MGM Resorts, the hospitality and land-based gaming conglomerate, has added on-site Covid-19 testing to its health and safety program, with the aim of facilitating the return of in-person business meetings.
MGM Resorts Convene with Confidence Program
The testing is part of the Convene with Confidence program, which lays out health and safety guidelines for organizing in-person activities.
Since the pandemic began, MGM Resorts claims that the initiative has helped them hold nearly 300 meetings.
CEO and president of MGM Resorts, Bill Hornbuckle, said: “Convene with Confidence is a result of close consultation with health experts and our increased focus on leveraging innovation to not only provide a better guest experience – but a safer one as well.”
Hornbuckle further stated that MGM Resorts has been at the forefront of the rapidly changing hospitality and events sectors for a long time. The company is confident in the program they’ve developed, which allows businesses to meet in person while maintaining their peace of mind.
MGM Resorts’ senior vice president and chief sales officer Stephanie Glanzer added that meetings and conferences are important to both the business and the city of Las Vegas, as well as the organizations that count on these events.
Glanzer reiterated that MGM’s deep commitment to the future health of the meetings industry is reflected in the creation of Convene with Confidence, a fully customizable program with numerous choices for planners and attendees.
MGM Resorts Posts Losses in 2020
MGM Resorts posted a 60% drop in revenue in 2020, from $5.16 billion to $1.03 billion, and revealed plans to expand its online gaming operations.
During the Covid-19 pandemic, the gaming industry was severely harmed by lockdowns and reduced operations across casinos.
MGM’s expenditures decreased by 35.6% in 2020, but they were still higher than the company’s revenue. The group’s brick-and-mortar operations provided the majority of the profits in 2020, with $2.87 billion, but the segment declined by 54.9%compared to 2019.
After various affiliate-related expenses and taxes, the company posted a $1.32 billion net loss, compared to a $2.85 billion profit in 2019.
MGM’s final net loss was $1.03 billion, excluding losses related to noncontrolling assets. In the fourth quarter, turnover fell 53.2% to $1.49 billion, with casino income falling 40.9% to $963.8 million.
MGM Resorts to Expand iGaming Operations
BetMGM began operations in seven states in January of this year, including Michigan, Virginia, and Iowa, and Hornbuckle announced that the company expects to expand to 20 markets by the end of 2021.
MGM offered to purchase all of Entain’s stock for around $11 billion, but the latter turned down the offer, claiming it was substantially undervalued. MGM withdrew its bid as a result.
Despite the fact that the deal fell through, Hornbuckle stated that MGM’s strategy is to diversify its revenue sources and expand its global presence in the iGaming industry.