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Las Vegas Strip Room Rates Rising2 May 2002LAS VEGAS – As reported by the Las Vegas Review-Journal: “Room rates on the Strip are showing increased strength for Memorial Day weekend and the preceding weekday period, a Wall Street analyst reported Tuesday. ”Weekday rates for advance reservations for the week ending May 25 increased 3 percent from a year ago to $116, while weekend room rates surged 21.8 percent to $231. ”Jason Ader, gaming and lodging analyst for Bear, Stearns & Co., attributed the strength in weekend room rates to the three-day Memorial Day weekend, as well as several special events such as Britney Spears in concert. ”Weekday rates at Park Place Entertainment hotels increased 32.5 percent and weekend rates jumped nearly 72 percent. ”…Meanwhile, at MGM Mirage properties, weekday rates fell 1.6 percent, while weekend rates climbed 22.5 percent. ”…`The trend for the first three months has been improvement in RevPAR (revenue per average room),’ said Glenn Schaeffer, president and chief financial officer of Mandalay Resort Group, `but we're not all the way there yet.’ ”…Convention attendance on the Strip for the week surveyed is expected to be brisk, up 42 percent from a year ago to 72,753 as the International Council of Shopping Centers (30,000), Waste Expo (15,000) and International Stamp and Coin Collectors (10,000) are in town. ”…For the entire month of May, rates are down 5.5 percent for the weekends to $211 and down 13 percent during the weekdays to $123. That's not bad considering they declined 35 percent and more in September. ”Several gaming companies reported solid booking levels and good visibility into the summer months, with rates down only in the low single digits, Ader said…” |