After finishing up a strong third quarter, Booking Holdings upped its outlook for the full year, pointing to strength in room nights, alternative accommodations, flights, AI, Europe and Asia.
31.10.2024 - 03:05 / skift.com / Sean Oneill / Bill Hornbuckle
MGM Resorts sees strong demand at its Las Vegas resorts continuing through year-end, despite some performance hiccups in July and a more muted interest in Las Vegas’ Formula 1 race in November.
“July was pretty bad for the entire community, including us,” said CEO Bill Hornbuckle on Wednesday during an earnings call. “We had 8 days in a row of 120-degree heat compounded with [major highway] I-15 being relatively closed for 3 days due to a truck rollover. Then the quarter got better.”
For October so far, MGM Resorts has seen an average occupancy rate of about 97%.
Looking ahead, a Formula 1 race in Vegas in November isn’t turning into quite the goldmine it was last year on its debut. The first F1 race was a novelty, and MGM Resorts could charge high room rates.
Looking ahead, room bookings for a Formula 1 event are down compared to last year, and the bookings pace has been slower.
A recently launched licensing deal with the Marriott Bonvoy loyalty program has continued to benefit MGM Resorts. Executives said the pace of bookings was about 20% above expectations for the year.
Marriott customers booked an average of 2,500 room nights a day at MGM Resorts properties. About 30% of these were redemptions of loyalty points, and the rest were direct bookings.
Marriott’s sales teams have also been bringing MGM Resorts incremental, medium-sized corporate group bookings.
“It’s mid-tier 200- to 300-room groups that we hadn’t been focused on, and we might not otherwise have seen and gotten,” Hornbuckle said.
To help get more out of the Marriott partnership, MGM Resorts is taking one of its properties that wasn’t part of the program, Delano Las Vegas, and adding it. Delano Las Vegas will be rebranded to the Marriott brand W around the beginning of the new year and will join the Marriott Bonvoy partnership.
“We think there will be some upside on the ADRs [average daily rates] and the occupancy at that property,” Hornbuckle said.
MGM Resorts’ third-quarter results reflected the evolving dynamics in hotels and resorts.
MGM’s third quarter highlighted both the company’s strengths and challenges.
What am I looking at? The performance of hotels and short-term rental sector stocks within the ST200. The index includes companies publicly traded across global markets, including international and regional hotel brands, hotel REITs, hotel management companies, alternative accommodations, and timeshares.
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After finishing up a strong third quarter, Booking Holdings upped its outlook for the full year, pointing to strength in room nights, alternative accommodations, flights, AI, Europe and Asia.
As the temperatures fall, so are airfare prices. Frontier Airlines is running its «Full Size Sale», which provides fares as low as $19 to destinations around the United States. Best of all, the flights can be booked five days of the week, whereas previous promotions from Frontier have been more limited in date availability. The sale ends on October 31, 2024 at 11:59pm EST, however tickets can be purchased for travel through February 26, 2025. This makes the sale a great option for travelers and families looking to take a winter getaway, or fly to a destination with warmer temperatures. Travel + Leisure spotted a variety of one-way flight deals including:
Hyatt Hotels Corporation has entered a long-term asset-light joint venture with Grupo Piñero and Hyatt affiliates to add the Bahia Principe Hotels & Resorts brand into its Inclusive Collection, which will grow Hyatt’s all-inclusive room portfolio by 30 percent.
Experience the majesty of Majestic Elegance Punta Cana and Majestic Mirage Punta Cana this fall as they reopen with several upgrades, promising a more refreshed stay for new guests and guests who return to visit our resorts year after year.
Princess Hotels & Resorts is offering travelers an opportunity to experience luxury beachfront, all-inclusive vacations with savings of up to 25% on fall getaways.
Hyatt Hotels is joining forces with Spanish tourism group Grupo Piñero in a 50-50 joint venture that will add 23 resorts to Hyatt’s all-inclusive portfolio, the companies said Monday.
Hyatt's all-inclusive resort portfolio keeps growing and growing.
It’s a season of savings for travelers seeking flight deals.Spirit Airlines has dozens of flight deals with one-way fares under $50 to popular destinations including Las Vegas, New York, Orlando, and more. The lowest price spotted in the promotion was just $11, for a flight from Las Vegas, NV to Sacramento, CA. The airline also has a variety of $20 flights including Dallas, TX to Atlanta, or Los Angeles (LAX) to Las Vegas. The deals are listed on the “Popular Flight Deals” within Spirit’s website.
Southwest Airlines reported Thursday that it is seeing strong bookings for the holiday travel season and healthy demand as it deals with an activist investor.
IHG One Rewards members have a limited time to earn and use points at one of the most popular resorts on the Las Vegas Strip.
Over the past decade, Louis Vuitton has been gradually expanding its reach far beyond fashion. Since the launch of Fondation Louis Vuitton in 2014, the brand has firmly established itself as a major player in the art world, with biannual exhibitions and collaborations with top artists like Yayoi Kusama. In appointing Pharrell Williams as creative director in 2023, Louis Vuitton tapped further into the zeitgeist, refreshing the brand's image and broadening both its appeal and its dedication to cultural excellence.
Southwest Airlines is having a «Catch a Sale Fare, Go See your BOO!» promotion, with discounted tickets as low as $59. The sale ends on October 24 at 11:59pm PST, and offers discounts on travel through February 12, 2025. Travel + Leisure spotted a variety of one-way deals in the fare sale including: