Some info on MGM Mirage's quarterly results, announced today:
Categories: Business of Gaming, CityCenter, Detroit Casinos, Las Vegas Strip, MGM Resorts International, Macau Casinos and Hotels, Press Releases
Tags: citycenter, lasvegas, mgm, mgmmirage, vegas
MGM always gives an informative conference call. One comment that made me laugh was when Murren said while competitors were all drinking the Kool-Aid to go private, MGM wanted to remain public and appreciated its two big investors, Tracinda (Kerkorian) and Dubai World. I'm not sure the other gaming companies appreciated the Kool-Aid comment.
Another retort was when an analyst asked whether they've noticed any impact from Palazzo. Murren or Lanni replied, "What's Palazzo?"
Convention room nights will be down about 10% in the first Quarter but should improve later in the year. As some meetings have cancelled, the rooms are sold to others but at lower rates. Vegas is not immune from the national economy.
It would help if they didn't price gouge. Which was why even CES was making public grumblings about how you can't reserve a room now without reserving some expensive dinners and whatnot these days.
The transcript of MGM's conference call is available. The comments about Macau, Western New Year and Chinese New Year are interesting.
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