Would it be cheaper to book ahead or wait for a last minute deal?

Question by Sarah: Would it be cheaper to book ahead or wait for a last minute deal?
In January/February I’m meeting up with a friend in Las Vegas for a few days. I’ve never been before and was wondering if the best deals for air fair and hotels are to be had by booking in advance or through last minute travel sites like Travel Zoo. Is the price difference significant or does it not even matter that much?

Best answer:

Answer by UK_2_USA
Most Vegas hotels allow you to cancel a reservation at no cost if you do so a day or so before you travel.

Find the best deal you can now, check out the cancellation policy and as long as you can cancel at no cost book it now. You can then watch how prices develop over time and book a different room nearer the time if the price drops (and also cancel your original one).

Know better? Leave your own answer in the comments!