MGM Resorts International CEO James Murren says Las Vegas has secured its hold on the world’s top destination for conventions, trade shows, and large meetings, and anticipates continued growth in the near-future.
The Las Vegas Convention Center is undergoing a 10-year, $2.3 billion expansion, and various properties have increased the city’s total convention space by 13 percent last year, largely due to a major expansion of the MGM-owned Mandalay Bay convention center.
MGM added 350,000 square feet to the Mandalay Bay convention center, and Murren says bookings have surpassed expectations. MGM also plans to add another 200,000 square feet of convention space at the Aria by 2018.
About 18.5 percent bookings of MGM’s 41,000 hotel rooms in Las Vegas were due to conventions and similar events, which was up from 17 percent in 2014, according to MGM. Murren says MGM has booked some $500 million in new events through next year.
Murren supports the Las Vegas Convention and Visitors Authority’s (LVCVA) plan to continue improving convention facilities around the city in order to stave off competition from U.S. cities, like Chicago, Orlando, New York, Nashville, and others that have undertaken major expansions of their convention centers and supporting facilities, including hotels.
The LVCVA is tearing down the former Riviera Casino and its 13 towers to make way for an outdoor exhibition facility, and plans to add a third exhibition hall to what already is the world’s largest convention center.
Murren says such improvements are necessary to stay proactive and continue drawing large events to Las Vegas, which complements the city’s gaming, entertainment, and tourism industry.
MGM intends to examine potential improvements at all if its Las Vegas properties and says other Strip casino operators should do the same.
While it is looking into convention site improvements, MGM also is planning an April 4 opening the Park on the Las Vegas Strip, which is located next to the new T-Mobile Arena.
The arena also opens in April, and the Park provides a complementary setting in which visitors can stroll tree-lined and shaded walkways, dine, drink, and shop.
“We’ve created a neighborhood environment that invites our guests to explore many of our resorts on the Strip’s west side, collecting experiences along the way, with the Park serving as a central gathering space for people to relax, dine, and be entertained,” Murren said.
