{"id":264755,"date":"2023-03-16T15:51:01","date_gmt":"2023-03-16T20:51:01","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=264755"},"modified":"2023-03-17T13:14:33","modified_gmt":"2023-03-17T18:14:33","slug":"mgm-coo-sanders-optimistic-on-convention-biz-betmgm","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/mgm-coo-sanders-optimistic-on-convention-biz-betmgm\/","title":{"rendered":"MGM Sees 2024 Convention Rebound, Bullish on BetMGM"},"content":{"rendered":"

MGM Resorts International (NYSE: MGM) executives expect a modest decline in Las Vegas Strip convention and meeting business this year, with a more earnest rebound materializing in 2024 and 2025.<\/p>\n

\"Corey
MGM COO Corey Sanders in a company interview. He’s bullish on BetMGM, and sees Las Vegas convention business rebounding in 2024. (Image: MGMThink.com)<\/figcaption><\/figure>\n

MGM COO Corey Sanders, and Sarah Rogers, MGM’s senior vice president of corporate finance, commented earlier this week at the J.P. Morgan Gaming, Lodging, Restaurant & Leisure Management Access Forum. The conference was conducted in Las Vegas.<\/p>\n

Sanders noted that the operator\u2019s bookings are back to pre-coronavirus pandemic levels, indicating that 30 to 90 days out, reservations hit 50% or more. The rates at which MGM is booking rooms are elevated, and that\u2019s not prompting demand erosion among consumers, according to the chief operating officer.<\/p>\n

With regards to convention, in particular with MGM, we\u2019re going to be down a little bit this year,\u201d<\/strong> said Sanders. \u201cSome of it is strategic. We have made a decision that on weekends, we\u2019ll put less convention business in our buildings.\u201d<\/strong><\/p><\/blockquote>\n

He said another reason for that scenario is the previously announced $100 million renovation at Mandalay Bay Convention Center<\/a> \u2013 a venue Sanders said has \u201cneeded some love.\u201d Sanders said 2023 will be a \u201cdecent year\u201d in terms of MGM\u2019s Strip convention business. But the outlook is brighter for 2024 and 2025.<\/p>\n

Las Vegas Still Offering Value<\/h2>\n

In recent months, some analysts opined that macroeconomic headwinds<\/a>, such as inflation and rising interest rates, could sap consumer discretionary spending, likely denting demand for Las Vegas visits.<\/p>\n

\n

That ominous scenario has yet to materialize, as Nevada casinos are on a nearly two-year-long streak of posting monthly gross gaming revenue (GGR) in excess of $1 billion. Still, there are lingering complaints that operators are nickel-and-diming guests with onerous resort fees, parking costs, and the like, threatening the Sin City value proposition.<\/p>\n<\/div>\n

MGM\u2019s Rogers says the operator knows the importance of Las Vegas maintaining its status as a value destination.<\/p>\n

\u201cWe still offer a relative value. That gap has tightened a little bit,\u201d said Rogers. \u201cSome of those drivers that have allowed us to sustain that are things like continued programming, improved product, and the suite offering that we have. So we\u2019re comfortable that we still offer relative value.\u201d<\/p>\n

Sanders observed that much of the increase in traffic at Harry Reid International Airport in Las Vegas is attributable to economy carriers, meaning the travel costs to get to the US casino hub are, broadly speaking, tolerable for a broad swath of customers.<\/p>\n

BetMGM Benefits<\/h2>\n

Sanders also discussed the benefits that accrue to MGM\u2019s land-based casinos, including those on the Strip, by way of the operator\u2019s 50% interest in BetMGM. Entain Plc (OTC: GMVHY) owns the other half of the iGaming and sportsbook unit<\/a>.<\/p>\n

The MGM COO noted casino marketing personnel are incentivized to sign up customers to BetMGM. Likewise, BetMGM provides the casino operator with access to its customer database.<\/p>\n

\u201cAs far as our operations are concerned, we treat BetMGM as 100% owned, and those customers as 100% owned,\u201d <\/strong>he told J.P. Morgan analyst Joseph Greff.<\/p>\n

Sanders did not speak to the possibility of MGM moving to acquire Entain outright,<\/a> or buy the Ladbrokes operator out of its 50% BetMGM stake.<\/p>\n

Sanders added that MGM’s digital gaming growth is a priority, but didn’t say if additional acquisitions will be part of that strategy.<\/p>\n","protected":false},"excerpt":{"rendered":"

MGM Resorts International (NYSE: MGM) executives expect a modest decline in Las Vegas Strip convention and meeting business this year, with a more earnest rebound materializing in 2024 and 2025. MGM COO Corey Sanders, and Sarah Rogers, MGM’s senior vice president of corporate finance, commented earlier this week at the J.P. Morgan Gaming, Lodging, Restaurant […]<\/p>\n","protected":false},"author":46,"featured_media":255483,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,81886,1074],"tags":[81897,23,80968],"acf":[],"yoast_head":"\nMGM COO Sanders Optimistic On Convention Biz, BetMGM<\/title>\n<meta name=\"description\" content=\"MGM sees Las Vegas convention business rebounding in 2024, positive on BetMGM outlook.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/mgm-coo-sanders-optimistic-on-convention-biz-betmgm\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MGM COO Sanders Optimistic On Convention Biz, BetMGM\" \/>\n<meta property=\"og:description\" content=\"MGM sees Las Vegas convention business rebounding in 2024, positive on BetMGM outlook.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/mgm-coo-sanders-optimistic-on-convention-biz-betmgm\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-16T20:51:01+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-03-17T18:14:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/corey.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/mgm-coo-sanders-optimistic-on-convention-biz-betmgm\/\",\"url\":\"https:\/\/www.casino.org\/news\/mgm-coo-sanders-optimistic-on-convention-biz-betmgm\/\",\"name\":\"MGM COO Sanders Optimistic On Convention Biz, BetMGM\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/mgm-coo-sanders-optimistic-on-convention-biz-betmgm\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/mgm-coo-sanders-optimistic-on-convention-biz-betmgm\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/corey.png\",\"datePublished\":\"2023-03-16T20:51:01+00:00\",\"dateModified\":\"2023-03-17T18:14:33+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"MGM sees Las Vegas convention business rebounding in 2024, positive on BetMGM outlook.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/mgm-coo-sanders-optimistic-on-convention-biz-betmgm\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/mgm-coo-sanders-optimistic-on-convention-biz-betmgm\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/mgm-coo-sanders-optimistic-on-convention-biz-betmgm\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/corey.png\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/corey.png\",\"width\":1280,\"height\":720,\"caption\":\"MGM COO Corey Sanders in a company interview. 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