LV ADRs up 6.7% in Sept.; visitation up 2.0%
November 10 2010
Visitation to Las Vegas increased 2.0% in September, representing more than a full-year (trailing-thirteen months) of increased (or flat) visitation. The comp was notable at 4.3%. On a YTD basis, visitation is up 2.4%.
During September hotel occupancy was 84.8% (-220 bps y/y), while weekend occupancy was 89.6% (-190 bps y/y) and midweek was 78.9% (-70 bps y/y). Most importantly, average daily rate (ADR) was $97.25 ( 6.7% y/y), despite a 5.1% increase in room inventory and represented the seventh consecutive increase in rate after more than two years of declines.