Likely wanting to ensure parking for its new 20,000-seat T Mobile Arena in Las Vegas, MGM Resorts International announced it will become the first operator on the Las Vegas Strip to charge for parking at its casinos.
MGM is the single-largest owner of casino properties on the Las Vegas Strip and owns the Bellagio, MGM Grand, Mandalay Bay, Mirage, Luxor, Excalibur, New York-New York, Monte Carlo, Aria, and Circus Circus casinos on the Las Vegas Strip.
Starting in April, MGM said it will start charging for parking at all but the Circus Circus casino and the Mandalay Place and Crystals shopping centers, where parking will remain free. MGM did not say how much its parking fees will cost, but it did say valet parking will cost more than self-parking.
The April deadline for parking fees coincides with the opening of T-Mobile Arena, which seats up to 20,000 and sparked concern over where people will park for large events.
The arena is situated on the west side of the Las Vegas Strip, between MGM’s New York-New York and Monte Carlo properties, which have parking structures, but not enough spots for 20,000.
While many of event-goers likely will stay at nearby hotels, many locals and tourists will drive, and that means parking and traffic congestion on event nights.
Some competing properties, such as the Cosmopolitan, and Caesars Entertainment announced parking will remain free at their properties.
Tourists generally scowled at the notion of paying for parking, but many say it won’t affect their decisions on where to stay when visiting Las Vegas. For those who use cabs while in Las Vegas, the parking fee is a moot point, while some say the cost to park greatly outweighs the cost to take a cab on the Strip.
Reaction from locals have been generally negative. Some swear they won’t patronize an MGM casino again, but others say it’s a small price to pay for top-flight sports and entertainment.
Fitch Ratings Gaming Analyst Alex Bumazhny suggests the move is a smart one, as gambling no longer is the driving force behind profits at the Strip’s mega resorts, which now make more money off food, beverage, and retail operations than they do gaming.
Clark County officials also generally voiced support for the parking fees, saying the cost of land on the Las Vegas Strip is very high, and so is the cost to build and maintain parking structures.
For Las Vegas locals, many say they either will visit other properties, or simply park elsewhere nearby and walk.
