An irreverent look at Wall Street
Citi Las Vegas Room Rate Survey Industry Overview October is Golden Month in VegasRoom Rates Suggest Big Oct Growth — According to our October room rate survey, rate growth is notably strong in October. Midweek rates grew 21% YoY for bookings three weeks in advance, and grew 30% YoY for bookings on the same day. Weekend rates also showed encouraging growth, up 6% for bookings three weeks prior and +20% for bookings the week of. We believe such growth indicates George Choi increased demand as well as strong occupancy levels. Accordingly, we anticipateOctober being a big month in Sin City.Golden Week in Vegas — Golden Week is one of the main national holidays in China. In Macau during Oct 1-7, mainland Chinese accounted for 480k visitors, or 70% of the total. Chinese visitation grew 13% YoY. As opposed to previous years, Golden Week began on a weekend, making international trips to LV more likely. This phenomenon may help explain the growth represented in our findings, as well as point to higher gaming revenue due to increased baccarat play.Convention Growth up 52% in October — Our convention calendar reports YoY convention attendance growth +52% in October. However, the 2009 comp is the lowest on record since Dec ‘08. Nevertheless, 50k more visitors in Las Vegas relative to the same month last year should have a positive impact on revenue. Unlike October, our calendar predicts YoY November growth down 9%. MGM Showing Some Improvement — MGM, which has typically lagged the other resort companies in LV room rate growth, is showing signs of improvement. Flat YoY weekend rates booked in advance improved to 27% YoY growth as the stay date approached. Midweek rates were also up 12% and 7% YoY on bookings three weeks prior and the same day. However, with the opening of 2,000 rooms at the Cosmopolitan on December 14, we anticipate room rate pressure returning.
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