MGM Resorts Gear Up For Vegas Tourism Boom
MGM Resorts, the global casino operator behind many Las Vegas properties as well as venues in China and across the U.S., is a good financial bellwether of how things are going in the gaming industry. While the company’s first quarter performance was significantly behind pre-pandemic levels, the company’s leaders see momentum in bookings and advance sales of events.
March occupancy rates at MGM’s Las Vegas resorts averaged 62%, outperforming the U.S. hotel average. More entertainment revenue is becoming possible across the second quarter, as Las Vegas casinos were given the go ahead to open up to 80% capacity on May 1 and reduce social distancing to only 3 feet. This clears the way for nightclubs and pools, a major daytime entertainment revenue generator at casinos, to reopen.
“It’s been great to see Las Vegas come alive again as the vibrant destination that we’ve all come to know and enjoy,” MGM Resorts CEO William Hornbuckle said on an investor call Wednesday. “Our gross bookings in March were one of the best months in the company’s history…The pent-up demand has been incredible.”
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