Mandalay Resorts CFO Announces Las Vegas
The Mandalay Resort Group, a Las Vegas hotel and casino operator, reported on Tuesday that average night hotel room rates rose to record highs in the second quarter, exceeding the average just before the September 11, 2001, terrorist attacks cooled the tourism industry.
"We are operating record room rates at five resorts regardless of the summer season. We beat the record we received in August 2001 and broke our previous record," Chief Financial Officer Glenn Schaefer said during a conference call following the company's second-quarter earnings report.
Schaffer said rising demand for hotel rooms, successful price increases, continued recovery for Las Vegas tourism and the opening of a convention center at the company's flagship Mandalay Bay Resort in the Las Vegas Strip helped raise room rates.
"Mandalay is one of the few companies in the consumer sector that is achieving organic revenue growth with price increases far higher than the U.S. economy's own growth rate," Schaffer said.
The most dramatic increase in revenue per available room is the Mandalay Resort in the Las Vegas Strip, which operates the Mandalay Bay, Luxor and Excalibur hotels.
In Mandalay Bay Resort, Lepar rose 18%, and in Luxor, Lepar rose 14%
In Excalibur, Repar rose 11%.
However, the improvements were typically included in Las Vegas. "Our Nevada experience outside of the strip has definitely improved," said Schaffer, who noted
He explained the slight drop in income at the company's Nev. Circus Reno, Nev. Hotel and at the Silver Legacy Hotel, which is 50% owned by the Silver Legacy Hotel in Reno.
Schaffer expects the company's real estate average to rise by about 6% to 7% in August, and a "double-digit" percentage point increase in September. 릴게임
He added that the new 1,122 room tower in Mandalay is expected to cost an average of $220 per night, but "when you look at how things are going, it could turn out to be a low number."
"We are operating record room rates at five resorts regardless of the summer season. We beat the record we received in August 2001 and broke our previous record," Chief Financial Officer Glenn Schaefer said during a conference call following the company's second-quarter earnings report.
Schaffer said rising demand for hotel rooms, successful price increases, continued recovery for Las Vegas tourism and the opening of a convention center at the company's flagship Mandalay Bay Resort in the Las Vegas Strip helped raise room rates.
"Mandalay is one of the few companies in the consumer sector that is achieving organic revenue growth with price increases far higher than the U.S. economy's own growth rate," Schaffer said.
The most dramatic increase in revenue per available room is the Mandalay Resort in the Las Vegas Strip, which operates the Mandalay Bay, Luxor and Excalibur hotels.
In Mandalay Bay Resort, Lepar rose 18%, and in Luxor, Lepar rose 14%
In Excalibur, Repar rose 11%.
However, the improvements were typically included in Las Vegas. "Our Nevada experience outside of the strip has definitely improved," said Schaffer, who noted
He explained the slight drop in income at the company's Nev. Circus Reno, Nev. Hotel and at the Silver Legacy Hotel, which is 50% owned by the Silver Legacy Hotel in Reno.
Schaffer expects the company's real estate average to rise by about 6% to 7% in August, and a "double-digit" percentage point increase in September. 릴게임
He added that the new 1,122 room tower in Mandalay is expected to cost an average of $220 per night, but "when you look at how things are going, it could turn out to be a low number."
2024-03-23 02:19
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