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Posted At : May 20, 2009 11:21 AM | Posted By : D McKee
Related Categories:
International,Station Casinos,Harrah's,MGM Mirage
Tamara Audi of the Wall Street Journal is one of the two best gaming reporters in the U.S. (The Las Vegas Sun's Liz Benston is the other.) Too bad her story on MGM Mirage's global extension of its brand(s) got slugged with this idiotic faux-clever headline: "MGM Mirage Gambles on Hotels in Mideast, Asia."
Yuk yuk. WSJ headline writers must have really had to put on their thinking caps to come up with one. Except ...
There's no "gamble" here: As long as MGM does its spadework, and budgets so that management fees - costs + franchising fees = profitability, where's the problem? This is a brilliant low-exposure move by a company that's far too vulnerable to the vagaries of one (market) right now.
Both the Sun and the Las Vegas Review-Journal chimed in on this story already, but Audi has far more detail than either. Already, MGM's plan embraces such far-flung and exotic locales as Sharm El Sheikh (Egypt) and Tientsin (aka Tianjin, China), and a stateside push is under discussion.
Kudos to both CEO Jim Murren and MGM Mirage Hospitality supremo Gamal Aziz for devising a means of broadening the company's revenue stream that entails comparatively few upfront costs. MGM may be in stormy weather roughly comparable to what's being experienced by Harrah's Entertainment and Station Casinos. Unlike those two, it's going to have something to show for its troubles when it comes out on the other side of the typhoon.
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