MGM CEO asserts: "Las Vegas is thriving, not deceased"
Bill Hornbuckle, CEO of MGM Resorts International, addressed the Bank of America Securities 2025 Gaming and Lodging Conference in New York City, sharing insights about the city's tourism and the company's strategies.
Hornbuckle emphasized the strength of Las Vegas' fundamentals, despite a reported 8% drop in tourists this year. He highlighted that during the weekend of his speech, the city ran at a remarkable 98% capacity.
The CEO also spoke about the company's efforts to make a difference by adjusting pricing on everyday items and services. He did not disclose specific changes or promotions for guests at MGM's properties, such as New York-New York or Excalibur, but starting tonight, guests can check into these hotels for as low as $85, including resort fees, and enjoy a $5 beer and a $5 bet at the table.
Hornbuckle expressed confidence in Las Vegas' appeal, stating that it remains a "huge value for consumers at all levels." He also reiterated his belief that claims of overcharging in the city are not valid.
In terms of MGM's Macau operations, Hornbuckle shared that they have been rewarded for asking customers what they want to see and do, leading to a redesigned casino floor and an estimated 25 million annual visitors.
The fall event and convention season in Las Vegas is expected to be strong, with high-profile events such as the Crawford-Canelo fight, Las Vegas Raiders' NFL games, and Paul McCartney's October concert. For the most accurate information about ongoing and upcoming events in Las Vegas, event listing platforms and official venue websites like Tripadvisor’s event section for Las Vegas shows are recommended.
However, MGM Resorts International is not without challenges. Hornbuckle mentioned a major remodeling project at MGM Grand that affects 800 rooms and the bankruptcy of Spirit Airlines, which has reduced air travel by nearly 400,000 seats.
On the digital front, Hornbuckle stated that MGM Resorts International's BetMGM has seen a $400 million turnaround in a year, boosted by marketing and product improvements. He also noted that while high-end properties like Bellagio, Aria, and Cosmopolitan are still strong, they have seen some softness.
Derek Stevens, CEO of Circa Resort & Casino, previously expressed a similar opinion regarding the alleged declining interest in Sin City visits. He did not provide further details in this context.
Hornbuckle also addressed prediction markets under the Commodity Futures Trading Commission, expressing concern about the federal government's potential involvement, stating it's not something they endorse officially.
The CEO also discussed improvements in group bookings and new Marriott partnerships that accept Bonvoy points. He highlighted citywide efforts by the Las Vegas Convention and Visitors Authority to promote the city in Canada and through a new national campaign.
Overall, both MGM Resorts International and Circa Resort & Casino leaders remain optimistic about the future of Las Vegas, emphasizing the city's value for consumers and the companies' strategies to adapt and thrive in the current market.
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