Thursday, July 1, 2010 | 6:15 p.m.
Room rates are spiking at MGM Resorts properties on the Strip for Nov. 13, when the boxing match between Manny Pacquiao and Floyd Mayweather Jr. could happen at the MGM Grand Garden Arena.
As of Thursday afternoon, less than one day after word spread of the mega-fight inching closer to reality, a basic room at the MGM Grand for Nov. 13 skyrocketed to $260. It's $180 on both Nov. 6 and 20, the Saturdays before and after the proposed date.
The hotel has a 4,300 room capacity, and once full, would refer customers to the group's other properties on the Strip — such as Monte Carlo, Luxor and Mandalay Bay. The MGM also has another 2,500 rooms in its signature tower, which has the more high-end and expensive suites.
Rooms at Mandalay Bay are $229 on Nov. 13 and $129 the following Saturday. At the Luxor, rooms rates start at $160 for Nov. 13 and $105 for Nov. 20.
Increases in room rates for specific weekends months in advance are not uncommon, MGM Resorts Vice President of Public Affairs Gordon Absher said. Variables that boost room rates vary from hot concerts like Lady Gaga to popular annual events like the National Finals Rodeo.
But Absher also said the announced Nov. 13 date for the Pacquiao-Mayweather bout has led MGM Resorts officials to adjust room rates to meet a potential demand for a huge influx of fight fans on that weekend. This is true even without a signed contract to bring what doubtless will be an extraordinarily lucrative fight to the Grand Garden Arena.
"This is similar to airline rates rising and falling according to market conditions," Absher said. "Were there to be a major sporting event on any given date, people will most likely pay more for a room. In effect, we're protecting room rates on that date. We're protecting inventory."
Absher said MGM officials who set room rates were well-aware of recent coverage that the fight is likely to be held Nov. 13 in Las Vegas. But if it is held elsewhere, the rates will adjust accordingly.
"These variables influencing room rates change day-to-day, even hour-to-hour," Absher said.
Room rates at Gaylord Texan in Grapevine, Tex., which was the host hotel for Pacquiao's March 13 fight with Joshua Clottey at Cowboys Stadium in Dallas, are not any higher than a typical weekend. The base rate is $199 for Nov. 13, $199 for Nov. 20.
Pacquiao promoter Bob Arum of Top Rank said Wednesday that several negotiation hurdles that previously prevented the fight from happening have been cleared.
The two sides couldn't agree on drug-testing methods in the spring, with Mayweather agreeing to take the fight only if Pacquiao agreed to be tested through blood sample.
So, Pacquiao fought Clottey and Mayweather took on Shane Mosley on May 1 at the MGM Grand. Both were victorious.
Mayweather, whose Golden Boy Promotions has a policy against commenting on fight negotiations, said after the Mosley fight that he didn't want to fight again in 2010. He would have to ditch that stance for the mega-fight to occur in the fall.
MGM Grand, a AAA Four Diamond resort, offers 5,044 rooms and suites.
MGM Grand features KÀ by Cirque du Soleil; Brad Garrett’s Comedy Club; and world-class entertainment at the Grand Garden Arena and Hollywood Theatre.
The resort offers signature restaurants by celebrity chefs including Tom Colicchio’s Craftsteak, Emeril Lagasse’s New Orleans Fish House, Wolfgang Puck’s Bar & Grill and Michelin three star and Forbes Five Star restaurant, Joël Robuchon.
As part of its ongoing “Grand Renovation,” MGM Grand has remodeled all rooms and suites in its main tower and is adding several new experiences to its lineup including Hakkasan Las Vegas Restaurant and Nightclub, a new upscale dining/nightlife concept (coming in April 2013).
MGM Grand also features a state-of-the-art, non-smoking conference center, the Grand Spa, Cristophe Salon, "CSI: The Experience" and an inviting pool complex featuring the tantalizing daylife of Wet Republic.
Upscale accommodations include The Mansion, an exclusive hotel within the hotel; the luxurious two-story SKYLOFTS at MGM Grand; and The Signature at MGM Grand, a luxury all-suite, non-gaming hotel located adjacent to the main resort.