DALLAS | IDeaS, the leading provider of hospitality revenue optimization solutions and one of the industry's fastest growing technology companies, today outlined the key role the company's flagship Revenue Optimization Solution has played for one of the world's most important hotels. The Venetian Resort-Hotel-Casino reported record revenue in 2003 and, after a record first quarter, the luxury resort appears on pace to have a record setting 2004. As the Revenue Optimization Solution of record for the lodging industry juggernaut, IDeaS helped The Venetian to play host to more than 1.2 million guests and gross more than $250 million in room revenue. "At The Venetian we strive to approach all our market opportunities creatively. In our work with IDeaS we have deployed a revenue management solution that has allowed us to focus on developing strategies that underscore and reinforce our leadership in the industry," said Rom Hendler, Director of Revenue Management for The Venetian. "Clearly, The Venetian has much to celebrate. Their forward thinking approach to using technology to help meet their specific business goals has paid off for them. Particularly in their use of advanced revenue management, an area that I can really speak to," said Ed Booth President and CEO of IDeaS. The results are made even more impressive thanks to the fact that currently The Venetian's 2004 results are on pace to outperform their record breaking 2003. In 2003 The Venetian was able to obtain an average daily room rate over $200 and an average occupancy level over 94%. Thus far, in 2004 the company has reported net income for the first quarter of 2004 that exceeds the run rate for any full year net income in the history of The Venetian. In January alone the resort grossed more than $30 million, averaging over $1 million a day in room revenue. This represents a $10 million increase over January 2003. So far in 2004, The Venetian's occupancy of available guestrooms has averaged 98.9% in first quarter 2004, an increase over 97.4% the prior year. The Venetian's average daily room rate increased to $235.00 as compared to $217.00 the prior year's first quarter prior year. "Results such as these really serve as further evidence of the critical nature revenue management solutions offer to today's hoteliers," added Booth. "In the last couple of years we have seen revenue management evolve from being a nice to have option to being a mission critical part of the mix for all hotels." The Venetian, an all suite property, originally began working with IDeaS in December 2002 with an initial deployment to support 3036 suites. In June 2003, with the addition of another 1013 suites, the IDeaS solution was expanded to make decisions for all 4049 suites.
About The Venetian - The Venetian Resort-Hotel-Casino, a recipient of the Exxon/Mobile Four Star Award and AAA's Four Diamond Award, is one of the world's most luxurious resort and convention destinations. Re-creating Venice's legendary landmarks, the resort offers unmatched service and quality for leisure and corporate guests. Located in the heart of the Las Vegas Strip, The Venetian features The Grand Canal Shoppes, an indoor streetscape complete with gondolas and singing gondoliers, the Canyon Ranch SpaClub, world-class gaming, exquisite restaurants, the Guggenheim-Hermitage Museum, and a wide variety of entertainment venues on its premises, as well as extensive convention and corporate services.
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