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Hotel prices soar for 2020 NFL Draft in Las Vegas

Posted at 11:47 PM, May 10, 2019
and last updated 2019-05-11 03:07:52-04

LAS VEGAS (KTNV) — Las Vegas' transformation into a professional sports town will be almost complete when the city hosts the NFL Draft next year April 23 - 25.

We all know our city is a year-round tourist draw for a lot of reasons but 13 Action News financial analyst Steve Budin said it could also bring a different kind of visitor - the type of visitor our Strip hotels hope to keep coming back.

"An event like the NFL draft might attract a Las Vegas guest that might not normally come here," Budin said. "They might not be a gambler, but they are a sports fan. It will give them exposure to the sportsbooks. It will give them the exposure to the other things that Las Vegas has to offer."

Even though it's still nearly a year out, 13 Action News found a massive spike in hotel prices for the days the draft is being held.

Two strip hotels, the Flamingo and the Excalibur, are nearly three times more expensive according to rates advertised on Expedia - up from $94 a night to $299 at the Flamingo and from $88 to $279 at the Excalibur.

The Rio, which is off the Strip, has also raised prices during those days going from $93 to $289 and the Circus Circus jumps from $89 to $232.

Budin said this is not surprising as its simple supply and demand.

"The week before the NFL Draft might not carry with it a lot of tourists so room rates will be cheaper," he said. "But during the NFL Draft when we expect a large influx of guests, the room rates will certainly go up, and the casinos will charge as much as they can in any free market."