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Casino

MGM Resorts Experiences Revenue Boost Following Partnership with Marriott’s Loyalty Program

Friday 03 de May 2024 / 12:00

2 minutos de lectura

(Las Vegas).- MGM Resorts executives enthused Wednesday about the likely impact of their newly minted licensing deal with the Marriott Bonvoy loyalty program. CEO Bill Hornbuckle's bold bet on a Marriott partnership and on expansion in China and Japan appear to be paying off in spades.

MGM Resorts Experiences Revenue Boost Following Partnership with Marriott’s Loyalty Program

GM Resorts is riding high after a record-breaking first quarter. 

The Marriott deal is off to a great start,” said William Hornbuckle, president and CEO, on an earnings call. “We booked approximately 75% above expectations. One of the biggest surprises has been the gain in group business. They do know a lot of people we don’t know.”

Starting in mid-March, guests at MGM Resorts’ properties — which include brands like Bellagio, MGM Grand, ARIA, Mandalay Bay, and Borgata — were able to earn and redeem points in the Marriott Bonvoy loyalty program.

The launch of the licensing deal exceeded the executives’ expectations in the company’s first quarter. More than 130,000 room nights were booked.

The company expects this strategic relationship to be a significant growth driver for the year, said Corey Sanders, chief operating officer.

MGM Resorts expects to rake in at least $50 million in extra revenue this year by making about 37,000 rooms at 16 U.S. hotels bookable via Marriott International‘s website and app.

MGM Resorts’s first quarter

  • MGM Resorts posted record consolidated net revenue of $4.4 billion, a 13% increase from the year earlier.
  • It produced a net income of $217 million, compared to $467 million a year earlier, impacted by a prior-year gain on the sale of Gold Strike Tunica.
  • Las Vegas Strip Resorts saw record first-quarter net revenues. The company enjoyed pricing power, with an average nightly rate of $258, up 7% year-over-year. Strip hotels provide the majority of the company’s earnings.
  • MGM Resorts said its hotel occupancy in Las Vegas was 93% during the period.

Beyond The Strip

Las Vegas wasn’t the only ace up MGM’s sleeve. The company has bet on growth outside its U.S. home.

  • MGM China achieved record first-quarter results, with a 78% year-over-year jump to $1.1 billion in adjusted property EBITDAR (earnings before interest, taxes, depreciation, amortization, and rent or restructuring costs) — a metric used to exclude the effects of lease expenses and other erratic expenses.
  • In Japan, MGM Resorts’s planned integrated casino-resort venture in Osaka completed the country’s largest-ever project financing. That said, some skeptics continue to doubt when or if Japan will ever open a casino resort, given years of delays.
  • The main limit on capital-intensive expansion is debt and financing costs. As of March 31, MGM Resorts had $6.27 billion in long-term debt. The net cash flow provided by operating activities was $549 million in the first quarter.

Categoría:Casino

Tags: Sin tags

País: United States

Región: North America

Event

PGS, Perú Gaming Show 2024

12 de June 2024

Gambling regulation in Peru: evolution towards stability and legal certainty

(Lima, Exclusive SoloAzar) - From the repeal of the 20% tax by the Constitutional Court to the implementation of the Reorganisation and Formalisation Law, the regulation of gambling in Peru has undergone multiple changes. In this article, SoloAzar summarises the presentation by Dr. Constante Traverso, lawyer and head of APEJA, during the PGS, who underlines the need for a stable and fair public policy.

Wednesday 19 Jun 2024 / 12:00

Win Systems concludes a successful participation in Peru Gaming Show 2024

(Barcelona).- Win Systems, a leading technology provider for the gaming and entertainment industry, celebrates a successful participation in the recent edition of the Peru Gaming Show (PGS), which took place on June 12th and 13th at the Jockey Convention Center in Lima, Peru. The event was a perfect platform to showcase the company’s innovative solutions and cutting-edge products, specifically designed for the Peruvian market.

Wednesday 19 Jun 2024 / 12:00

The impact of AI on marketing campaigns, a featured topic at PGS 2024 conferences

(Lima, SoloAzar Exclusive).- Rony Vexelman, Marketing Manager of Optimove, presented the conference “Maximizing AI, the evolution of roles in iGaming”, within PGS event, held last week in Peru. From SoloAzar we share the highlights of the talk that shows how AI impacts online gaming and sports betting marketing campaigns.

Tuesday 18 Jun 2024 / 12:00

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