The construction firm behind the MGM Cotai casino resort in Macau has been awarded the contract to build “The Island” in Dubai. First reported by MEED, the $1.2 billion contract is the most valuable construction deal in Dubai in the past six years.
MGM Expects $50M-$75M Incremental Revenues in 2024 With Marriott Partnership
10.11.2023 - 21:14 / skift.com / Marriott Bonvoy / Rafat Ali / Bill Hornbuckle
Even though the big MGM-Marriott loyalty & booking partnership that was announced earlier this year with much fanfare has been delayed until early 2024 — ostensibly due to MGM’s cybersecurity threat which derailed much of its business over weeks — MGM CEO Bill Hornbuckle is very bullish about it.
In its Q3 earnings call earlier this week, Hornbuckle said that the company will begin to see the benefits of the partnership pretty quickly in 2024 soon after it launches. In response to an analyst question of whether this delay in launch means that MGM won’t see the incremental revenues in 2024 and whether the gains would be pushed to 2025, he said:
“No, I think it’s ’24 because I think the booking cycle for Las Vegas, even with this group [of Marriott Bonvoy users] because we’ve seen it obviously mirrored Cosmopolitan [which MGM now owns and has been part of Marriott’s Autograph Collection] is pretty much in line with everything else. They go a little earlier because they want to make sure they can use their points, et cetera. But there’s a clear window over the next couple of months. So once we launch it, we think it ramps fairly quickly.
And I think by the third and fourth quarter of next year, this time next year, we ought to be — have a real good feel for what it’s going to provide. The group activity that will be part of it is a little different discussion and we’ll take more time given the obvious nature and cycle of that business. And remember, I think the first year, we’re looking for $50 million to $75 million in incremental [revenues].
And there’s nothing to believe even despite the delay candidly, there’s nothing to believe we won’t recognize or realize that.”
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