VEGAS INC Magazine - Latest Las Vegas business news, features and commentaries about gaming, tourism, real estate and more
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IN BUSINESS TOURISM LAS VEGAS VISITOR TRAFFIC SEES UPTICK IN JANUARY By Richard N. Velotta senior staff writer Visitor volume showed a small uptick in January, despite a calendar quirk that made for a tough comparison against 2011 totals, the Las Vegas Convention and Visitors Authority said. The LVCVA reported 3.15 million visitors to Southern Nevada in January, 0.9 percent ahead of 3.13 million in 2011. But 2011's calendar had the benefit of five full weekend dates while January 2012 had only four Saturdays. A similar quirk in the convention calendar produced another tough comparison for January convention attendance, which was down 12.6 percent to 538,552 compared to the same month the previous year. January's 2012 International Consumer Electronics Show was robust, but the World Market Center furniture exposition, which drew about 50,000 people, was in January last year but in February this year. The city played host to 1,493 meetings, conventions and trade shows in January, 25.1 percent more than a year earlier. The city's average daily room rate continued to climb, but occupancy rates were off slightly from a year ago. The LVCVA reported an average daily room rate of $113.82 in January, 6.2 percent higher than it was at the same time last year, but citywide occupancy was down 0.7 percentage points to 78.3 percent for the month. Hotel occupancy was up 0.4 points to 82.2 percent, and midweek occupancy went up 0.7 points to 76.3 percent. But motel stays were off 8.5 percentage points to 45.2 percent, and weekend occupancy fell 3.5 points to 82.6 percent. On March 8, the state Gaming Control SEE VISITORS PAGE 9 GAMING LOWER COSTS, MORE PROFIT FOR GLOBAL CASH ACCESS By Steve Green senior staff writer Casino supplier Global Cash Access Holdings Inc. of Las Vegas on March 6 said its fourth-quarter profit improved thanks to lower costs and its acquisition of a competitor. Global Cash serves about 1,050 casinos around the world. It has casino ATMs, other cash-access services such as check verification and warranty services, and operates a casino credit bureau. The company said fourth-quarter revenue was flat at $137.7 million vs. $137.8 million in the year-earlier quarter. The 2011 revenue number was boosted by the acquisition of MCA Processing LLC of Las Vegas in November. The company earned $4.5 million during the quarter, an improvement from the loss of $269,000 in the fourth quarter of 2010. Cash earnings per share from continuing operations were 17 cents in the 2011 quarter vs. 9 cents in the year- ago quarter. Global Cash attributed the year- to-year improvement to the MCA Processing deal and to lower costs. 8 | 19 MARCH 2012 |