Las Vegas Sun

November 29, 2009

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Rates still down, but signs of strength emerge

Thursday, Oct. 11, 2001 | 9:20 a.m.

Las Vegas weekend hotel room rates are running 20 percent below last year's levels for the first weekend of November, says a survey released Wednesday by Bear Stearns.

The survey reported an average room rate of $171 per night for the weekend of Nov. 3, down 20 percent from the year-ago weekend. Rates for the week of Oct. 29 averaged $122, down 32 percent.

Still, there are some signs of stabilizing. On Oct. 4 and Oct. 8, analysts checked rates for a four-week period ending Nov. 3; this survey found that the average midweek room rate rose 25 percent over this period. However, weekend room rates declined 6.2 percent.

"While rates have come off their lows from early October, we expect operators will have little sustainable room pricing leverage over the near future and we would expect to see continued volatility," wrote Bear Stearns gaming analyst Jason Ader.

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