{"id":76570,"date":"2018-04-27T16:00:25","date_gmt":"2018-04-27T23:00:25","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=76570"},"modified":"2018-04-27T14:49:04","modified_gmt":"2018-04-27T21:49:04","slug":"mandalay-bay-struggles-for-occupancy-post-vegas-shooting-admits-mgm-as-it-revises-revenue-forecast","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/mandalay-bay-struggles-for-occupancy-post-vegas-shooting-admits-mgm-as-it-revises-revenue-forecast\/","title":{"rendered":"Mandalay Bay Struggles for Occupancy Post-Vegas Shooting, Admits MGM, As It Revises Revenue Forecast"},"content":{"rendered":"

MGM Resorts International\u2019s Mandalay Bay is taking longer than expected<\/a> to recover from the Las Vegas shooting, the company\u2019s CEO Jim Murren told analysts during a Thursday conference call to discuss Q1 earnings.<\/p>\n

\"Mandalay
MGM CEO Jim Murren admitted Thursday that Mandalay Bay is taking longer than expected to recover from the awful events of October 1, 2017. The operator\u2019s stock plummeted by ten percent following the revised earnings forecast. (Image: Associated Press)<\/figcaption><\/figure>\n

Murren said the property\u2019s revenue declined by 6.3 percent during Q1 to $245 million, while occupancy was at just 85 percent, a 6 percent decline from the corresponding period the previous year and the lowest MGM property on the Strip after unfashionable Circus Circus.<\/p>\n

This, and the disruption caused by the $550 million revamp of the Monte Carlo, caused MGM management to lower its projected revenue growth. The stock market reacted badly to the news, with ten percent \u2013 or some $1.7 billion \u2013 being wiped off the company\u2019s market capitalization by the end of trading on Thursday. It\u2019s the worst stock hit MGM has taken in over two years.<\/p>\n

Unprecedented Challenge<\/strong><\/h2>\n

On October 1, 2017, 64-year-old Stephen Paddock<\/a> opened fire from his 32nd-<\/span>floor room in\u00a0the Mandalay Bay on a country music concert on the Las Vegas Strip below.<\/p>\n

\n

The wealthy real estate owner and habitual gambler killed 58 people and injured over 800 more before dying from a self-inflicted gunshot wound to the head. His motive for carrying out the worst mass shooting in US history has never been understood.<\/p>\n<\/div>\n

\u201cIt’s in recovery mode,\u201d said Murren, of the resort. “It has not recovered as rapidly as we had hoped. Again, this is a property that is undertaking a tremendous challenge \u2013 unprecedented \u2013 and we’re getting our arms around what that has meant, but that has lagged behind what we had predicted in terms of its performance.\u201d<\/strong><\/p><\/blockquote>\n

Breaking With Conventions <\/strong><\/h2>\n

As MGM\u2019s fourth-largest property, Mandalay Bay accounts for 8.5 percent of its revenue, with much of its business coming from conventions attracted to its 2 million square feet of exhibition space.<\/p>\n

MGM COO said a large convention was canceled in February along with several smaller events. Meanwhile, demand for convention space at Mandalay Bay in the period around the first anniversary of the shooting this October is understandably low.<\/p>\n

Sanders also said some leisure tourists are electing to stay away from the property and, along with potential Monte Carlo guests, are opting to stay with competitors.<\/p>\n

\u201cWe didn’t know how impactful the Monte Carlo disruption would be,\u201d said Murren when discussing the revised revenue projections. \u201cWe felt that we could manage around it and we haven’t been able to. And we didn’t know exactly what it would take to basically re-launch Mandalay Bay. Those are on us. And that’s on me, I know better.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

MGM Resorts International\u2019s Mandalay Bay is taking longer than expected to recover from the Las Vegas shooting, the company\u2019s CEO Jim Murren told analysts during a Thursday conference call to discuss Q1 earnings. Murren said the property\u2019s revenue declined by 6.3 percent during Q1 to $245 million, while occupancy was at just 85 percent, a […]<\/p>\n","protected":false},"author":36,"featured_media":76575,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10,18],"tags":[],"acf":[],"yoast_head":"\nMandalay Bay Struggles for Occupancy Post Vegas-Shooting, Admits MGM Resorts<\/title>\n<meta name=\"description\" content=\"The Mandalay Bay Resort and Casino is struggling to recover from Stephen Paddock massacre, says MGM Resorts\u2019 CEO Jim Murren. 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