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.
MGM Resorts Sees Vegas Strength Despite Heat Wave Hit
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.
The Skift Travel 200 (ST200) combines the financial performance of nearly 200 travel companies worth more than a trillion dollars into a single number. See more hotels and short-term rental financial sector performance.
Read the full methodology behind the Skift Travel 200.
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