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Article Excerpt
Despite a combination of midprice property development and a continued influx of the mega casino and hotel complexes, room rates in Las Vegas increased sharply in 2006, commensurate with strong demand. However, even with occupancies extremely high, enough competition exists for corporate meetings and business transient travelers that buyers may find the city surprisingly negotiable.
At the end of 2006, there were 131,809 hotel rooms in Las Vegas, a number that is forecast to be 137,878 by the end of 2007 and 170,637 by 2010. These numbers will be bolstered in particular by the construction of two projects: CityCenter, with 6,343 rooms in 2009, and Echelon Place, with 5,300 rooms in 2010.
Las Vegas Convention and Visitors Authority director of internal marketing and research Kevin Bagger said the target number for visitors in all categories, from leisure to corporate, is 39.3 million for 2007. "Average daily rate was $103.42 in 2005 and, when the final figure for 2006 comes in, is expected to...
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