LAS VEGAS (KTNV) – Practice laps for the Formula 1 Grand Prix of Las Vegas begin Thursday, and this year there is a noticeable change in the air for locals and visitors alike.

Not only are accommodations a lot cheaper this time around, but hospitality workers tell Channel 13 that traffic hasn’t been that bad either.

How much does it cost to experience all this?

According to new data from Vegas Insider, the average cost of a three-night stay in Las Vegas is about 40% lower this year than last year. Visitors can now expect to pay about $1,372 for three nights, compared to $2,314 in 2023.

Even more impressive, Airbnb prices have fallen by a whopping 73%, with the average cost now just $533, compared to almost $2,000 last year.

“A lot of it is due to lower demand this year,” said Ben Mendelowitz, a data expert at Vegas Insider. “I would definitely say that real estate will probably have a lower return on investment this year than last year. I mean, it just shows up in the data, the fact that they’re cutting prices so dramatically.”

Impact on the local population

While the majority of locals may not stay on the Strip, thousands of them do work there and say traffic is running a lot smoother this year.

Channel 13 caught up with Denys Herrera, an employee of the Las Vegas Strip. He told us after last year’s chaotic debut, when the city was bustling with tourists and workers were stretched thin, this year felt more organized.

“I have to leave about an hour earlier, but I am better prepared this year than last year. Last year it was even crazier. We didn’t know what to expect or what impact this would have on the community,” Herrera said.