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S&P outlook optimistic on Las Vegas and Gaming industry 3/23/2004 (Liz Benston, Las Vegas Sun) A healthier economy, strong convention bookings and a gradual return in high-roller play are expected to boost casino performance in Las Vegas this year compared to last, a major ratings agency said. In an industry report released Friday, Standard & Poor's also said Las Vegas is anticipated to outperform other gaming markets as it outpaces last year's continued recovery from the Sept. 11 terrorist attacks. Greater visitation and a modest 2 percent increase in rooms over the next 18 months is expected to result in higher occupancy rates and room rates compared with 2003, S&P said. About 80 percent of new rooms through the end of 2005 will be concentrated at the high end of the market, which is defined as an average nightly rate of more than $185. This compares to an increase in rooms of only 20 percent in 2003 with the opening of the hotel towers at Venetian and Mandalay Bay. However, the healthy economy is expected to drive demand for higher-priced rooms, "allowing the new rooms to be profitably absorbed," S&P credit analyst Michael Scerbo said.  Full Story
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