Upgrade and Revenue Management Technology
22, 2007 - The Four-Diamond IP Casino Resort Spa in Biloxi, Mississippi
is an extraordinary post-Katrina success story. The waterfront Biloxi
Bay high-rise casino property, named the Imperial Palace Hotel and Casino
before the storm, was severely battered by Hurricane Katrina in August
2005. In January 2007 the property re-branded as IP Casino Resort
Spa after a total property renovation that upgraded the entire hotel and
gaming facility, and in April 2007 it was awarded a Four-Diamond rating
from AAA. Today the IP is attracting a new class of guest and building
stronger regional loyalty. Proof of success is in the numbers: the
1,087-room IP is running at over 90 percent occupancy with a 300 percent
higher average daily rate (ADR) since its post-Katrina renovations.
“Our owners and the entire property team worked hard to create the new IP Casino Resort Spa from the shell of the old property,” said Robert Brigham, VP of hotel operations. “Everything about the IP is upgraded from the pre-Katrina facility, and our Four-Diamond rating means we are attracting a higher-rated type of guest. With the help of a new revenue management system, our ADR is up 300% and we are running very high occupancies.” Brigham explained that prior to the IP’s upgrade and new casino revenue management technology, it frequently packed rooms with sports groups and convention business that did not bring revenue to the gaming floor. “Now we use the revolution SM revenue management software (RM) system from The Rainmaker Group to optimize the room rate for each guest and group based on their value to all areas of the enterprise, including the casino.”
Brigham’s team maximizes IP’s profitability by leveraging the revolution system’s ability to accurately estimate the total property profitability of each guest segment by analyzing player gaming information and other data to set rates that are attractive to the most valuable segments. The system’s rate recommendations are based on historical gaming performance and include forecasted additional revenue from dining, spa and other sources.
Convention business is a booming market along the Gulf as the region continues its renaissance. “Our meeting space totals about 20,000 square feet and it is in high demand,” explained Brigham. “To ensure we accept the most valuable groups, we run every potential piece of business through a profitability analysis in Rainmaker’s group module to forecast its theoretical revenue contribution to the company. I personally approve every group we accept to maintain our standards.” Other property departments also use the Rainmaker group forecasts to set appropriate staffing levels.
The IP Casino Resort Spa is continuing to upgrade and currently expanding two of its large penthouse suites, converting one to a luxury spa massage facility. The resort’s cinema is also scheduled for a total makeover and will emerge as an elegant Asian themed restaurant. With its upscale appointments, attention to detail and Four Diamond rating it looks like good fortune will keep smiling on the beautiful IP on Biloxi Bay.
About IP Casino Resort Spa
About Rainmaker Group
Incorporated in 1998, The Rainmaker Group also provides, implements and supports the revolution LRO SM profit optimization solution that enables multi-family housing operators to maximize revenue from apartment leases. revolution LRO lease rate improvement results have been reviewed and validated by independent accounting firms. For over five years revolution LRO has delivered optimized leasing rates to the largest operators in the industry including Archstone-Smith, Equity Residential, Post Properties, Simpson Housing, Mid-America Apartment Communities and a number of other leading multifamily housing companies.
|Also See:||Mid-America Apartment Communities Installs Rainmaker revolution LRO SM Revenue Management Throughout 140 Properties; revolution LRO delivers a 3% rate increase to Mid-America in pilot test / August 2007|
|The Rainmaker Group and Realty DataTrust Partner to Introduce Optimized Multi-Dimensional Online Pricing for the Apartment Industry; Revolution LRO clients now able to market optimized rental rates on the Internet through VaultWare™ online leasing solution / June 2007|
|Trump Entertainment Resorts Installs Rainmaker Group revolutionsm Revenue Management Suite in All Atlantic City Properties; Trump uses revolution RM to optimize rates, manage increased demand for three properties and 2,900 rooms / June 2007|
|The Rainmaker Group Launches New Version of Multi-Family Housing Revenue Management System, revolution LRO; Revenue Management leader taps two math Ph.D.s, leverages data for more profitable business decisions by MFH operators / May 2007|
|The Rainmaker Group's 2007 Client Steering Committee Conference Expands 'Product Roadmap'; Revenue Management leader listens to users for product development guidance / April 2007|
|Casino Hotels Boost Profits with Rainmaker Group, Agilysys Tech Collaboration; Revenue Management and Property Management Systems identify profitable gamers / March 2007|
|The Rainmaker Group Hosts 3rd Annual Client Steering Committee Meeting; User Input to Guide Development; Revenue Management leader taps users for 'Project Roadmap,' assesses client priorities / March 2007|
|The Rainmaker Group Increases Staff 30%, Relocates to Larger Offices; Revenue Management leader adds business unit, expands to service growing client demand / March 2007|
|The Rainmaker Group Launches Revenue Management Pilots with Four Major Multi-Family Housing Operators; Rainmaker revolution LROsm system demonstrates immediate lease/rent revenue lift / January 2007|
|Boyd Gaming Hits 'Jackpot' With Revenue Management Strategy; Focus on guest value gives the advantage to the house / September 2006|
|The Rainmaker Group to Share Expertise at Revenue Management and Pricing Conference; Rainmaker Executive VP, Tom Walker, will speak at EyeforTravel Revenue Management and Pricing in Travel 2006 Conference / August 2006|