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MGM Resorts Vegas Strip Parking Costs Increase
Vegas has changed immensely over the past several years. Back in “the day” Vegas was a cheap destination on the surface. You could get a cheap hotel, eat cheap food and even see awesome shows without spending a fortune. Of course the entire city was designed to get you to drop your money in the casino. Not a bargain at all.
Back in the late 90s the city began to change. Hotels and restaurants got fancier and their prices went up. No longer were these loss leaders, but full revenue businesses that were expected to make money. Then the Great Recession hit in 2008 and hotel rates and occupancy plummeted.
As things began to recover, companies tried to find ways to boost revenues, thus the resort fee was born. (It existed elsewhere but not in Vegas.) At first resort fees were nominal and you could even get them waived with a fight. Over time though they skyrocketed and avoiding them became much more difficult. Some nights the resort fee is higher than the room rate!
Paid Parking Follows Resort Fees
Last year when MGM Resorts decided to implement paid parking, I argued the same would happen. It turns out I was right. Less than a year after implementing their paid parking scheme, MGM has now announced prices will be going up according to the Review Journal. In some cases the increases are 39%.
“We are adjusting the parking rates for a variety of business-related reasons,” said MGM spokeswoman Yvette Monet. “These adjustments are based on market analyses we have conducted since we implemented the program.”
MGM Resorts Vegas Strip Parking Costs Old & New
As a reminder, here are the current rates to park at their properties (through April 11, 2017):
And here is what you can expect to pay come April 12, 2017:
- Aria, Bellagio and Vdara: $20 for up to four hours and $25 for four to 24 hours
- Mandalay Bay, Delano, MGM Grand, New York-New York, The Mirage and Excalibur: $15 for up to four hours and $20 for four to 24 hours
- Excalibur, Circus Circus, Luxor and Monte Carlo: $10 for up to four hours and $15 for four to 24 hours
There is no charge to park for 60 minutes or less at any property.
- Aria, Bellagio and Vdara: $7 for one to two hours, $12 for two to four hours and $15 for four to 24 hours
- Mandalay Bay, Delano, MGM Grand, New York-New York, The Mirage, Excalibur: $7 for one to two hours, $10 for two to four hours and $12 for four to 24 hours
- Excalibur, Luxor, Monte Carlo: $5 for one to two hours, $8 for two to four hours and $10 for four to 24 hours
- Circus Circus: No charge.
As you can see they have increased rates pretty much across the board and implemented a new 2-4 hours tier that didn’t exist before.
Caesars Entertainment Parking Charges Begin
These increases come at a time when Caesars Entertainment is rolling out parking charges at their properties. This past week The Linq was the first property to begin charging and others will follow quickly. You can find the Caesars Entertainment parking charges here.
With the economy doing well and Vegas occupancy at very high rates, I expect we will continue to see increases in both resort fees and parking charges until the market fights back. With both MGM and Caesar’s now charging for parking at their casinos, the majority of the Strip now charges to park. This will increase pressure on the parking facilities of the smaller hotels and just like with resort fees, free parking will fall one property at a time.
What are your thoughts? When will it be enough?!?
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