"Las Vegas is doing very well"
MGM "more of a non-gaming company" - CEO Murren
2016-09-28
Reading time 46 seg
In an interview with CNBC, MGM Resorts (MGM) CEO James Murren discussed several topics regarding the casino business, among them the current ventures in Las Vegas, new ventures the company will be embarking on, and why 75% of its business is non-gaming.
"Fortunately Las Vegas is doing very well, and we own half of the entire market there. It's because businesses have more conventions in our convention space," Murren said as reported by TheStreet.
Las Vegas is also getting a boost from more people going on vacation, better rates, and activity, and the airport has benefited from an increase in international flights, he noted.
Additionally, MGM will open a new building at National Harbor near Washington DC in December.
Regarding the business of MGM, Murren explained where the company's revenue stems from.
““Seventy-five percent of our revenue in Las Vegas is non-gaming. We're more of a non-gaming company, he said emphasizing conventions, rooms, entertainment, and retail as the primary drivers of revenue outside the gaming part of the business
”
Moreover, while the gaming business has been "flattish" the non-gaming is the highest growth part of the company, Murren noted.
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