Overview
- CEO Bill Hornbuckle said “shame on us” as he cited the $26 Fiji water at Aria and $12 coffee at Excalibur as examples of overreach and said the company has price-corrected.
- About 90% of planned adjustments are now in place after a review of what customers will pay, with changes concentrated at Excalibur, Luxor and New York-New York, according to CFO Jonathan Halkyard.
- Resort fees and parking charges remain in place even as many retail prices have been reduced.
- MGM reported $2.0 billion in third-quarter Las Vegas net revenue and property earnings of $601 million, down from $731 million a year earlier, with MGM Grand renovations cited as a factor.
- The LVCVA’s Fabulous Five-Day Sale drove roughly 300,000 MGM room-night bookings, and executives pointed to fewer Spirit Airlines passengers, reduced Southern California drive-in traffic and weaker international travel as additional demand pressures.