\nTwo former Wynn executives and a San Francisco technology industry leader are using big data to try to change the way hotels set their room rates.<\/p>\n
\tTheir company, Duetto, uses algorithms to monitor market behavior and recommend how much money a hotel should charge for its rooms. Duetto\u2019s goal is to give hotels a more nuanced understanding of potential customers so they can fluctuate rates accordingly.<\/p>\n
\tDuetto looks at data including flight times and weather patterns along with information pulled from the hotel\u2019s website \u2014 like what happens when someone explores the cost of a room but doesn\u2019t book anything.<\/p>\n
\t\u201cWe\u2019re basically giving insight into analytics that the hotels have never looked at before,\u201d said co-founder Marco Benvenuti, one of the Wynn veterans who is now Duetto\u2019s chief analytics and product officer.<\/p>\n
\tBenvenuti said that when hotels usually adjust their rates they do so across the board, for all of their room types. Duetto could tell them just how much to raise or lower the price of one type of room in order to appeal to a specific customer group.<\/p>\n
\tOn the gaming side, Duetto is able to predict how much money a segment of customers is likely to spend \u2014 on gambling and other activities \u2014 and then recommend who should receive complimentary offers.<\/p>\n
\tUtilizing strategies like this reportedly worked out well for El Cortez. After the historic downtown hotel and casino starting using one of Duetto\u2019s cloud-based products, its average daily rate increased by 10 percent year over year, according to a case study provided by Duetto.<\/p>\n
\tAnd the number of bookings made directly through the El Cortez \u2014 as opposed to a third party like Expedia \u2014 shot up 109 percent.<\/p>\n
\tDuetto doesn\u2019t have any other Las Vegas clients, but it has worked with hotels in other states. Benvenuti said the company is working on signing three other Las Vegas contracts.<\/p>\n
\tThe company is also preparing to move into new offices in Tivoli Village, more than doubling its space in the valley. Duetto operates from offices in San Francisco as well, where former Salesforce executive Craig Weissman works as the company\u2019s chief technology officer.<\/p>\n
\tCEO and co-founder Patrick Bosworth, the other former Wynn employee, said that he and Benvenuti saw the need for Duetto after they began working as consultants.<\/p>\n
\t\u201cWe became convinced that in order to do the things that we wanted to do to carry not only the casino resort industry forward but really the broader lodging market, and help them compete for the next decade or two, there needed to be better technology,\u201d Bosworth said.<\/p>\n
Posted by:<\/strong> Dr Crapology on September 11, 2014, 1:20 pm<\/p>\n \tDoc<\/p><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":" Two former Wynn executives and a San Francisco technology industry leader are using big data to try to change the way hotels set their room rates. Their company, Duetto, uses algorithms to monitor market behavior and recommend how much money…<\/p>\n","protected":false},"author":36,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-7993","post","type-post","status-publish","format-standard","hentry","category-latest-casino-news"],"_links":{"self":[{"href":"https:\/\/crapsclub.goldentouchserver.com\/index.php\/wp-json\/wp\/v2\/posts\/7993","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/crapsclub.goldentouchserver.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crapsclub.goldentouchserver.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crapsclub.goldentouchserver.com\/index.php\/wp-json\/wp\/v2\/users\/36"}],"replies":[{"embeddable":true,"href":"https:\/\/crapsclub.goldentouchserver.com\/index.php\/wp-json\/wp\/v2\/comments?post=7993"}],"version-history":[{"count":0,"href":"https:\/\/crapsclub.goldentouchserver.com\/index.php\/wp-json\/wp\/v2\/posts\/7993\/revisions"}],"wp:attachment":[{"href":"https:\/\/crapsclub.goldentouchserver.com\/index.php\/wp-json\/wp\/v2\/media?parent=7993"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crapsclub.goldentouchserver.com\/index.php\/wp-json\/wp\/v2\/categories?post=7993"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crapsclub.goldentouchserver.com\/index.php\/wp-json\/wp\/v2\/tags?post=7993"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}