LAS VEGAS (KLAS) — Hotel prices continued to drop in July, but remained slightly higher than last year at an average of $163.14 per night, according to the Las Vegas Convention and Visitor’s Authority (LVCVA).

Prices typically drop during the hottest summer months, rebounding in September. With Formula One on the horizon, hotel rates will go through the roof in November.

On the Strip, average rates were $173.49; downtown prices averaged $91.29. The rates reported by LVCVA do not include resort fees.

Visitor volume increased 1.0% to 3.5 million. So far this year, visitors are up 8.1% over the same period last year.

(Las Vegas Convention and Visitor’s Authority)

Overall, LVCVA’s monthly report shows steady improvement compared to July 2022, with hotel occupancy (85.2%) and revenue per available room (RevPAR) slightly above last year’s levels. Weekend occupancy hit 92.6%, with midweek occupancy at 82.2%.

Convention attendance lagged in July, down 16.8% compared to last July. But it’s still outpacing convention figures from 2022 by just over 25% — almost 3.5 million people have attended Las Vegas conventions so far this year.

Traffic on Interstate 15 from California is down 5.4%.

The Nevada Gaming Control Board reported Wednesday that casinos posted an all-time record gaming win in July, taking $1.4 billion from gamblers. The Strip had its highest win ever at $834.9 million.