Iconic Vegas hotel chain admits it had 90,000 empty rooms during backlash over 'rip-off' prices
By James Cirrone
Daily Mail
Oct 29, 2025
Caesar's Entertainment admitted that 90,000 of its hotel rooms went unsold in the three months ending on September 30
One of Las Vegas's largest casino and resort operators said that 90,000 hotel rooms went unbooked across its eight strip properties throughout Sin City's summer tourism lull.
The admission came from Caesars Entertainment CEO Thomas Reeg on a Tuesday earnings call, though he did try to soften the blow by saying the company knew the summer would not be kind.
'We told you on the last call [three months earlier] that Vegas was going to be a soft summer. It was a soft summer,' he said.
He explained that the company's average daily rate - how much revenue a hotel earns per occupied room per night - was down 6 percent in the third quarter ending on September 30.
Furthermore, occupancy sagged to 92 percent, a big decline from last year's 97 percent, said Caesars President and COO Anthony Carano.
As bookings sagged, there were also signs that gamblers were able to get an edge over the house.
Reeg reluctantly told investors that 'hold' - industry jargon for how much the casino keeps after paying out winners - was down 6 percentage points in the third quarter.
'On a year-over-year basis, it impacted us a little over $30 million,' Reeg said. 'July was the worst month of the quarter.'
Pictured: The lobby of Caesar's Palace, the company's flagship property on the Las Vegas Strip
This is the latest sign that Americans, and even would-be international visitors , are increasingly abandoning Las Vegas because of how prohibitively expensive it has become
Overall, Caesars revenue in Las Vegas — which accounts for about a third of its business — dropped 9.8 percent from a year ago.
Shares in the company have dropped over 10 percent since market close on Tuesday and are down nearly 40 percent since the start of 2025.
This is the latest sign that Americans, and even would-be international visitors, are increasingly abandoning Las Vegas because of how prohibitively expensive it has become.
Many casino operators have sought to stop the damage by offering one-time discounts to lure customers.
Caesars has a deal expiring December 31 where customers can spend $300 and get a two-night stay at Harrah's, The LINQ, the Flamingo, the Horseshoe or Planet Hollywood with all taxes and resort fees included.
On top of that, they will get a $200 food and beverage credit that can be used at any Caesar's property in the city.
Still, tourist traps remain. One was uncovered by the Daily Mail over the summer at Caesar's Palace, the company's most iconic property on Las Vegas Boulevard.
The Bacchanal Buffet, which sits on the casino floor directly across the pools, charges $90 for 90 minutes of unlimited food, the most expensive in Las Vegas.
The Bacchanal Buffet at Caesar's Palace is Las Vegas's most expensive buffet - but a Daily Mail reporter says the quality of the food on offer will do little to repair Las Vegas's worsening rip-off reputation
Natalie Nguyễn (left) said the buffet's lobsters were poor and the tacos were 'meh'. Her friend David Hoang (right) said the hamburgers tasted 'weird'
Pictured: This billboard outside the Circus Circus casino in 1990 advertised a $2.69 buffet brunch and a $3.89 buffet dinner
Daily Mail reporter Ruth Bashinsky said the buffet hall was crowded and chaotic, while adding that the quality of the food was sorely lacking.
Natalie Nguyễn, 21, and David Hoang, 22, were visiting Las Vegas from Houston and told the Daily Mail they agreed the food was disappointing.
‘It was like you have lobster but it is not good lobster,’ Nguyen said. ‘The tacos - same thing. They had all these tacos but it was meh. I liked the snow crabs but it got tiring very quickly.’
For Hoang, the hamburger sliders were a big disappointment.
‘Honestly, they tasted weird. I would not eat them again if I come back. The texture was a little off. It had a weird bitter taste to it. It wasn’t for my palate.’
Buffets used to be a cheap way to get some calories in Las Vegas. In 1990, Circus Circus had a dinner buffet for $3.89 per person.
That same buffet should cost $9.92 today if it were tied strictly to inflation. Instead, it costs $25 per person.
1 comment:
We visit at least 3 times a year. We left MGM Bellagio when receiving an invitation to try The Venetian. Plus I attend the Shot Show which is located in their convention center. The steep prices for meals doesn't bother us because I wouldn't gamble without ground transportation, suite, meals, shows and drinks being comped. My Host takes care of all the details and knows that she will be tipped off the books. I like to gamble and in the long run the odds are with the house, but Vegas can still be enjoyed.
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