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Softening Trend Continues for Las Vegas Hotel Room Rates26 April 2001LAS VEGAS—April 26, 2001 –As reported by the Las Vegas Review-Journal: “Room rates for Strip hotels continued to show softness for the three-week advance reservation period ending May 19, according to a Wall Street investment firm that tracks the hospitality industry. ”…Weekday rates in Las Vegas declined 10.6 percent from a year ago to $154 a night, and weekend room rates were down 4.7 percent to $257, reported Bear Stearns & Co. Inc., a new report shows. ”He noted that Park Place Entertainment properties -- Caesars Palace, Paris Las Vegas, Bally's, Las Vegas Hilton and Flamingo -- posted an average increase in room rates during both the weekday (up 7 percent) and weekend (up 19.6 percent) periods, while other major operators experienced a decline in average room rates…” |