vegas surpassed the former record holder for Super Bowl weekend ADR — Miami’s $559 Super Bowl ADR in 2020, according to CoStar subsidiary STR. Some of the area's biggest operators, including MGM Resorts, reported strong performance from the game and forecast continued growth from upcoming sporting and entertainment events.
Dive Insight:
Las Vegas ADR for the weekend of Super Bowl LVIII was 30% higher than originally predicted by STR. In the week leading up to the game, STR forecasted the city’s ADR would reach $573 for Friday, Feb. 9, through Sunday, Feb. 11.
The market’s ADR surpassed that of former record holder Miami by 33% and last year’s Super Bowl weekend in Phoenix by 39%, according to STR data.
Occupancy in Las Vegas for the weekend was 83.7%, resulting in year-over-year RevPAR growth of 239.6%, CoStar detailed.
MGM Resorts, specifically, saw significant RevPAR gains from the Super Bowl, with the weekend representing “three of the top five room revenue days ever recorded” by the company, MGM President and CEO Bill Hornbuckle shared during a company earnings call last week. He added that the company saw ADR closer to $1,000 for the weekend.
The week leading up to the big game, Wynn Resorts’ CEO Craig Billings forecasted Super Bowl LVIII would drive “record hotel revenue.”
Both operators said a robust calendar of sporting and entertainment events in Las Vegas, including Formula 1’s inaugural Las Vegas Grand Prix in November, has driven significant performance growth and will continue to do so in 2024. Billings pointed to upcoming events at the recently opened Sphere venue, specifically.
