MGM Resorts International Teams Up with Marriott in New Deal
LISTEN TO THIS ARTICLE:Marriott International and MGM Resorts International announced the creation of the MGM Collection and an exclusive long-term agreement with Marriott Bonvoy. MGM will transition 17 of its hotels to the MGM Collection brand, eight of which are located in Las Vegas.
Co-Branding to Expand Reach
MGM and Marriott will also share their loyalty programs, MGM Rewards and Marriott Bonvoy, and the program will begin this October. The eight Las Vegas hotels that will be part of this alliance will be the Vdara Hotel & Spa, MGM Grand Hotel & Casino, NoMad Las Vegas, The Signature at MGM Grand, Mandalay Bay Resort and Casino, New York -New York Hotel & Casino, Luxor Hotel and Casino and Excalibur Hotel and Casino.
The program allows loyalty club members of both MGM and Marriott to enjoy the benefits of each of the clubs. They can earn points collectively through MGM Collection and Marriott Bonvoy and seamlessly exchange them between the two.
There will also be four properties that will occupy places in MGM Collection, as well as in existing Marriott affiliations. The Bellagio Resort & Casino will join The Luxury Collection, ARIA Resort & Casino will join the Autograph Collection, Park MGM will become part of the Tribute Portfolio and The Cosmopolitan of Las Vegas will continue its affiliation with the Autograph Collection.
Also included in the agreement are Borgata in Atlantic City, Beau Rivage in Mississippi, MGM Grand Detroit in Michigan, MGM National Harbor in Maryland and MGM Springfield in Massachusetts.
Driving Long-Term Growth
Bill Hornbuckle, president and CEO of MGM Resorts, considers this long-term agreement historic. The company has had a great demand from Marriott International clients through the agreement it has had with The Cosmopolitan of Las Vegas, so it hopes to further optimize overall profitability.
The CEO of MGM recently revealed that the change by selling the Mirage hotel and buying the Cosmopolitan hotel has represented the company more profits because they have reached a new market segment, specifically, the millennials.
Hornbuckle said the company is revamping the Cosmopolitan with new restaurants and looking for something permanent for the theater. He emphasized that the company had “swapped the Mirage for the Cosmopolitan, and it has worked out in revenue in a favorable way for the company. And something important has been the access to the [millennial] market segment.”
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