TRVL 4160 JWU Competitive Rivalry Las Vegas Hotel Occupancy Rates Questions
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Competitive Rivalry: Las Vegas Hotel Occupancy Rates
Please review the case study and then answer the questions below based on the case information. Your submission should be written in an essay format with proper MLA citations included for all additional resources.
It may be a cliché to say so but Las Vegas, Nevada, is unlike any other city in America. From its humble origins as a small desert town with a few hotels and saloons that served the workers who built the nearby Hoover Dam, the town has mushroomed, constantly adding hotels and attractions. Older hotels like the Dunes and the Sands were demolished to make room for the new properties. People travel to Las Vegas for business, with convention business having increased markedly in recent years, and for leisure, driven by gaming and high-quality entertainment.
The Las Vegas Convention and Visitors Authority (LVCVA) gathers a variety of data that are used to measure the health and growth of the economic engine that drives the Las Vegas economy. In 2012 some 39.7 million visited the town, but the Las Vegas hotel market is intensely competitive and continually seeking ways to attract additional visitors through price incentives, refurbishment of existing facilities and new buildings and through adding attractions. Nevertheless overall occupancy rates have fallen from their 2007 peak as the economic recession following the 2008 banking crisis took its toll as shown in Figure 8.2.
The overall occupancy rate for 2012 of 84.4 percent is still high by most standards, but occupancy rates vary enormously between high weekend demand and lower occupancy rates during the week. Variable occupancy rates in turn lead to highly elastic pricing structures. Prices usually rise in Las Vegas at weekends and fall during the intervening period, in marked contrast to most city-based accommodation markets, which exhibit higher rates during the week to cater to business demand.
Annual % Hotel Occupancy Figure 8.2 Las Vegas hotel occupancy rates
In your submission to this assignment, please answer the following questions.
- Explain the pattern of demand for hotel accommodation in Las Vegas and contrast it with most other city markets.
- How is occupancy in Las Vegas today? Define the factors that contribute to your answer.
- Explain how Porters 5 Forces are impacting Las Vegas as a destination.
