MGM Resorts Looks to Luxury and ‘Live Tourism’ Given Tourist Shortfall
MGM Resorts Looks to Luxury and ‘Live Tourism’ Given Tourist Shortfall
Skift Take
The visitor to Las Vegas who books a mid-priced room and buys show tickets, whether they're from Cleveland or Calgary, hasn't come back in full yet.
The split between Las Vegas's two economies — luxury and everything else — was clear in MGM Resorts' second-quarter results.
"We continue to see really strong strength in the luxury segment," said Ayesha Khanna Molino, chief operating officer. "The lower end of the segment, particularly Luxor and Excalibur, those do remain challenged."
Strip-wide occupancy was flat at 93% in the second quarter, but average daily rate fell 4% to $242. CEO Bill Hornbuckle said that, while "the very top end is very strong," the city of Las Vegas is still short of "value customers."
Las Vegas drew 3.1 mil
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