I'm Not Going To Pay A Lot For This Luxury Vegas Hotel Room
The casino biz is wondering how plunging hotel room rates will effect the strength of the casinos brands long after the economy turns around.
At issue is whether tourists (us) will be willing to shell out for hotel rooms priced at pre-recession levels after scoring such incredible deals during these dark economic times.
Rather than postulate on what the tourist hive mind might say, I'll defer to your thoughts as a sampling. Will you be more or less inclined to pop the full cork after snagging Bellagio for $97 bucks a night?
The silent assumption that the general public doesn't understand the basic law of supply and demand - and when to use it to ones advantage - seems to have been overlooked. When there are more rooms at Bellagio than Bellagio level players to fill them, they let us pink chickens in there to cluck and scratch for cheap. When Bellagio level players sort out their finances and see their investments start to grow again, they'll start coming back... driving demand, increasing room rates and sending the geese back to the bird house.
It is a great day when Flamingo level players can taste swanky rooms at Encore, ARIA and Bellagio for what Ballys charged on a Tuesday night 16 months ago. Does this make us ornithologists Bellagio/Encore/ARIA level players? No... it makes us smart shoppers who took advantage of great hotel room deals, recession or not.
If there is a silver lining to the current state of things, it's the exposure of five star properties to four, three and two star guests. It's hard to know that the nectar uptown really does taste better until you can afford stick your beak into the fountain. Yum.
Hells yeah, I'd pay to stay at Bellagio assuming I can afford it - at $97 or $970/night.
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