by Las Vegas Events Calendar April 2023 – The highly anticipated Grand Prix of Las Vegas joins the Formula 1 calendar in 2023. The races will be held at the new Las Vegas street circuit on Saturday night in Sin City. The Las Vegas Grand Prix will be the penultimate round of the 2023 season.
There hasn’t been a race in the new Las Vegas circuit yet, so it’s hard to say where the best places to watch will be! Grandstand entrances on the main straight are great for viewing the grid, stops and podium celebrations, while grandstands in heavy braking zones (such as Turns 12 and 14) can be nice places to see some overtaking.
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Visit the Las Vegas Speedway page for more information on the US Grand Prix venue, including videos, an image gallery, information on how to get to the speedway and tips on where to stay.
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Cookies that are not particularly necessary for the website to function and are used specifically to collect personal user data through analytics, advertisements and other embedded content are called non-necessary cookies. It is mandatory to obtain user consent before running these cookies on your website. MGM Resorts International closed the sale of its stake in its spinoff real estate investment trust during the second quarter, netting $4.4 billion in cash for the company. Pictured above is MGM Grand Las Vegas, one of 15 resort casinos in the MGM Growth Properties portfolio. ()
While aware of a potential downturn, MGM Resorts International executives said they see no sign of demand slowing.
“Looking ahead, we remain fairly confident on our domestic business outlook based on a number of tailwinds in the coming year, including a rebound in our convention business, the return of international travel, and the schedule of exciting events in Las Vegas. Bill Hornbuckle, president and chief executive officer of MGM Resorts, said during the company’s second quarter earnings call.
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In 2023, MGM Resorts expects to increase its convention and rate mix year over year, he said. The CES technology show will return to Las Vegas next year alongside the ConExpo-Con/Agg trade show, one of the busiest events of the year with more than 130,000 attendees ever.
International visits to Las Vegas accounted for 3% of visitors in 2021 compared to 10% to 15% in the pre-pandemic years, Hornbuckle said. The company predicts that international guests will return in force as international flight capacity is expected to reach more than 80% of summer 2019 levels, and international guests have longer waiting patterns than domestic guests.
Las Vegas’ events calendar is arguably the best the city has ever had, Hornbuckle said, adding that the size and location of MGM Resorts will allow her to be the main beneficiary. The city is home to the NHL Golden Knights team and the NFL Raiders team. It will host the Sweet 16 and Elite Eight rounds of the NCAA Men’s Tournament next year, as well as its first Formula One race. In February 2024, the city will host the Super Bowl.
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“When you put it all together, the business case is extremely compelling for continued growth and momentum in our business,” he said.
July’s preliminary results are an encouraging sign for the third quarter, said Chief Financial Officer Jonathan Halkyard. MGM Resorts properties in Las Vegas reported 94% occupancy with the average daily rate increasing 6% year over year.
The company is now “our toughest competition compared to 2021, given the strong reopening trend we experienced last year,” Halkyard said.
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MGM Resorts bookings remain strong with occupancy growth in every month for the rest of this year, he said. Rates are increasing by double digits compared to 2021 in every month.
“In fact, during the month of June we booked the most rooms per day so far this year,” Halkyard said. “Yes, we really like the prospect of a Las Vegas lawsuit.”
MGM Resorts took significant steps to streamline its corporate structure and complete the monetization of its real estate assets during the quarter, Hornbuckle said. The company closed the sale of its interest in its spinoff real estate investment trust MGM Growth Properties to gaming REIT Vici Properties for $4.4 billion in cash. The company intends to use the proceeds to invest in its core business and pursue growth opportunities.
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The company also closed on the acquisition of operations at The Cosmopolitan Las Vegas, a $1.625 billion deal.
“I cannot say enough about the strength of the team at The Cosmopolitan and the culture of exceptional service that has been created there,” said Hornbuckle. “Our focus now is to integrate the property’s operations into the MGM Resorts portfolio and work together to maximize the future success of this world-class resort.”
MGM Resorts has also reached an agreement to sell operations of the Gold Strike Casino Resort in Tunica, Mississippi, to Cherokee Nation Entertainment Gaming Holdings for $450 million, he said. The deal is expected to close in early 2023.
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“As a company, we thought this was an opportunity to sharpen our focus in Mississippi, at Beau Rivage [Resort & Casino in Biloxi], and take advantage of an attractive valuation,” he said.
The company’s $1.075 billion sale of The Mirage Las Vegas operations to Hard Rock International is on track to close later this year.
MGM Resorts executives are excited about applying for three additional casino licenses in New York state and are eager to expand MGM Empire City in Yonkers, Hornbuckle said.
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Internationally, the company submitted its area development plan with its partner Orix to the Japanese government in April to obtain a gaming license to operate in the city of Osaka, he said. MGM Resorts is also making progress in bringing the MGM Grand to Dubai. It has a management agreement for an integrated non-gaming resort being developed in conjunction with Wasl Hospitality and Leisure.
“The project has started and work continues on the progress of development,” said Hornbuckle. “We will be watching with great interest what happens and what doesn’t happen around gaming in the region, hopefully in the near future.”
Consolidated second-quarter net income for MGM Resort was $3.3 billion, a 44% increase compared to 2021 despite a $168 million negative impact from MGM China due to China’s COVID-19 restrictions and the closure of non-essential businesses in Macau, Halkyard said.
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Net income attributable to MGM Resorts was $1.8 billion, a figure that benefited from proceeds related to the sale of MGM Growth properties, according to the company’s earnings release.
Second-quarter net income for the Las Vegas Strip was $2.1 billion, and adjusted property earnings before interest, taxes, depreciation, amortization and rental costs were $825 million, he said. Net revenue for the same store in Las Vegas, excluding Aria, Vdara and The Cosmopolitan, grew 60% compared to the second quarter of 2021.
Unlike what happened during the first quarter due to the omicron variation of COVID-19, the second quarter’s occupancy, average daily rate and profitability were consistent, Helygain said. Occupancy was 92%, maintaining the performance seen at the end of March. Prices remained strong with ADRs at a record high of $225. In the same store, its ADR of $201 was 34% higher than Q2 2021.
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“Our pricing power is driven by a number of factors: the appeal and sophistication of our marketing efforts, relative value against other resort markets, the return of weekday conventions, and the renewal benefit of certain suite tickets, including Bellagio and Aria Sky Suites , which we completed in 2021,” he said.
Net income from MGM Resorts’ regional properties was $960 million, up 12% year over year, Helygain said. Adjusted property EBITDAR was $340 million, up 7% from the same quarter in 2021. Margins were 35%, down about 200 basis points, as the company recovered more of its non-gaming operations .
Macau’s net income was $143 million in the second quarter, down 54% year-on-year, it said. Property adjusted EBITDAR was a loss of $52 million compared to a positive $9 million last year.
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“Public health policies remain a barrier in the region, as access to Macau is severely restricted,” Halkyard said.
At press time, shares of MGM Resorts were trading at $34.20, down 23.8% from a year earlier. The
