Regular visitors noticed inflation hit the Las Vegas market. Forbes ranked it as the city with the most substantial rise in travel costs based on the increase in prices in 4Q 2023 compared to 4Q 2018.
Room rates are higher. Restaurant menu prices keep increasing. Minimum bets keep going up. However, prices were low before the inflationary period began. That left a lot of room to increase costs during the post-COVID boom.
But although Vegas is becoming one of the most expensive cities to visit in the US, it is still competitive with other tourism markets, which saw their fair share of inflation.
How Expensive Las Vegas Really Is?
Vegas’ prices became a hot topic after Forbes called it the city with the highest increase in travel costs over the past five years. Even professional gambler Bill Krackomberger couldn’t resist tweeting about it.
Here in Vegas we are no longer a value town. What happened to the 99c Shrimp Cocktail and $2.99 breakfast? 😔 Average room rate is $215 per night. UP 50% in 5 years. #Vegas #Vegasbaby pic.twitter.com/nRIEMK073m
— Bill Krackomberger (@BillKrackman) July 3, 2024
However, Forbes’s article uses anomalistic data to conclude that Las Vegas is becoming one of the most expensive destinations in the country.
It reached this conclusion using the information from 4Q 2023 when the average daily room rate was $252.
My Take on Forbes’ Average Hotel Rate Data
Forbes failed to note that the inaugural F1 race occurred in that quarter.
The construction related to the race discouraged tourism throughout the year due to road and sidewalk closures. Traffic was a major issue. The teardown after it also affected tourism.
That made the F1 hotel rooms, priced around the same as the February 2024 Super Bowl, become the prevailing rate. New Year’s Eve was also in that quarter.
In the first two quarters of 2024, the Las Vegas average daily room rate was $196. This number includes the Super Bowl.
That is a 2% increase from 2023 and up 14% against the base room cost Forbes used to compare 4Q 2023. That would make Las Vegas the third smallest increase in hotel rates.
Note: Data for average hotel cost Q4 2018 – Q4 2023 is sourced from Forbes, while Q1-Q2 2024 reflects my personal experience living in Vegas for nearly 15 years.
Let’s Talk Car Rentals and Food
Rental cars are another place the Forbes article missed. It states a rental car averages $77 per day.
That is about double a normal day, where rates are around $35 to $40. Typical weekends are in the $60 range.
Again, special events, like F1, push that over $100 per day.
Note: Data for average car rental cost Q4 2018 – Q4 2023 is sourced from Forbes. Q1-Q2 2024 reflects my personal experience living in Vegas for nearly 15 years.
Finally, Forbes estimates the average daily meal cost at $98. It is easy to eat for at least half that, even on the Strip.
Visitors who find value can get by on $20 per day. There is something for everybody.
Why Is Las Vegas More Costly Now?
Several factors played a part in Las Vegas inflation. The boom in demand for Las Vegas after the pandemic settled started upward momentum. Increases in the cost of food and materials also drove retail prices higher.
The market allowed this to be passed on to consumers and then some.
Cheap food options mostly disappeared when casinos reopened in 2020. Buffets, which were loss leaders, mostly closed that year and never returned.
Food halls and full-service restaurants, charging double or triple the price, have replaced the once-affordable buffets.
Labor shortages and cost increases may be the biggest reason Las Vegas is more expensive. In 2023, all union casinos entered into new labor agreements.
The F1 race was part of the leverage the Culinary Union used to gain lucrative contracts for its members. Represented positions include bartenders, cocktail and restaurant servers, cooks, and housekeepers.
Many unrepresented tipped employees received a $0.75-an-hour wage increase thanks to Nevada’s minimum wage law, which capped out at $12 an hour in July 2024.
Unlike most states, Nevada does not have a low wage for tipped employees. The minimum wage is $12 an hour for all employees, regardless of tipped status.
This makes restaurant prices 10 to 20 percent higher in Nevada than in states with tip wages.
How Much Money Should You Bring for a 3-Day Trip to Vegas?
Many factors go into the cost of visiting Sin City. Hotels are available for every budget. It is easy to visit Las Vegas most weekdays for under $100 per night. On weekends, this can go up to about $150.
On the other hand, guests who want a luxury experience will pay $300 or $400 per night during the week and $500 or more on weekends.
The gambling budget depends on the level of the player. Only bring what you can afford to lose.
Off-strip and downtown casinos have low-limit games. Most Golden Nugget tables start at $5, and some local casinos offer the same value. Those types of players can get by on $100 or $200 per day, but players looking for a luxury experience should bring at least $1000.
A typical Las Vegas visit is three nights. This is how much you should spend during that type of stay.
The first hotel number is for weekdays. The second is for weekends.
| Low Budget | Mid Budget | Luxury | |
|---|---|---|---|
| Accommodation | $250/$400 | $300/$500 | $900/$1600 |
| Food | $75 per person | $125 per person | $300 per person |
| Gambling | $400 | $900 | $3000 |
| Transportation | $100 | $100 | $400 |
| Additional Expenses | $50 | $100 | $200 |
| Total | $875/$1025 | $1525/$1725 | $4500/$5200 |
Vegas Hotel Rates Vs. Major Tourist Spots
While Las Vegas may seem expensive, it is still not on the same level as other major tourism spots. Hotel rates start under $100 including resort fees during the week at some casinos. While these are not the best hotels, most are clean and in good repair.
For example, Harrah’s on the Las Vegas Strip has a $23 or $30 rate for most December weekdays. That equals less than $100 with taxes and the resort fee. Other Caesars hotels are in the same range.
The same can be said of the lower-end MGM properties and several downtown ones.
High-end hotels start around $300 to $400 per night on weekdays, which is half the price of a comparable room in a major tourist area other than Las Vegas.
As I covered above, weekends get more expensive. That Harrah’s room mentioned above goes for around $200 most weekends. The five-star resorts get $500 to $1000.
Some weekends are more expensive than others. A little planning can help visitors miss those peak occupancy nights.
These values are impossible to find near the center of other tourist destinations in other markets. Hotel rooms, even on the bottom end, are well over $100 near major tourist attractions and can get over $1000 during major events.
The reason Las Vegas hotels can charge so little is the spending done on the property. When a hotel near Disneyworld, Disneyland, or Central Park in New York City, sees its guests walk out the doors in the morning, they are gone for most or all the day.
Las Vegas casinos do not have that problem. Guests tend to stay on or near the property. They often gamble, eat, and drink at or near their hotel. While gaming is no longer a majority of Las Vegas resort revenue, it is still a plurality.
Tip: Stay Close to the Strip Instead
Downtown is not for everyone. The Las Vegas Strip can be too expensive for some. There is a compromise. Many decent hotels are just off the Strip.
These include South Point, Tuscany, Virgin, Westgate, The Orleans, Palace Station, Rio, Palms, and Gold Coast. The resort fees are lower at these properties than on the Strip. So are the base rates.
These hotel casinos come with a bonus. Food is generally cheaper at these casinos. Several have food courts with fast food chains and local favorites with normal pricing.
This can also add to the savings. If you enjoy pools, the rates for cabanas and chairs are much lower than on the Las Vegas Strip.
Entertainment is often free or cheap at off-Strip hotels.
Gambling Budget
The amount of money to bring depends on the player. Table game limits are sometimes double what they were five years ago. For example, players will not find table games under $25 at Aria.
At night, about half of the Strip starts at $25, even for games that require raises, like Three Card Poker and Ultimate Texas Hold’em.
Players hoping to give action to luxury casinos should budget $1000 per day.
Some Strip casinos have $5 and $10 minimum bets for these games, but blackjack starts at $15. That requires a $500 per day bankroll, which means players should bring $1500 to $300 for three days of table game action.
Quarter video poker is the lowest left at most Strip casinos. A player can get by with $200 or $300 per day at this limit. Double that for $0.50 video poker and double it again for $1.
Video poker players need at least $600 for a three-day Las Vegas vacation to avoid going bust.
Transportation
Las Vegas is a cheap place to rent cars most days. Exceptions are during major conventions and the busiest weekends, like if there is a big UFC match.
Weekdays start around $30 a day for compact cars and go up to $35 or $40 for mid-sized ones. Rental cars are about $20 a day more expensive on weekends. Special events can cause the price to double.
Most Las Vegas Strip casinos charge for parking, which is another $20 or so a day that guests should budget when renting a car.
Casino Royale, Circus Circus, Treasure Island, and Sahara are the last Las Vegas Strip casinos with free parking. Hotel guests park for free downtown. All off-strip casinos have free parking.
If you do not rent a car, taxis and rideshare are the best solutions. It will cost about $25 to $30 to take a taxi from the airport to the Strip. Downtown is in the $40 to $50 range.
Rideshares are about 30% cheaper. However, surge pricing can affect that. Another consideration is that the rideshare pickup area is a long walk from baggage claim. The rideshare setup is also unorganized.
The Deuce is another option. It is the bus system on the Strip and downtown. It costs $4 per trip, $8 for a 24-hour pass, and $20 for a three-day pass.
It is by far the cheapest way to get around Las Vegas tourist areas.
Las Vegas Still Offers Value Compared to Other Destinations
There is no place like Las Vegas. While it is more expensive than it was five years ago, it is still a relative bargain compared to other major tourist destinations.
Those who dislike gambling can save that portion of the budget and go to shows or enjoy the parks and desert outside the Las Vegas Valley.
High limit players will find the best gambling for that level on the Las Vegas Strip. Smaller players will find great games for their bankroll downtown and in the locals market.
After breaking down the real costs, we can conclude that with a solid budget, you can enjoy Vegas without the stress of overspending.
FAQ
Here are the most common questions about Las Vegas trip costs.
What are the most expensive hotels in Las Vegas?
The most expensive Las Vegas hotels are Aria, Cosmopolitan, Fontainebleau, Resorts World, Venetian, and Wynn.
What is the most expensive casino in Las Vegas?
Wynn is the most expensive Las Vegas casino. Its table games often start at $25 during the day and can run up to $100 at night. Most of its slots are in higher denominations.
What is the most expensive restaurant in Las Vegas?
STK Steak at Cosmopolitan is often considered the most expensive Las Vegas restaurant.
Why is car insurance so expensive in Las Vegas?
Las Vegas has some of the highest car insurance rates. The number of DUIs is one of the largest factors. The number of tourists and new residents making last-second decisions also causes many accidents.
Why is Las Vegas so expensive in October?
October is convention season. It is also the first full month of cooler weather after the hot summer.
How much money goes through Vegas in a day?
Las Vegas casinos win more than $1 billion combined each month. This means the casinos cumulatively win over $30 million per day before accounting for food, hotel, and other sales.
