I listen to the quarterly earnings calls for MGM Resorts International because there is usually something juicy that mainstream media leaves out of their reporting. The call this quarter lacked some of the juice but that’s okay. Do you like the juice? I’ll get you some juice.
Construction work at Monte Carlo is more of a burden on the company than they expected. The place was a wreck when I visited a few weeks ago. There are curtains and construction work being done everywhere. Monte Carlo is dragging down overall performance of the company.
The earnings changes aren’t drastic but a lot of the blame went to Monte Carlo on the earnings call. That said, it’s onward and upward for MGM Resorts International. Executives are looking forward and cannot wait to get this work done.
Monte Carlo has been on the bottom tier of their properties. When Park MGM opens, the company expects that it will be one of the best properties in the Las Vegas portfolio for MGM Resorts International.
Executives specifically pointed to increased RevPAR but I need more coffee before getting into that. Park MGM room rates will be higher than Monte Carlo. This is also expected to help generate higher rates at New York-New York. That’s always been the idea behind linking the two properties together with The Park.
Let’s step away from New York for a minute. I’ve been wondering why construction of the pool has been taking so long. Well, now I know. It appears as though there will be convention space added to Park MGM on some of the ground once used for the pool at Monte Carlo.
The first renderings I’ve seen for Park MGM are hidden at the end of the MGM Resorts International earnings PowerPoint presentation (you can download here). As mentioned in last week’s news column (first reported by Eater Vegas) Eataly would open to the Vegas Strip. It appears as though this is also the main entrance to Park MGM from the Vegas Strip.
When I first wrote about the conversion of Monte Carlo to Park MGM I said: “Park MGM To Bring A Little More New York To The Vegas Strip.” The new renderings show that as the entrance looks similar to the Chelsea Market in New York City. It appears as though the plan for the area is evolving similarly to how they told us it would.
There was one little nugget at the end of the earnings call that leads to a fun guessing game. An MGM Resorts International representative (I think it was CEO, Jim Murren) on the earnings call mentioned that if the transition from Monte Carlo to Park MGM was successful that they will repeat this kind of transformation at another Las Vegas resort. There is little doubt that the transformation will be a success…
Let the games begin!
Which MGM Resorts International property is up next for a major renovation and name change? My guess is that after years of speculation that the Excalibur will finally be reinvented. There’s nothing on the horizon and any major reinvention of a property likely won’t be announced for a couple of years. That said, speculation is always fun.
There’s nothing on the horizon and this won’t be announced for a couple of years. That said, speculation is always fun.
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