{"id":7934,"date":"2011-11-17T15:47:43","date_gmt":"2011-11-17T23:47:43","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=7934"},"modified":"2011-11-17T16:08:28","modified_gmt":"2011-11-18T00:08:28","slug":"hold-that-recovery","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/hold-that-recovery\/","title":{"rendered":"Hold that recovery!"},"content":{"rendered":"

Just when things were looking good … I mean, after many a premature prediction of economic recovery, room-rate trends on the Las Vegas Strip<\/strong> were looking like change in which one could believe. J.P. Morgan<\/strong> projections for the fourth quarter (including all-important New Year’s Eve, of course) show a 24% improvement in weekday ADRs and an 8% uptick in weekend ones. A year ago, upward movement was comparatively measly: 7% midweek and 1% on weekends. Even the traditionally sucky Thanksgiving-to-Christmas lull is trending nicely.<\/p>\n

\"\"Quarter by quarter, the Strip has posted consistent room-rate growth for the past year. Starting in 1Q11, weekend rates have improved 11%, 8% and 3%, respectively, while midweek ADRs have hopped along +6%, +3% and +13%. Cosmopolitan<\/strong> continues to maintain some of the highest prices on the Strip ($206-$304\/night) and all major operators are experiencing better weekend rates … except Steve Wynn<\/strong> (above<\/em>), whose Wynncore<\/strong> is projected to see a 9% decline in 4Q11. Midweek\/weekend splits for the other Big Three are expected to be as follows: MGM Resorts International<\/strong> 13%\/4%; Las Vegas Sands<\/strong> 34%\/12%; Caesars Entertainment<\/strong> 38%\/20%. The glut of mid-market exposure which initially looked like the weak underbelly of the Park Place Entertainment<\/strong> takeover may prove to be Caesars’ saving grace with wallet-conscious customers … that and a ban on “resort fees.”<\/p>\n

However …<\/strong> a source in the real estate community is hearing from bankers than the much-dreaded “shadow inventory” of foreclosed homes may get dumped into the market, starting January 1, 2012. As if the equity value of your Sin City home hadn’t been kicked in the ass sufficiently! There’s “way too much standing inventory,” the source says, ergo<\/em> the New Year’s Day fire sale. At least there’s one growth industry<\/a> upon which Vegas can fall back in its half-hearted search for economic diversification.<\/p>\n

Can it be true?<\/strong> Also heard through the grapevine: The Mirage<\/strong> is still on the block, yours for a mere $1.2 billion. If so, that’s mighty optimistic of MGM to think it can get that kind of long green for a hotel where double-occupancy rooms are going for $60\/night<\/a> (quel<\/em> bargain!), less than half the going rate at Aria<\/strong> … and let’s not even get into what a room at Bellagio<\/strong> or Mandalay Bay<\/strong> will cost you.<\/p>\n","protected":false},"excerpt":{"rendered":"

Just when things were looking good … I mean, after many a premature prediction of economic recovery, room-rate trends on the Las Vegas Strip were looking like change in which one could believe. J.P. Morgan projections for the fourth quarter … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[66,28,14,7,11,12,32,9,19],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/7934"}],"collection":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/comments?post=7934"}],"version-history":[{"count":3,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/7934\/revisions"}],"predecessor-version":[{"id":7938,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/7934\/revisions\/7938"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=7934"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=7934"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=7934"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}