(Travis Hoium, The Motley Fool) – No one knows how to squeeze every penny out of customers quite like casinos. And the latest place they’re looking to get a little extra is in the parking lot.
MGM Resorts was the first to bring parking fees to The Strip last year, and when they did, it was obvious this was just a first step. Caesars Entertainment (NASDAQ:CZR) and others would follow and eventually everyone would raise prices from their initial fees. On Wednesday, parking fees went up at MGM, just the latest way the company is looking to grow revenue off the casino floor.
Parking just got a lot more expensive
MGM is adding tiers to parking pricing, increasing fees at MGM Grand, Mandalay Bay, The Mirage, Delano, and New York, New York to $10 for two to four hours and $12 for four to 24 hours, an increase of $3 and $2, respectively. At Bellagio, Aria, and Vdara valet parking was increased from $18 per day to $25. You can see the full schedule here, but in general, prices are up 20%-40% for stays over an hour (which are still free).