Case study · Revenue management
26% more revenue year on year, in a Las Vegas market down 12%
- Client:
- Lisa
- Market:
- Las Vegas, NV
- Scope:
- Revenue management
- Pricing handover:
- August 7, 2026
- Listings:
- 19
Photo: Stephen Leonardi, Pexels
Performance snapshot
Performance snapshot for the Las Vegas portfolio
- +26.1%
- vs last September ($62,683 to $79,071 across the 13 listings with a 2025 comparison)
- $123,587
- September revenue across all 19 listings
- 10 of 13
- listings beat their own last September
- 105%
- of AirDNA's expected revenue for comparable listings
Lisa's 19-listing Las Vegas portfolio was falling behind its own last year, in a market that was shrinking too. We took over pricing on August 7, 2026. By the end of September, the listings with a year-earlier comparison had earned 26.1% more than the previous September.
Challenges in the Las Vegas portfolio
Falling behind its own last year. Most of the portfolio was pacing behind September 2025, in a market that was itself contracting.
Rates set without a diagnosis. Several listings carried large rate increases into a softening market, with occupancy falling faster than rates were rising.
Owner pressure building. Newly signed owners were questioning performance within weeks of joining, which put the client's reputation at risk.
Regulatory uncertainty. A Clark County ordinance affecting short-term rental listings was due to take effect on September 2, 2026.
What we did for the Las Vegas portfolio
Diagnose before discounting.
The largest listing entered August priced near $907 a night, against $657 in the same month a year earlier. That 38% rate increase came while nights sold fell 57%. The listing was priced above what the market would pay midweek, so we held the weekend premium, brought weekday rates back in line and left the rest of its pricing where it was working. The first booking landed 13 days later: $3,688 for a three-night stay over the first weekend of September.
- What we did not do
- Cut rates across every listing. Six of the 19 were priced correctly and were left alone.
- Why it matters
- A portfolio-wide discount buys occupancy and gives back the rate. The work was finding which listings were actually mispriced.
- Turnaround
- 13 days from diagnosis to first booking.
Listing and channel work, not just price.
Price alone couldn't close the gap on listings that weren't being seen. Alongside the pricing rebuild, we A/B tested cover photos with booking calls to action in the captions across four listings before any wider rollout, and added missing amenities that sit high in Airbnb's search filters: a dedicated workspace, a high chair and a BBQ grill. Lodging Gurus covered the cost. We opened a second Booking.com listing for the MGM unit, which went on to take September and October reservations, and trialed flexible cancellation on selected properties to move near-term bookings.
Regulatory exposure mapped.
Clark County's platform ordinance was due to take effect on September 2, 2026, requiring booking platforms to verify licenses and deactivate unlicensed listings. We mapped all 34 portfolio addresses against the unincorporated county line, because a mailing address doesn't decide which rules apply. We tracked the federal litigation that had already blocked the county twice and set out the practical exposure in writing, rather than leaving the client to read the news. That work also produced a diversification brief covering Arizona, Tennessee and Missouri, where state law gives short-term rentals stronger protection.
Results for the Las Vegas portfolio
The 13 listings with a September 2025 comparison grew 26.1%, from $62,683 to $79,071, and 10 of them finished ahead of their own last September. The full 19-listing portfolio earned $123,587 for the month, 105% of AirDNA's expected revenue for comparable listings in the same market, and 10 of 18 listings beat their individual market target outright. All of this came in a Las Vegas short-term rental market down roughly 12% in revenue per available night over the same period.
MGM
Sept 2025: $1,358
Sept 2026: $3,558
Change: +162%
Hillcrest
Sept 2025: $3,526
Sept 2026: $7,700
Change: +118%
Gunderson
Sept 2025: $4,321
Sept 2026: $8,526
Change: +97%
Shelter Ln
Sept 2025: $4,675
Sept 2026: $7,686
Change: +64%
MGM-2
Sept 2025: $2,598
Sept 2026: $3,734
Change: +44%
Ardoa
Sept 2025: $3,789
Sept 2026: $5,085
Change: +34%
Edna
Sept 2025: $11,879
Sept 2026: $12,685
Change: +7%
Seven of the ten listings that grew. The six listings that launched after September 2025 have no year-on-year comparison yet.
Lisa's review
“You have a good team. Ali has been on top of everything and he is working with us. I am grateful.”
How we measured results for the Las Vegas portfolio
- Window: realized September 2026 revenue against realized September 2025, from the client's own reporting rather than a pacing snapshot.
- Comparison set: 13 of the 19 listings were live in September 2025. The other six launched later and are excluded from the growth figure.
- Scope: 19 listings under Lodging Gurus revenue management. The client's wider Las Vegas portfolio is larger.
- Tenure: we took over pricing on August 7, 2026, five weeks before the measured month.
- Market target: AirDNA's expected monthly revenue for a comparable listing in the same market. Property-level estimates carry a wide margin of error, so we use them as a benchmark, not a forecast.
- Market movement: Las Vegas short-term rental revenue per available night on AirDNA's trailing-twelve-month basis.
- Past performance doesn't guarantee future results.
