(Bloomberg) – Las Vegas hotel prices have dropped an average of $150 a night for this weekend as many boxing fans realize they won’t get a chance to be a part of the long-awaited bout between Floyd Mayweather and Manny Pacquiao.
The cheapest tickets to the fight are going for almost $3,400 and alternate viewing options are limited, as the MGM Resorts holds exclusive pay-per-view rights. The fight is scheduled for May 2 at the MGM Grand Garden Arena and viewing parties will be held only at the 13 MGM Resorts properties in Las Vegas.
Other Vegas casinos, hotels and sportsbooks can’t show the fight — only private residences — and the estimated 35,000 to 50,000 viewing party tickets priced at $150 sold out last week in 90 minutes. The average secondary-market price for tickets to the fight itself is about $6,300 on StubHub.
“People are realizing that they’re not going to be able to get ahold of a viewing party ticket and they’re not going to be able to get a ticket to the fight, so why go to Vegas?,” Vegas.com business development manager Vanessa Doleshal said in a telephone interview.