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Room Rates Climb in Las Vegas | Gaming News

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Room Rates Climb in Las Vegas
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LAS VEGAS - You can see a turnaround on the Strip, from crowded sidewalks to dense traffic.

"It definitely has changed," said visitor Sherri Moncrieffe. "Nice shiny buildings, Louis Vuitton, Tom Ford, Tiffany & Co." More Las Vegas visitors are taking in the sights and sounds of the Strip compared with a year ago. "The scenery has improved, and the lifestyle is always crazy," said tourist Steve McCabe.

Visitor volume rose in June by almost 127,000 from last year. For months, recession-ravaged Las Vegas properties offered bargains to tourists who otherwise might be tightening their belts.

"We went with Expedia and got our room rate at the Excalibur for like $29 a night, so that's very good," said tourist Becky McCabe.

"It seems like there are more specials," said visitor Dan Grzywacz. "Rooms are cheaper, two-for-one specials, dinner specials."

The Las Vegas Convention and Visitors Authority says citywide occupancy this year has averaged 80%. That is much higher than the national average of 56%. "When you look at the average daily room rate increasing for four consecutive months, for the month of June an increase of six percent, it demonstrates that the market is starting to adjust to the new room inventory," said LVCVA Vice President of Public Affairs Vince Alberta. "We've added about 12,000 rooms over the last year and a half, two years."

Two thousand more hotel rooms are about to enter the Las Vegas market. The $4 billion Cosmopolitan is scheduled to open in December. A new report by Union Gaming Group says the resort's opening could drive down occupancy rates at other high-end resorts on the Strip. The resort could also bring down the city's average daily room rate.

LVCVA officials say the value of Las Vegas is better than almost any top destination. Tourists say if the price is right, they will be back.

Room rates in June averaged almost $90. Three years ago, room rates averaged $132. An opening night stay at the Cosmopolitan, meanwhile, will cost at least $300.

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