GetYourGuide, a leading travel experiences platform based in Berlin, is partnering with Eurowings, a German value airline.
01.08.2024 - 04:04 / skift.com / Sean Oneill
MGM Resorts International reported record second-quarter revenue on Wednesday, driven by a recovery in Macau and continued strength in Las Vegas. The casino and resort operator noted that a partnership with Marriott International boosted the company but that an upcoming Formula 1 race in Las Vegas isn’t leading to as many bookings as was hoped.
“In Las Vegas, benefits from the Marriott program will only continue to increase, particularly on the group side, unique to MGM,” said MGM Resorts president and CEO William “Bill” Hornbuckle.
MGM Resort said it had seen benefits from a licensing agreement, which launched in mid-March, enabling guests at MGM properties to earn and redeem points through Marriott’s loyalty program.
Last November, Las Vegas hosted an inaugural motor sporting event, the Formula 1 Heineken Silver Las Vegas Grand Prix. It was the biggest event in the history of Las Vegas.
Advance bookings for this year’s race have not been as strong as last year’s.
“Through our room rates, Formula One is showing some softness,” Hornbuckle said. “We are hoping and believing that this rate will continue to pace up. But that presents a potential headwind in the fourth quarter.”
“The real issue with Formula One is it’s off to a soft start as compared to last year where we had a lot of advanced pre-bookings,” the CEO said. “You can see some of our ADRs [average daily rates] are down — if you look at what we’re charging – 50%, give or take.”
It’s important for MGM Resorts to be able to take advantage of peak demand pricing for major events. In the past few years, the company has invested about $1 billion in refurbishing its Las Vegas properties, especially Bellagio. The company has submitted plans to local officials to connect three centrally located resorts: Bellagio, Aria, and Cosmopolitan.
The company saw significant growth in its Macau operations, with net revenues jumping 37% to $1 billion. This surge reflects the continued ramp-up of operations following the removal of pandemic-related travel restrictions earlier this year.
Las Vegas Strip Resorts revenue increased 3% to $2.2 billion, primarily due to higher room rates and increased catering and banquet revenue. The company’s regional operations, including its resorts in Atlantic City, New Jersey, remained flat year-over-year, at $927 million.
The Cosmopolitan of Las Vegas on Wednesday joined MGM Rewards, the group’s loyalty program. This integration lets MGM Rewards members earn and redeem points at The Cosmopolitan.
The Cosmopolitan will maintain its affiliation with Marriott Bonvoy’s Autograph Collection brand as part of the MGM Collection with Marriott Bonvoy.
Hornbuckle declined to say if the Cosmopolitan’s loyalty program, Identity, would
GetYourGuide, a leading travel experiences platform based in Berlin, is partnering with Eurowings, a German value airline.
Casa de Campo Resort and & Villas is partnering with Tradewind Aviation, which operates private flights throughout North America and the Caribbean in Pilatus PC-12 and Citation CJ3 Jet aircraft fleet.
WHY IT RATES: The announcement of Federico Greppi as Chief Operations Officer for Marriott International in the Caribbean and Latin America underscores Marriott's strategic leadership and commitment to operational excellence in the region, which directly impacts the guest experience across nearly 500 properties. — Laurie Baratti, TravelPulse Contributing Editor
Earlier this year, it was announced that the iconic Turtle Bay Resort on the North Shore of Oahu in Hawaii would transform into a Ritz-Carlton. Points and miles enthusiasts greeted the news with fanfare because it meant a new Hawaii property would integrate into Marriott Bonvoy.
Good morning from Skift. It’s Thursday, August 1. Here’s what you need to know about the business of travel today.
Don't expect any rate discounts at the world's largest hotel company — with one notable exception.
Marriott International signaled confidence in continued growth on Wednesday, forecasting a strong overall global performance for the year despite noting some storm clouds on the horizon.
The Cabot Collection, developer and operator of luxury resort and residential golf destinations, announces the portfolio addition of Golf Du Médoc Resort, a premier destination for golf and wine enthusiasts located in Bordeaux, France. The captivating property, now known as Cabot Bordeaux, is set across 400 acres of verdant landscape, tucked between rolling vineyards and picturesque French countryside. This marks a significant milestone for Cabot as it expands its international presence to include its first continental European location.
Planning and booking a fall or winter getaway just got cheaper. Southwest Airlines recently announced a new Wanna Get Away fare sale with airfares as low as $49 one-way to popular destinations. Best of all, travelers can snag discounted tickets to Puerto Rico, Hawaii, and other warm destinations throughout the winter. The fare sale ends on July 29, 2024 at 11:59 PM PST, and is valid on travel through January 29, 2025. The sale may be especially helpful for anyone planning a vacation to Hawaii, as inter-island travel is also discounted. Passengers can score $49 one-way flights from Honolulu International Airport to Hilo (Hawaii Island), Kahului (Maui), and Kona. Travel + Leisure spotted a variety of the $49 one-way fares available including:
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If you hold an eligible Marriott Bonvoy credit card and have been looking for an opportunity to earn more Bonvoy points, then you are in luck. Marriott is offering a limited-time promotion for current cardholders to earn some bonus points.
Chase and Marriott Bonvoy enhance the Marriott Bonvoy Bold Credit Card with more points on everyday purchases and a new Travel Now, Pay Later feature, promoting accessible luxury travel with no annual fee.