Whitepaper on How Dynamic Housing Models Work for Meetings and Events Industry Released
May 8, 2015
Experient and MGM Resorts International, in partnership with The Association of Equipment Manufacturers have released the whitepaper explaining why dynamic housing models work for the meetings and events industry.
The whitepaper, “Modernize Your Room Block Pricing Model,” can be downloaded for free at http://info.experient-inc.com/modernize-room-block-pricing.
The challenge for all meeting planners and event organizers is to sell the right rooms to the right customer at the right time for the right price. Planners and organizers need to obtain as many rooms as possible for the lowest rate in order to fill room blocks, while hotels need to ensure they are at the highest occupancy at the highest possible rate.
The whitepaper explains how utilizing a dynamic flex pricing model, or rate yielding, is the best way to bridge this gap.
AEM’s CONEXPO-CON/AGG 2014, the largest show in North America for the construction industries, proved that a win-win can be achieved through the use of dynamic flex pricing.
The results for AEM included greater revenue that could be used for show services, more inventory for longer time frames, additional inventory access, lower entry rates contributed to earlier bookings and increased traffic for the event website.
“The whitepaper captures the positive experience we had working with Experient’s Housing team to implement a dynamic flex pricing model,” said Dana Wuesthoff, AEM’s Director of Event Registration and Housing. “After seeing such positive results for our attendees, we’re believers that this model is the way to go to help us offer improved service to show participants.”
For the major entertainment company, MGM Resorts International, results included room block growth beyond the original contracted block, leverage to gain additional inventory for the next event based on stronger pick-up history, additional room nights, competitive rates and increased credibility with attendees finding the best rates available.
The implementation of the dynamic flex pricing model increased credibility for the show organizer, hotel partner and the hotels, according to MGM officials.
According to Deanna Burgess, director of Citywide Corporate Hotel Sales for MGM Resorts International, “We saw room block growth in 13 hotels by more than 15 percent from the original contracted block at lower-than-market rates. That’s something we’ve never seen before.”
The whitepaper, downloadable http://info.experient-inc.com/modernize-room-block-pricing, explains how dynamic flex pricing, or rate yielding, works when there is a need to increase existing room blocks during the booking process and there is flexibility to adjust rates based on demand.
Partner Voices
One of the most iconic names on the Las Vegas Strip just got an upgrade. Mandalay Bay has everything that your business needs from a refreshed convention space designed to inspire productivity and creativity, to an impressive selection of world-class restaurants and amenities. If you're looking for a venue that's both inviting and innovative, you have to be here.
New Wave Experiences
Mandalay Bay continues to invest in a new wave of enhancements both in the convention space and within the resort as a whole. New restaurant openings including Orla by Michael Mina, drawing inspiration from the award-winning chef’s childhood in Egypt and with flavors and décor inspired by the spices found in markets common to coastal Mediterranean towns, as well as Caramá by Wolfgang Puck, bringing the essence of Italy and spirit of Wolfgang into one concept, are recent additions. The Four Seasons Hotel Las Vegas also experienced a recent remodel of all 424 rooms. Swingers, a high-end, adults-only golf and entertainment concept will debut in Fall 2024.
Enhanced Technology
Creating a truly effective conference venue requires careful thought into what a business needs: the right technology, capacity, and inspiration to bring ideas to the next level. As part of the resort’s refresh, Mandalay Bay implemented state-of-the-art technology upgrades, installing cutting-edge Cat6A Ethernet cabling throughout the convention center. This advancement doubles the frequency of data transmission, enabling lightning-fast speeds up to 9400% faster. The convention center now boasts 11 dynamic digital walls, spanning up to 24' x 13', strategically positioned for brand placements, sponsorships and targeted event messaging. Additionally, attendees can benefit from 20 double-sided 55" mobile flexible display units, facilitating effortless navigation to meeting rooms and events. RFID locks were installed on all meeting room doors, and over 200 motion detection cameras have been placed throughout the space.
Refreshing New Design & Fine Art
The newly remodeled convention space provides a bright and vibrant atmosphere that complements Mandalay Bay's tropical-inspired brand. Featuring white-washed walls and ceilings adorned with bold floral patterns in cerulean and coral tones, the space is complemented by warm walnut accent walls. In addition to the redesign of all pre-function spaces, meeting rooms and ballrooms, Mandalay Bay's 1 million square feet of exhibit space has undergone a rejuvenation, including new paint, covered pillars and relocated strobe lights.
Sustainable Spectacles
Mandalay Bay is committed to Focused on What Matters and creating more responsible meetings. Refillable water stations all available around the resort, cutting unnecessary plastic usage from single-use bottles.
The Mandalay Bay campus’ recent upgrades represent a bold step forward in redefining the Las Vegas experience. With a focus on innovation, sustainability, and unparalleled service, Mandalay Bay sets a new standard for excellence in business hospitality. Whether you're seeking cutting-edge conference facilities, world-class dining options, or simply a luxurious retreat, an unparalleled meeting experience awaits.
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