Las Vegas Strip hotel room prices declined during the third quarter of 2026, with late-summer declines erasing the initial gains made in July, according to Truist Securities’ 13-week rate survey.

However, a preliminary look at October reveals a strong rebound in all price categories, indicating a potential return of market momentum.

Analyst Barry Jonas described the third quarter of 2026 as “choppy,” stating that the performance aligns with expectations of a gradual recovery. Despite volatility in August and September, Jonas remains positive about the long-term prospects of the Las Vegas Strip.

Prices Slipped in Q3

During Q3, the average room rate on the Strip fell by 7% year-over-year. MGM Resorts experienced a 10% decrease, Caesars Entertainment dropped by 11%, and Wynn Resorts was the only operator to see a positive increase of 4%.

Weekday pricing was the main factor in the decline, with the average weekday rate on the Strip down by 9% (MGM at -18%, Caesars at -19%, and Wynn at +9%).

July was the strongest month of the quarter, with the overall Strip average up by 7% (MGM at +4%, Caesars at +1%, and Wynn at +13%). However, August saw a sharp reversal with rates trending lower, resulting in a 14% decline in the Strip average (MGM at -16%, Caesars at -18%, and Wynn flat).

September showed slight improvement from August but remained negative, with the Strip average down by 10% (MGM at -13%, Caesars at -14%, and Wynn at +4%). Weekend rates were higher, but weekday rates continued to be soft.

Encouraging Signs for October

October indicates a potential market rebound, with the Strip average up by 10% (MGM at +13%, Caesars at +27%, and Wynn at +14%). The data for October may see volatility week-over-week, but early indications are positive.

Price tiers also reflected a recovery pattern, with low-end rates up by 4%, high-end rates up by 10%, and middle-tier rates jumping by 17% in October. The favorable NFL schedule with three Raiders home games contributed to the increase.

Locals rates remained steady but cooled, with a sustained rate deceleration since April, resulting in an 8% decrease in October year-over-year.

Truist’s survey tracks forward-looking leisure rates across 20 Strip casinos and excludes resort fees, which may overstate the true percentage of rate drops. Regardless, the data indicates a clear link to revenue per available room (RevPAR) and shows the Strip slowly regaining its momentum.