Analysts at J.P. Morgan report that rates for mid-January (1/17-23) are +7% from the same period last year, mostly on the strength of better midweek ADRs. Unfortunately, this increase comes against a prior-year period when rates tumbled 38% … but you’ve got to start somewhere.
Harrah’s Entertainment (+25%) and Las Vegas Sands (+19%) are the big winners in the ADR race. Looking ahead, the first quarter of 2010 looks soft or, at best, flat. However, if that means our long slalom has finally bottomed out, that’s an overdue piece of good news.
