“MGM Resorts Loses Big in Vegas as Pandemic Upends Travel Industry - Barron's” plus 1 more

“MGM Resorts Loses Big in Vegas as Pandemic Upends Travel Industry - Barron's” plus 1 more

MGM Resorts Loses Big in Vegas as Pandemic Upends Travel Industry - Barron's

Posted: 10 Feb 2021 03:35 PM PST

Ethan Miller/Getty Images

MGM Resorts International suffered big pandemic-related fourth-quarter and 2020 losses owing to the company's major presence on the Las Vegas Strip.

With its heavy dependence on group travel, conventions, and air travelers, the Strip hasn't been friendly to casino operators during the pandemic. Capacity restrictions due to Covid have also weighed on casino operations.

While MGM Resorts ' regional casino operations and online gambling platform, BetMGM, helped lessen the damage, 2020 was a difficult year for the company.

MGM Resorts (ticker: MGM), whose signature Las Vegas properties include the Bellagio, The Mirage and Mandalay Bay, lost 92 cents a share in the fourth quarter, compared with a profit of $3.91 a year earlier. On an adjusted basis, it lost 90 cents a share, versus a profit of 8 cents a share in 2019's fourth quarter.

Revenue plunged to a little under $1.5 billion, down from nearly $3.2 billion in the corresponding period in 2019—though it did improve from about $1.1 billion in the third quarter.

For all of 2020, the company reported a loss of $2.02 a share, versus a profit of $3.88 the prior year. On an adjusted basis, it lost $3.94 a share in 2020, compared with a profit of 77 cents in 2019. Year-over-year revenues fell sharply to $5.2 billion in 2020 from $12.9 billion in the preceding year.

"We remain diligent in navigating the near-term operating environment, aggressively managing our operating model and our cost structure," CEO Bill J. Hornbuckle told analysts during an earnings call Wednesday after the market closed. "I am optimistic about the long-term recovery about all of our markets and believe that MGM is well positioned to gain share."

MGM shares were around $36 in after-hours trading, down about 1%.

Based on the company's 2020 annual report, about 80% of its roughly 45,000 rooms and suites were located in facilities on the Strip.

Fourth-quarter net revenues for that segment dropped 66% to $480 million, about flat from the third quarter, "due to the pandemic and related operational restrictions as well as mid-week hotel closures at Mandalay Bay, The Mirage, and Park MGM for a portion of the current quarter," according to the press release announcing the company's results.

"The fourth quarter started relatively strong here in Las Vegas with hotel occupancies of about 46% during October," Hornbuckle said, adding that October was the company's strongest month there since the beginning of the pandemic. "But public health concerns dampened visitation over the course of the quarter."

That has continued "at least until now through February," he said.

"It's our belief that these headwinds will continue into the near term. With current Nevada gathering guidelines in effect and public health sentiment where it is, we expect midweek business will be challenged throughout the first quarter."

Looking ahead, Hornbuckle said that "assuming most of the population is willing to resume normal activity, which we saw glimpses of last summer, we believe the demand for travel and visitation to Las Vegas could be robust later in the year."

For the company's regional casino operations, fourth-quarter net revenues fared better, dropping by 34% year over year to $595 million but up 7% from the third quarter. The company's properties include MGM Grand Detroit, which as shut for part of the fourth quarter.

Regional casinos are less dependent on conventions, meetings and entertainment than Las Vegas and other larger markets are.

The company said that its BetMGM sports betting and igaming platform continued to perform well and gain market share. It is now live in 12 states, including New Jersey, Tennessee, Iowa, and Colorado, and the company said it expects to be in 20 states by the end of the year.

The company does have operations in Macau, but it is much less dependent on the market than Las Vegas Sands (LVS) and Wynn Resorts (WYNN) are.

MGM Resorts said its net revenues for MGM China dropped 58% in the fourth quarter to $305 million, but sharply up from $47 million in the third quarter.

As of Dec. 31, cash and cash equivalents totaled about $5.1 billion. Total liquidity was $8.8 billion.

Net long-term debt stood at about $12.4 billion.

Write to Lawrence C. Strauss at lawrence.strauss@barrons.com

Lovely ways to spend Valentine's Day in Las Vegas - Attractions Magazine

Posted: 11 Feb 2021 03:43 PM PST

Las Vegas is the place to be this Valentine's Day, as the destination's romantic restaurants, spas, unique attractions and wedding chapels gear up for the holiday.

las vegas

From the perfect date night dinner to tying the knot Vegas-style, there are plenty of ways to celebrate the most romantic day of the year in Las Vegas.

Love Makes the World Go 'Round

Feel as though you're walking on air at the High Roller Observation Wheel at The Linq Promenade, where couples can enjoy romantic 360-degree views of the Las Vegas Strip. For an extra treat, purchase the "Love Is in the Air" package (available Friday Feb. 12 – Sunday, Feb. 14), which includes two glasses of champagne, a souvenir photo and a complimentary appetizer at Favorite Bistro.

rail explorers

Rail Explorers Las Vegas is offering photo-ops and special amenities during its Valentine's Day rail bike tours from Friday, Feb. 12-14. Choose from the Sunset Sweetheart Tour or the After-Dark Valentine's Fireside Tour, complete with a red rose and chocolate lollipops.

Capture the romance at The Eiffel Tower Experience at Paris Las Vegas Hotel—an exact half-scale reproduction of the iconic landmark—before enjoying a multi-course, prix fixe menu at Gordon Ramsay Steak.

Nothing says love quite like a ride down the Grand Canal in an authentic gondola with your partner while being serenaded by a gondolier at The Venetian Resort Las Vegas. Hear Italian love songs as you float beneath bridges, under balconies, beside restaurants, and under the sky above in the Grand Canal Shoppes.

To Have and to Hold

Thinking about popping the question? Caesars Palace Las Vegas has a Proposal Package that can help! The package includes a proposal coordinator, 30 minutes in your venue of choice, professional photography of the proposal, rose petals, a single rose presentation, Champagne and flutes, and 20% off a Caesars Palace wedding package of the couple's choice.

las vegas

Over at A Chapel of Love, lovebirds can trade vows on the romantic holiday with the "Viva Las Valentines" wedding day special. The chapel will provide everything from a witness to the cake, and all you have to do is just bring your love.

Guests can tie the knot at Flamingo Las Vegas with the Valentine's Day package starting at $725, which includes everything from a professional photography session to a Champagne toast to commemorate the occasion.

Couples can also say "I do" at The Venetian Resort Las Vegas, where a variety of ceremony options are available. Each package comes with an event planner to help with all the details.

Pamper Your Love

las vegas

Send your cares away at Canyon Ranch Spa + Fitness at The Venetian Resort Las Vegas with the Connect and Escape – A Couple's Valentine's Day experience. This package features an 80-minute side-by-side custom massage followed by a wellness lunch and glass of Champagne with a $50 credit at Truth & Tonic Wellness Café.

The Cosmopolitan of Las Vegas offers couples the chance to relax and unwind with an intimate spa experience in a private Spa Suite at Sahra Spa, Salon & Hammam. Designed for two, this private treatment area includes a steam room, shower, deep soaking tub and personal vanity.

Four Seasons Las Vegas is launching the Cupid's Cabana and Spa Experience for this year's Valentine's weekend. Start with a couple's treatment in the Forbes Five-Star Spa, then head to a private outdoor poolside cabana for a six-course epicurean menu paired with wines from around the world.

Get primped and polished for date night by spending the day at the Grand Spa inside MGM Grand Hotel & Casino. Valentine's Day treatments and specials are available through March 31, with offerings like the "Hearts Desire" massage and facial with an herbal chocolate mask and cabernet neroli pedicures.

Qua Baths & Spa at Caesars Palace Las Vegas is celebrating the romantic holiday by offering a complimentary gift that includes a KNESKO Rose Quartz Antioxidant Collagen Eye Mask and an Aromatherapy Scented Balm with select services. Also available is the Couple's Stone Massage.

Feed Your Soul(Mate)

las vegas

Bugsy & Meyer's Steakhouse is offering their first-ever Valentine's Day menu at Flamingo Las Vegas – a multi-course prix fixe menu priced at $195 per couple. Diners will also receive a parting gift of a bottle of wine to enjoy later.

Treat the one you love to a romantic meal at The Cosmopolitan of Las Vegas! Indulge in STK Steakhouse's five-course menu from Feb. 12-14, or enjoy the special Japanese omakase menu from zuma Las Vegas. Prix fixe and tasting menus are also available this Valentine's Day from China Poblano, Jaleo and Scarpetta.

Enjoy a limited-time love-themed brunch on Feb. 13-14 at Ellis Island's The Front Yard, complete with boozy love potions, sweet takes on date night favorites, and a DJ spinning tunes. The Front Yard will also host a Surf & Turf dinner on Feb. 14.

GIADA at The Cromwell will offer two special menus for Valentine's Day. Guests can choose from a tasting menu with several dishes or a prix fixe menu, and even add on a wine pairing to take the meal to the next level.

Try your luck in love at JW Marriott Las Vegas Resort & Spa and Rampart Casino with prix fixe dining specials at Hawthorn Grill and Earl Grey Café. Valentine's Day menus will be available on Feb. 14 only.

Lucky Day tequila and mezcal bar in downtown Las Vegas will set the scene for Valentine's Day with the "la cruda" hangover brunch—complete with all-you-can-eat pupusa fiesta packages and bottle service from their mezcal mini bar—and romantic evening offerings with DJ Moose spinning funk and R&B tunes and "tequila pop" cocktail flights paired with cake pops.

On Feb. 14, go old school at Oscar's Steakhouse at the Plaza Hotel and Casino as it offers couples a three-course dining experience that harkens back to the Rat Pack era.

SAHARA Las Vegas will celebrate the day with a special menu at Bazaar Meat, Chef José Andrés' award-winning restaurant. There will also be a multi-course experience for two available, priced at $135 per person.

Station Casinos will offer specialty menus for Valentine's Day at several venues throughout six of their hotels. A variety of options can be found at Red Rock Casino Resort & Spa, Palace Station Hotel & Casino, Santa Fe Station, Green Valley Ranch, Boulder Station and Sunset Station. Red Rock is also offering a to-go three-course dinner for two and sweet treats at The Bake Shop.

Couples can travel the world through cuisine with prix fixe or tasting Valentine's menus at restaurants throughout The Venetian Resort Las Vegas, including Bouchon by Thomas Keller; Matteo's Ristorante Italiano; Buddy V's Ristorante; sixth + mill ristorante, pizzeria and bar; CHICA by Chef Lorena Garcia; Majordōmo Meat & Fish; CUT by Wolfgang Puck; and Delmonico Steakhouse.

Romantic options are available throughout Wynn and Encore Las Vegas, like prix fixe and a la carte menus at Lakeside, Mizumi, Sinatra, SW Steakhouse and Wing Lei.

Inside the Grand Canal Shoppes, The X Pot will host a one-of-a-kind Valentine's Day dinner that includes a tasting menu, hundreds of roses, and robot servers. This dinner experience comes complete with Valentine's Day-themed HD 360 projections and interactive light shows to set the mood.

Learn more about celebrating Valentine's Day in Las Vegas and plan your romantic getaway now at VisitLasVegas.com.


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