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Las Vegas Sands Sees Las Vegas Group Room Rates Up 10% By 2012

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Dec. 16 (Bloomberg) -- Las Vegas Sands Corp. expects Vegas group-room rates to increase at least 10 percent by 2012 as conventions and conferences return to the city.

“We’re feeling good about Las Vegas,” Chief Operating Officer Mike Leven said today in an interview on CNBC. “It’s not what it was in 2006 and 2007 but it’s getting better. We’re seeing an enormous amount of group business on the books for next year. Our rate is not where we’d like it to be but it’s starting to move now.”

Las Vegas Sands has almost 650,000 group-room nights booked for 2011, Leven said. The company is also seeking to expand in Japan, South Korea and Spain, he said.

To contact the reporter on this story: Beth Jinks in New York at bjinks1@bloomberg.net

To contact the editor responsible for this story: Anthony Palazzo at apalazzo@bloomberg.net

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