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MGM Resorts CEO Sees Las Vegas Bookings Rising in 2014

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October 11, 2013

MGM Resorts CEO Sees Las Vegas Bookings Rising in 2014

Deecember 2004 - Replica of lion at the Entrance of the MGM Grand Hotel, Las Vegas, NV
Deecember 2004 - Replica of lion at the Entrance of the MGM Grand Hotel, Las Vegas, NV

Las Vegas convention bookings will rebound to peak 2007 levels in the first quarter of next year, as audience attendance increases,?MGM Resorts International (MGM)?Chief Executive Officer Jim Murren forecast today.

Room bookings at MGM Resorts, the largest casino operator on the?Las Vegas Strip, suggest a ?tremendous? January through March for all Strip hotels, Murren said in an interview in?New York. The rise comes from stronger attendance at events including the?Consumer Electronics Show, in January, and the return of Conexpo-Con/Agg, the construction industry convention and exhibition held every three years in March, he said.

?The first quarter will be the best we?ve seen since 2007 for the convention business,? Murren said. ?In general, 2014 is going to be a stronger year citywide? than 2013. Still, booking windows remain short, meaning attendees are reserving rooms closer to the event, Murren said.

While?Las Vegas?casinos have struggled to return to pre-recession growth as?consumer spending?has remained weak, MGM Resorts reported gains in its operations there during the second quarter. Strip earnings before interest, taxes, depreciation and amortization rose 15 percent, as casino revenue climbed 7 percent, and hotel sales added 5 percent, MGM said in August. Investment in hotel room remodeling, restaurants and entertainment has attracted more leisure travelers to the city, Murren said at the time.

Business as Usual

The federal government shutdown and the debt-ceiling crisis haven?t had an impact on the company yet, Murren said.

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Source Bloomberg, http://www.bloomberg.com/news/2013-10-08/mgm-resorts-ceo-sees-las-vegas-bookings-rising-in-2014.html

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