Wednesday, April 14, 2010

Vacancy at Aria

Today MGM Mirage released preliminary expectations of financial results for the first quarter of 2010.

I'm not going into the revenue and earnings numbers, but lets just say they aren't great. The thing that stuck out in the report though, was this tidbit:

"Occupancy percentage at Aria was 63% with an average daily rate of $194."

That's right, only 63 percent of the rooms at Aria were filled. The room price is probably too high, but that still seems poor for a brand new hotel with the massive hype of CityCenter surrounding it.

It will be interesting to see if these rooms will get filled eventually, or if they will have to slash prices even further to get people in.

Source: MGM Mirage Release.