Many room rates on the rise for New Year’s Eve

The Great Recession is about to give way to one great party, if room rates in Las Vegas are any measure of economic recovery.

Rooms at the Bellagio that rented for $659 to $799 on New Year's Eve 2010 this year are going for $1,199 to $1,998.

And that's if you can find a room. Many hotels are booked solid, and occupancy rates citywide are nearing 100 percent.

Las Vegas expects to host 314,000 out-of-town guests Saturday night, up from 309,000 last New Year's Eve. If hotel occupancy rates hit even 98 percent, that means a nongaming economic impact of $192.6 million for a city that has weathered some tough times in recent years.

It's been a long road back. For 20 straight months, hotel rates have steadily risen, according to the Las Vegas Convention and Visitor's Authority.

Room rates for the biggest party of the year will continue that upward trend, even though there are 1.2 percent more rooms available than there were last year, said Scott Russell, the organization's senior research manager.

"We've been able to absorb those rooms and maintain a high level of occupancy," Russell said.

With tourism numbers up all year long and advance bookings for New Year's Eve looking strong, most hotel chains can't wait to cash in.

"All of our properties will be at capacity or near capacity on New Year's Eve. And, room rates are significantly improved over last year,'' said MGM Resorts International spokeswoman Yvette Monet.

MGM Resorts has 40,773 rooms available on the Strip, a good share of the citywide inventory of more than 150,000. The MGM Grand was already sold out by Wednesday, while other MGM properties such as Aria and Bellagio still had rooms available.

While most room rates are higher than last year, not all properties are making Bellagio-size leaps. Aria's rates start at $549, just $10 more than in 2010.

And some rates have even gone down. Luxor rooms will start at $250, down from $310 last year.

But for the most part, rates are up and demand is strong across the board.

Boyd Gaming's three downtown hotels -- The Fremont, California and Main Street Station -- are sold out. The company still has rooms available at Sam's Town and the Suncoast, however.

The Silverton, 3333 Blue Diamond Road, is nearly full for Friday and Saturday, but is taking last-minute reservations for $239, down $20 from 2010.

The Siegel Group's off-Strip properties also are looking good for the weekend.

"We're going to be sold out everywhere," said Michael Crandall, Siegel's director of business affairs.

Crandall said New Year's Eve is a rare night when the Siegel Group doesn't have to compete with hotels on the Strip. "It's one of those weekends in Vegas where anyone who owns a hotel loves owning a hotel. Any other weekend, we're competing for rooms like anyone else is."

At the Artisan, a boutique hotel with 64 rooms, rates ranged from $299 to $699. The 150-room Rumor's rates were set from $309 to $799, and the 168-room Gold Spike is renting rooms for $200 to $499. Like their Strip megaresort counterparts, the smaller hotels are also enjoying rates that for some are nearly four times higher than in 2010.

Rates vary greatly at Station Casinos' 11 properties scattered across the Las Vegas Valley. At Red Rock, all deluxe king rooms were sold out at a rate of $700, though deluxe two-queens rooms priced at $915 are still available. One- and two-bedroom suites also are booked solid at rates of $2,850 and $3,250, respectively. On Dec. 31, 2010, rooms there peaked at $500.

Pricing at Green Valley Ranch was a tad less for suites at $1,700 and $2,700, with all sold out.

While Green Valley Ranch and Red Rock were near capacity Wednesday, Aliante Station in northern Las Vegas had rooms available for $374.99, $524.99 for a suite. Fiesta Henderson had rooms available for $189.99, and Palace Station had rooms from $299 to $434.99.

In 2010, Aliante's rooms cost between $161 and $329 on New Year's, and Palace Station's were priced from $159-$259.

Those looking to avoid crowds and escape the boom of the fireworks can get out of town, but they still are going to pay a higher price for solitude.

The Mount Charleston Lodge's 23 single and double cabins are sold out at $346.50 and $390.50 for Saturday. Sunday night the rates fall back to normal, $176 and $291.50.

"It's pretty quiet here on New Year's. People come up here to get away from Vegas," said Maura Jones, reservation clerk at the lodge.

The Resort on Mount Charleston's 62 rooms were booked by Wednesday, with an average rate of $350, up from $299 last year.

Contact reporter Laura Carroll at
lcarroll@reviewjournal.com or 702-380-4588.