MGM Resorts announced a total loss of $535 million and said it would halt midweek operations at its Park MGM resort in Las Vegas. Low occupancy is a shame but it is a reality in the COVID-19 era. Meeting planners can kick start a meetings and incentives recovery plan by considering these three ingredients:
Health & Safety Measures
Contract Flexibility
Financial Risk Management - this is where Meeting Escrow's many financial service offerings can assist
Eight months after Covid-19 struck the United States, the hospitality industry is still reeling. Major brands, including Hilton, Hyatt and MGM Resorts, reported significant losses in Q3. Hilton said it sustained a net loss of $81 million, while Hyatt's third-quarter losses topped $161 million. MGM Resorts lost $535 million.
In response to low occupancy rates, MGM Resorts announced it would halt midweek operations for the hotel at its Park MGM Las Vegas property. Starting Nov. 9, the property will close Mondays at noon and reopen on Thursdays at noon. The casino, pool and restaurants will remain open. MGM Resorts said it is considering implementing midweek closures at other Las Vegas locations. In similar news, Wynn Resorts announced that its Encore hotel would reduce operations to a four-day schedule, opening Thursdays through Sunday.