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Hotel Room Rates Rise on the Las Vegas Strip5 July 1999Rates for hotel rooms on the Las Vegas Strip have risen sharply, according to a survey by analyst Jason Ader of Bear, Stearns & Co. In his June 30 report, Ader said that weekend rates for the major Strip properties are up 33.4 percent year-to-date, while weekday rates are up 30.6 percent. Some experts had expected prices to fall, because of the massive increase in the supply of rooms. Three huge resorts have opened since October - Bellagio, Mandalay Bay and The Venetian. For the three-week period ending July 24, Ader reported, advance bookings averaged $126 a night on weekends and $79 a night on weekdays. The figures are based on standard rooms, double occupancy for Free and Independent Travelers. That's an industry term that excludes rates for visitors on junkets, special packages or convention group rates. Rates in Las Vegas are often volatile, depending on what conventions are in town or if major entertainment events, such as a boxing match, are scheduled. Ader listed the following rates for the July 24 period:
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