Gaming:LV Strip Room Rate Survey~Rates+27percent(November 27~December 3);-2percent(4Q16TD);+2percent(4Q16E)

This note contains the results of our weekly LV Strip room rates survey forthe week of November 27, 2016 to December 3, 2016 (Period 49 of 2016) aswell as our surveyed rates for the 4Q16TD and 4Q16E.

    For the surveyed weekly period, the Free and Independent Travel (FIT)average daily room rate (ADR) on the Strip was up 27% ($196 this periodversus $154 the comparable period last year). Weekday rates were +42%and weekend rates were +5%. Prior-year comparisons were +2%overall, -3% for the weekday, and +10% for the weekend.

    For 4Q16TD, weekday rates were -7% and weekend rates were +8%(aggregate -2%).

    For 3Q16, weekday rates were +12% and weekend rates were +6%(aggregate +9%). For 2Q16, weekday rates weekday rates were +11% andweekend rates were +3% (aggregate +8%). For 1Q16, weekday rates were+3% and weekend rates were +5% (aggregate +3%). For 4Q15, weekdayrates were +24% and weekend rates were +5% (aggregate +17%). For 3Q15,weekday rates were +5% and weekend rates were -7% (aggregate flat). For2Q15, weekday rates were +2% and weekend rates were +3% (aggregateflat). For 1Q15, weekday rates were +1% and weekend rates were +3%(aggregate +1%). For 4Q14, weekday rates were +9% and weekend rateswere +6% (aggregate +8%). For 3Q14, weekday rates were +3% andweekend rates were +11% (aggregate +6%). For 2Q14 weekday rates were+8% and weekend rates were +10% (aggregate +9%). For 1Q14 weekdayrates were +19% and weekend rates were +11% (aggregate +17%). For4Q13, weekday rates were +5% and weekend rates were flat (aggregate+3%). For the 3Q13, weekday rates were +2% and weekend rates were flat(aggregate +1%).

    Looking ahead, we surveyed out to the end of 4Q16. For 4Q16E, overallrates appear to be +2%, with weekday rates -4% and weekend rates +15%.For 4Q16E by company, MGM's room rates appear to be +1%, CZR's roomrates appear to be +3%, WYNN's room rates appear to be +5% and LVS'sroom rates appear to be -17%.

    For 4Q16TD by company, MGM’s room rates were -7% during the weekand +12% for the weekend (aggregate flat). CZR’s room rates were -8%during the week and +3% for the weekend (aggregate -4%). WYNN’s roomrates were -7% during the week and +10% for the weekend (aggregate -3%),while LVS’s room rates were -23% during the week and -9% for theweekend (aggregate -19%).