Hyatt has bet big on developing hotels in China despite recent turmoil in the commercial real estate market. Hyatt executives acknowledged the risks Thursday, but explained reasons for optimism.
26.02.2024 - 23:23 / skift.com / Dawit Habtemariam / Bill Hornbuckle
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.
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.
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.”
Hyatt has bet big on developing hotels in China despite recent turmoil in the commercial real estate market. Hyatt executives acknowledged the risks Thursday, but explained reasons for optimism.
Bowlus, which has established itself as a leader in luxury recreational vehicles in less than a decade, has announced a new model called the Rivet.
Good morning from Skift. It’s Tuesday, February 27. Here’s what you need to know about the business of travel.
The hotel company that developed the retro-chic TWA Hotel at New York’s John F. Kennedy International Airport has bought London’s iconic BT Tower, one of London’s most conspicuous buildings, from British Telecoms Group for $347 million.
Hyatt postponed an investor conference call scheduled for Thursday. But investors shrugged off the delay and focused on preliminary financial results.
So you want to go to the Super Bowl this weekend. Even for non-football fans, this year’s spectacle of professional sports and over-the-top entertainment — in Las Vegas, no less — could be hard to resist.
This past weekend’s Super Bowl LVIII was a star-studded event which attracted guests from around the world with as many as 1000 private jets arriving in Las Vegas. From Beyoncé to Lady Gaga to Justin Bieber, everyone wanted to see the Chiefs play the 49ers, and, of course, witness Usher’s mesmerizing halftime performance. People planning to attend huge sports and social events like the Super Bowl via private plane can face a unique, high net-worth problem — no inventory left unless you’ve booked far in advance. That’s where Wheels Up’s new partnership with Delta offers its members an alternative; flying commercial in first class with additional exclusive perks. Alternatively, members who fly commercial most of the time may charter a private plane for short and medium range flights to smaller airports or for a special occasion. The partnership offers flexibility and ensures that members won’t have to miss out on popular sports and social events with several options to choose from.
The Super Bowl helped MGM Resorts post three of the top five days in revenue it has ever recorded at hotels on the Las Vegas Strip, executives said Tuesday.
This is how powerful Taylor Swift is. She has bumped the blown door on the Alaska Airlines flight right off the front pages of the newspapers and the lead story on the news TV stations as well.
With Super Bowl LVIII in the books, the countdown has started for travelers to book their trip to New Orleans for Super Bowl LIX in 2025.The Big Easy is one of the most prolific Super Bowl hosts ever as it will tie Miami with 11 games hosted next year. Meanwhile, the Caesars Superdome will host its record eighth Super Bowl on February 9, 2025.New Orleans last hosted the Big Game in 2013. According to New Orleans & Company, Super Bowl XLVII's showdown between the Baltimore Ravens and San Francisco 49ers brought an estimated $480 million in economic impact to the city, the state of Louisiana and surrounding areas. In 2025, the city anticipates that number to be well over $500 million.The influx of visitors for the championship matchup is expected to provide a jolt to small businesses across the city and region, benefitting hotels, restaurants, cultural attractions, bars, venues, shops and transportation providers, among other businesses.Airlines are already gearing up for next year's Super Bowl, with United Airlines running a special Big Game marketing campaign encouraging travelers to book their flight to New Orleans right away to take advantage of its popular no-change fee policy.
Last week, we revealed our 2024 Forbes Travel Guide Star Awards. Click here to see the list of winners.
While each Super Bowl is unique, some things never change. And in this case, it means that the Kansas City Chiefs are again Super Bowl champions and quarterback Patrick Mahomes is again going to Disneyland.