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Two Las Vegas casinos have opened new hotel towers despite what some see as an over-supply of rooms in the gaming capital.
Planet Hollywood Resort has 1201 rooms in its new PH Towers – about 200 of them marketed as timeshares for extended visits – while the HRH Tower at the Hard Rock Hotel and Casino has 374 rooms, intended to offer a boutique option to older, premium customers.
Nearly 1600 new rooms are therefore being added to Vegas’s capacity just weeks after MGM Mirage’s massive 4004-room Aria at CityCenter opened its doors. And for Hard Rock, the HRH Tower comes only months after the debut of the same complex’s Paradise Tower.
Fears have been expressed that a glut of capacity – caused by the launch of Aria in particular – will keep down room rates, already depressed by visitor numbers that have been generally falling for around two years.
Indeed, low demand has led the Sahara to close two of its three towers – the Alexandria and Tunis – for the winter, with only Tangiers remaining open.
However, there may be grounds for cautious optimism. In November, hotel-room occupancy across the city was down just 0.8 percent on the same month a year earlier – the slightest year-on-year decline since the beginning of 2008. Some restaurateurs are also said to be reporting rising covers.
And on the revenue front, November figures from the Nevada Gaming Control Board also suggest a modest revival, with a 4.35 percent increase on the same month in 2008. On the Strip itself, revenue grew 8.3 percent.
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