Las Vegas, Clark County, Nevada: MGM Resorts Acknowledges Lost Pricing Power on October 29 Earnings Call as Airfares and Fuel Prices Weigh on Summer Room Demand
MGM Resorts, in Las Vegas, Clark County, Nevada, reported on October 29 that summer performance on the Las Vegas Strip was weak, as rising airfares and gasoline prices reduced demand for rooms. The company controls about 40% of hotel rooms on the Las Vegas Strip. CEO Bill Hornbuckle said on Wednesday's earnings call that relief is needed on fuel, gasoline and airline pricing. Chief Financial Officer Jonathan Halkyard laid out the monthly slide: July room rates were roughly flat with a year earlier, performance worsened through the third quarter, and conditions eased in October. Convention business offset weaker leisure demand in some months, but overall, transportation costs squeezed the hotels' pricing power.
Source: GSM · USA (original Chinese edition)
Photo: 资料图：拉斯维加斯市政厅，来源为GSM固定图库cities包
