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LVCVA : Room Rates Down In February

By Chuckmonster on Tuesday, 15th April 2008 6:33pm
  » filed under Las Vegas  comments: 0


Looks like the Vegas room rate bubble has burst, again no surprise here. The Las Vegas Convention and Visitors Association reports that room rates in February went down but there was an overall increase in the number of visitors. The LVCVA attributes the increase in visitor numbers to 2008 being a leap year.

What they failed to mention - or possibly didn't take into account - was Macau's cannibalization of Chinese New Year related visits. Each passing year, Vegas casinos seem to be rolling out ever grander red carpets to welcome high rolling Chinese baccarat players to their properties. This year, a large percentage of gamblers decided to head to Macau instead of Vegas, justifiably so.

We've been due for a correction in rising room rates for quite a while, however its unfortunate that the decline in revenue has caused some casino companies to lay off workers during this economic downturn.

One has to wonder how the higher end resorts coming online in the next 18 months will be affected by the economy. And in turn, how the formerly high end resorts they are displacing will be affected as well. The former top tier may very well slip not one, but two rungs down in the resort pecking order.



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