It doesn’t feel like that long ago when free parking was available all over the Strip. That’s because it wasn’t. Just two years ago, none of the major casinos in Las Vegas dared to charge for parking.
In 2016, MGM Resorts began charging for parking. Now, two years later, they are increasing the parking fees once again.
MGM Resorts announces second pricing hike
When MGM initially introduced paid parking, there were some allowances made. For a few months, locals could park at no charge with ID. Furthermore, brief visits incurred no cost, and a fixed fee of $7 was charged for visits lasting between 2 and 4 hours.
The implementation of the parking rates occurred in the spring of 2016. A year after, the company escalated the cost of parking. The price for four hours of parking ranged from $8 to $12. Concurrently, the daily rate for valet services increased to $21.
Last summer, locals expressed their anger over the price hikes, claiming they were too excessive.
The recent hike in prices is causing a greater uproar. Valet services for a day now range between $24 to $30. Self-parking for two hours now stands at $9. Below is a detailed structure of the new prices. The properties have been split into two groups:
Aria, Bellagio, and Vdara parking
- Self-parking is free for the first hour.
- Self-parking for 1-2 hours – $9
- Self-parking for 2-4 hours costs $15.
- Self-parking for 4 to 24 hours: $18
- Two-hour valet service – $21
- $24 for 2-4 hours of valet service
- $30 for 4-24 hours of valet service
Delano, MGM Grand, Mandalay Bay, The Mirage, Monte Carlo and New York-New York parking
- Self-parking is free for the first hour.
- Self-parking for 1-2 hours costs $9.
- Self-parking for 2-4 hours – $12
- Self-parking for 4 to 24 hours: $15
- $16 for up to two hours of valet service.
- $18 for 2-4 hours of valet service
- 24-hour valet service – $24
MGM Resorts hurt by Oct. 1 events
Business at MGM properties, similar to most Las Vegas casinos, declined following the Oct. 1 mass shooting. However, Mandalay Bay was impacted the most.
Even though the convention business remained stable, the property was significantly less occupied in the final weeks of 2017. This resulted in a reduction of employee hours.
The difficulty in attracting non-convention customers back to the property raises questions about whether these parking rates will further hurt business. Mandalay’s position as the southernmost property on the Strip is already a challenging sell. Now, there is an additional reason for customers to completely dismiss the place.
Will other casinos follow suit?
Since MGM switched to a pay-parking system two years ago, a number of other casinos have done the same, with Caesars properties and the Cosmopolitan being the most notable. Now, these venues are faced with the decision to either increase prices or keep their current rates to gain a competitive edge.
However, some exceptions remain. Venetian and Palazzo continue to offer free parking. Wynn and Encore resisted for some time, but started charging for parking last August.
The recent price increase could make the distinction of offering free parking even more prominent. The difference between parking for free at one casino and paying an additional $18/day on top of hotel room expenses quickly accumulates.
