Downtown revitalization?

I think its a great thing for downtown that they are restoring old buildings and adding new hotels and bars. I love that my favorite part of Vegas is getting some much needed TLC.

I love downtown for the value and atmosphere it provides compared to the strip. I am curious about one thing though, do you think all this money being pumped into downtown will cause prices to go up?(Food, beverage or rooms)

 

Magic Eight Ball says ...maybe:evillaugh

 

Well, yes I do. Somebody has to pay for the TLC.

 

I think in some ways it already has. The prices at Golden Gate, for example, are much higher than they were pre-renovation. They usually were the absolute cheapest rooms on Fremont, but now they're just below Carson Rooms at Golden Nugget whenever I've checked. On the flip side, Plaza rates have plummeted since their renovation, but the reason for that is entirely different.

 

I rely on the low prices to make it to Vegas every 3-6 months. I may have to start going less often if the prices go up too much. I stay with Boyd most often, as long as they don't jack the prices up I'll be alright lol.

 

It will increase prices slightly but there is a built in cap to it and that is the golden nugget.

No place downtown cant outprice them because they simply dont have the quality to keep up with them.

As long as the gn is there, prices will be cheaper downtown.

We might not see $18 per night anymore but $34 per night but still a great deal.

Once the price starts creeping up to the gn prices then people will just stay there.

Once gn prices creep up to bellagio prices people will stay there instead.

 

Yes, some prices are creeping up and some deals are going away. Overall, downtown is still a better bargain than before. The cost is slightly higher, but there is a value to the room renovations, casino renovations, new sights, entertainment and restaurants.

 

We can toss the removal of the Fremont Street coupons into the mix of lowered values, along with the Gold Spike raising their prime rib from $4.99 to $6.99 and Golden Gate doubling the cost of the shrimp cocktail. But that could just be inflation, and the California prime rib special is still outstanding value, as are the buffets and shows.

Not offering an opinion, just examples of yay and ney....

 

yum! that prime rib special at the cal makes me hungry thinking about it!

going to vegas april 7 and solo for the first time so may have to eat at the counter this time but it is still a must.

 

I've eaten solo at the counter many times, and it has been a pleasant experience each time. Pleasant co-diners, immediate seating and fast service. Always been pleasant staffers as well.

 

The start of year five of the depression/great recession ushered in the largest monthly decline in American workers after tax income (Jan 2013) since monthly records have been kept (1959). The 2% universal employee tax increase is hurting retailers and many other businesses. It sure won't help downtown casinos.

Pulling rooms off market (Binion's year round, Las Vegas Club on weekdays), helped downtown achieve a 83% occupancy rate (2012 Gaming Abstract) with an average room rate of $55.

The Strip has finally absorbed City Center rooms (90% occupancy 2012 Gaming Abstract) so eventually downtown casinos will have better pricing power as people seek alternatives to higher priced mid-low end strip rooms.

Golden Nugget is still the ceiling, and they haven't been able to bump their Carson Room rates on a regular basis. If Downtown Grand ever opens, it will create even more downward price pressure.

I'm glad the rooms (The D, Gold Spike, Cabana Suites, GG, Plaza) have been upgraded. Based on the economy, I don't see significant price increases downtown, at least for most / all of 2013 and possibly beyond. Look for $30-$50 weekday and double ($60-$100) weekend rates to continue.

 

In my opinion, there are still too many rooms in Vegas and not enough people. Until the economy picks up, I don't think you'll see prices go up too much anywhere.