Vegas Hotels Cash In on Higher Room Rates
LAS VEGAS--Tourism continues to rebound here, and with it, the price of a hotel room.
Advance room rates for the week ending March 16 were higher than a year ago--the first year-over-year increase in weekday and weekend periods since before the Sept. 11 terrorist attacks, Wall Street lodging analyst Jason Ader reported.
The increase may be the result of an influx of gamblers betting on the NCAA basketball finals, spring break for students and a 13% increase in convention business from the same period last year, said Ader of Bear, Stearns & Co.
He said the projected room rates represent the second consecutive week that the Bellagio has charged full price--$199 for weeknights, $399 for the weekend, reflecting an 83% increase from the post-Sept. 11 midweek low of $109, which occurred Nov. 24, and a 151% increase from weekend low of $159, charged Oct. 20.
“We expect that these higher rates ... should allow other properties, which view Bellagio as a benchmark, to continue to bump up their rates,” he added.
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