In the first quarter of 2011, Aria scored all time high occupancy and room rates. Occupancy was 86% with an average rate of $201.
I've been keeping an eye on Aria's occupancy rate since it opened. They started off slow with a low 63% occupancy in the first quarter of 2010, but the numbers have been improving slowly throughout 2010 and now into 2011.
Aria probably will never be the cash cow that MGM was hoping for when the project was conceived, but breaking the $200 room rate mark is a step in the right direction.
Room rates were higher across the board at MGM properties in the first quarter, so we might be looking at the start of a real economic recovery in Las Vegas.
Aria Occupancy and Average Daily Rate:
1Q 2010 - 63% - $194
2Q 2010 - 80% - $178
3Q 2010 - 82% - $175
4Q 2010 - 80% - $190
1Q 2011 - 86% - $201
Source: MGM Investor Relations.
Tuesday, May 10, 2011
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