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Initial reports suggest Las Vegas reaped solid economic rewards from its first time hosting the Super Bowl.

Hotel guests in Las Vegas during Super Bowl 2024 paid the highest room rates in continental U.S. history, according to an analysis by CoStar’s STR.

The average daily rate on Saturday and Sunday during Super Bowl weekend in Las Vegas was $758 and $808, respectively. Both were the highest for Saturday and Sunday, not only in Super Bowl history but also in continental U.S. history (excluding Hawaii).

On Sunday, hotel guests on the Las Vegas Strip paid an even higher rate of $962 to watch the Kansas City Chiefs play the San Francisco 49ers, CoStar said.

“The game was another strong hotel and casino event for us with ADRs [average daily rates] near $1,000 and posting 3 of the top 5 room revenue days ever recorded,” said MGM Resorts CEO and President Bill Hornbuckle during a fourth-quarter earnings call.

The average daily rate for short-term rentals was $365, up 19% from the weekend before, according to AirDNA.

Over $700 Million in Potential Economic Impact

The game had a higher-than-expected economic impact on Vegas. February 2024 was likely the best month in Vegas’ economic history, said Steve Hill, CEO and president of the Las Vegas Convention and Visitors Authority.  The weekend was also the biggest in Nevada’s gaming history, besting expectations.

“We estimated between $600 and $700 million,” said Hill. “It’ll be over $700 million.”

Super Bowl LVIII was the most-watched game in the event’s history, averaging 123.4 million viewers across all viewing platforms, CBS Sports reported.

“The spotlight on the city throughout the week was unprecedented,” said Hill. “Just enormous value for us there as well.”

Super Bowl LVIII was Vegas’ first time hosting the NFL championship. In past years, Las Vegas drew visitors for Super Bowl watch parties, said Hill.

“The game weekend is typically a strong event for MGM Resorts, but having the game in town amplified those results dramatically,” said Hornbuckle.

Short-term rentals received more than $5.7 million in revenue compared to the previous weekend, according to AirDNA. The majority of the revenue was due to additional nights booked rather than higher rates.

Super Bowl Fans Vs. Formula 1 Fans in Economic Impact

Demand made a bigger splash for short-term rentals during the Super Bowl than Formula 1 late last year.

“Super Bowl was more of a populist kind of event,” said Bram Gallagher, economist for AirDNA. “F1 tends to be more of a rarefied customer base.”

Visitor spending was more spread out at MGM properties. “On the Super Bowl, every cash register, from food and beverage to entertainment, was ringing,” said MGM Chief Operating Officer Corey Ian Sanders. “It was much more widespread at every property compared to F1, which was isolated to the luxury.”

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Tags: future of lodging, las vegas, las vegas convention & visitors authority, sports, sports tourism, tourism

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