MGM Resorts: Strength in Marriott Deal, Softness with Formula 1 in Vegas
Skift Take
America's casino resort giant posts record revenues, buoyed by a recent loyalty alliance with Marriott. But Las Vegas's Formula 1 fever appears to be cooling, casting a shadow over the fourth quarter.
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.
Marriott and MGM Resorts tie-upMGM 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.
So far in 2024, 410,000 room nights have been booked through the Marriott partnership. About 60% of those bookings are for guests who have already stayed this year, and the rest are for reservations for upcoming months. The loyalty partnership is