jpm-gaming-lv strip room rate survey-100216

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      【出版时间及名称】：jpm-gaming-lv strip room rate survey-100216
      【作者】：JPM
      【文件格式】：pdf
      【页数】：42
      【目录或简介】：
• For the surveyed period, the Free and Independent Travel (FIT) average daily room
rate (ADR) on the Strip was +1% ($137 this period from $136 the comparable
period last year). Weekday rates were +2% and weekend rates were 0%. Prior-year
comparisons were -55% overall, -62% for the weekday, and -39% for the weekend.
• Looking ahead, we surveyed out into 1Q10, and weekday rates appear to be -7% and
weekend rates appear to be 0% (aggregate -4%). For the 1Q10TD, weekday rates
were -9% and weekend rates were +1% (aggregate -5%). For the 4Q09, weekday
rates were -18% and weekend rates were -14% (aggregate -16%). For the 3Q09,
weekday rates were -27% and weekend rates were -9% (aggregate -20%). For the
2Q09, weekday rates were -30% and weekend rates were -15% (aggregate -24%).
For the 1Q09, weekday rates were -31% and weekend rates were -28% (aggregate
-30%).
• The convention calendar for events over 1,000 attendees during the week ending
3/13/10 (Period 11, 2010) was stronger, with 57,000 attendees/6 events this year
versus 43,200 attendees/9 events the prior year. Looking ahead, the following week
ending 3/20/10 (Period 12, 2010) looks weaker, with 12,000 attendees/2 events this
year versus 109,500 attendees/6 events the prior year.
• This week’s ADRs for Las Vegas operators were as follows: MGM +11%, HET
-24%, WYNN +1%, and LVS +7%. For the 1Q10TD, rates were: MGM -3%, HET
-14%, WYNN -1%, and LVS -1%. For the 4Q09, rates were: MGM -15%, HET
-17%, WYNN -28%, and LVS -4%.
• MGM revisited rates were +1%, HET revisited rates were +8%, WYNN revisited
rates were +11%, and LVS revisited rates were +8% for 1QTD.
• High-end rates were +9% and low-end rates were -7% for the surveyed period.
High-end rates were -3% and low-end rates were -8% for 1Q10TD.
• For 1Q10, we note that weekday rates at Aria at MGM’s CityCenter are $181, 3%
below Bellagio room rates, while weekend rates are $251, 6% below Bellagio room
rates. We note that weekday room rates at Aria are equal to or greater than those at
Bellagio in 8/13 periods. However, weekend room rates at Aria are equal to or
greater than those at Bellagio in only 5/13 periods. Recall, MGM indicated on its
3Q09 earnings conference call that over a 258-day period, ARIA is priced equal to or
greater than Bellagio 80% of the time in the transient market and 90% of the time in
the leisure market.
• One recent trend we continue to follow is the inclusion of mandatory resort fees on
room reservations. Recall, on January 13, 2010, Harrah’s announced that its resorts
on the Las Vegas Strip would not impose mandatory resort fees on room
reservations. However, for MGM, any increase/decrease in mandatory resort fees
could be key given the company’s significant operating leverage to room rates
(and/or resort fees, since they can be perceived as an equivalent, hidden increase in
customer spend per room). Recall, MGM estimated that each $5 increase in ADR for
MGM’s Strip property portfolio adds about $50m in incremental EBITDA per year,
or $1

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