Tag Archives: Las Vegas hotels

Newest Vegas Resort Looks To Turn Around Lackluster First Quarter Report

The Cosmopolitan of Las Vegas’ first quarter of operations is in the books, and despite its high occupancy rate, the newest resort on the Strip reported a $56.8 million loss, the company said Friday.

The Cosmopolitan, which cost Deutsche Bank AG $3.9 billion to complete, generated $104.9 million in first-quarter revenue. It’s a revenue figure far less than its neighbors — Bellagio or Aria — reported in the first quarter.

Bellagio earned $251.4 million in net revenue, while Aria generated $225 million in revenue. Both Aria and Bellagio benefited from an well-established database of customers, which The Cosmopolitan continues to develop.

Cosmo Las Vegas Says No No No To Expedia

Cosmopolitan Las Vegas

In the price war still plaguing hotels on the Strip, the Cosmopolitan seems a bit like the new kid who’s too cool to play with the others.

Since the property opened in December, room rates have been slightly higher than other luxury resorts in town, running nightly rates of about $200 to $300 during the week and closer to $400 on weekends.

Based on online reviews, that seems fine by customers who rave about the property’s “chic” interiors and indie vibe.

Cosmopolitan is bucking the trend in other ways, too. It’s the only luxury hotel on the Strip not to sell rooms through Expedia, the dominant Internet hotel discounter serving Las Vegas. Expedia commonly sells five-star rooms for less than $200 a night through its Expedia.com, Hotels.com and Hotwire.com brands. It also takes about 20 percent in return, diminishing the hotel’s profit on each room but a decent trade-off for many Las Vegas hotels that make money on other amenities such as gambling and dining.

The price differential might be a short-term reaction to the buzz that typically surrounds a new resort rather than a long-term strategy. Competitors have opened their doors with cheaper rates since the downturn, though.

It’s hard to tell whether the strategy is working for the privately held Cosmopolitan, which doesn’t publish earnings.

One analyst thinks it’s risky given that Las Vegas visitors are sensitive to small differences in price. However, it’s a positive for other casinos that appear less concerned about competition from the Cosmopolitan than before, said Patrick Bosworth of Duetto Consulting in Las Vegas.

“It’s a branding play,” he said.

From Cosmo, “we are committed to building a unique luxury brand. We will continue to compete with other luxury properties in the Las Vegas market by providing guests with a meaningful and distinctive experience that they value and want to share with others,” said Lisa Marchese, senior vice president of brand marketing.

Tom Costello is the CEO, Partner & Co-Founder of Groups International, a company that provides marketing, consultative services, and technology solutions to the group and leisure travel markets.  Connect with him on TwitterLinkedIn, and Facebook or contact him by email.

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Las Vegas "Direct Connect" Hotels From Hotelmine

Las Vegas

Shimmering from the desert haze of Nevada like a latter-day El Dorado, Las Vegas is the most dynamic, spectacular city on earth.

At the start of the twentieth century, it didn’t even exist; now it’s home to two million people, and boasts nineteen of the world’s twenty-five largest hotels, whose flamboyant, no-expense-spared casinos lure in thirty-seven million tourists each year.Las Vegas has been stockpiling superlatives since the 1950s, but never rests on its laurels for a moment.

Here are just a few of the many hotels in Las Vegas that you will find at Hotelmine.  Don’t forget when you decided to book your guest room you will be dealing directly with the hotel and not an online travel agency.

Hotelmine…see where the world’s largest “Direct Connect” travel site can take you!

Las Vegas Hotels

Venetian and Palazzo are now part of IHG's Priority Club network

Las Vegas Sands Corp. announced a 10-year licensing agreement with IHG, operators of the InterContinental Hotels chain, to list The Venetian and Palazzo within the brand’s portfolio.

The deal allows the Strip properties to maintain their separate identities, but they become part of the company’s Priority Club network, which has a database of 52 million members, according to IHG.

Venetian and Palazzo guests will be able to earn points and redeem them for stays at any of IHG’s 4,500 hotels worldwide. Also, IHG’s Priority Club Rewards and Ambassador members will be able to use their points for stays at both resorts.

Las Vegas Sands President Michael Leven said the agreement opens The Venetian and Palazzo, which have a combined 7,000 rooms, to a potentially new customer group. IHG has 180 million annual guests worldwide.

The lodging company will market the Venetian and Palazzo on the company’s various Websites.