Las Vegas Strip Completes Its Covid Comeback (Thank the NFL, BTS)
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The pandemic forced Las Vegas to close in 2020. The city was almost empty in 2021. In 2022, the Consumer Electronics Show attracted only 30,000 people. March Madness and the end of mask mandates have led to a Las Las Nevada revival. Caesars, MGM, and Wynn investors can celebrate some major catalysts that should drive business higher.
The NFL's draft will take over The Strip for three days to close out April. The draft, along with four shows from K-Pop sensation BTS and a major trade show, the National Association of Broadcasters show have seen April hotel room rates move four to five times higher than they were in 2021. It took a few more months than many expected, but Las Vegas, Caesars, MGM, and Wynn appear to be back.
The Las Vegas Strip is feeling more alive now. Hotel prices have risen from $100 per night in 2021 to over $400 per day during the BTS shows, NAB, and the NFL draft. Caesars and MGM are offering free rooms to frequent gamblers. They say in Las Nevada that the house never loses. The big casino operators know their business. They know that even "free" rooms come with a price as customers fill up restaurants, casinos, and pay hundreds for B TS, Adele, Sting, Zedd, etc.
