MGM Mirage has sought permission from it’s shareholders to change it’s name from MGM Mirage to MGM Resorts International. (Click here for the full article from the LVRJ)
You might ask yourself, “what’s the big deal?”….
Well, how would you like to be in charge of re-branding a company of that size? With over 13 properties on the Las Vegas Strip alone, it is a monumental task! Their website lists Bellagio, Monte Carlo, New York New York, Circus Circus, Mandalay Bay, MGM Grand, City Center, Aria, Vdara, Excalibur, Luxor, The Mirage and THEhotel at Mandalay Bay as major brands on the Strip.
Projects of this magnitude usually include huge marketing campaigns designed to increase the awareness of the new brand. Do you realize how many matchbooks, napkins, towels, property & corporate signs, etc. will have to be changed? The task is enormous and expensive. The cost is measured in millions of dollars and will take many months.
There are many reasons for changing your name and re branding your company. Repositioning or changing public opinion are two of the most common reasons for re-branding. MGM Mirage has a strong position in the gaming industry and as far as I know, the public doesn’t have a negative opinion of their company.
In today’s economy, where every dollar spent is under tremendous scrutiny, you have to wonder why make the name change now? Is there a clear advantage and ROI to be obtained by making the name change? The rumor is MGM Mirage will be selling The Mirage property, necessitating a name change. We may never know the real answers to those questions, but it will be interesting to find out over the next few months.
Las Vegas has been hit hard during the economic downturn. Working in the industry (currently @ the Las Vegas Hilton), I’ve noticed a dramatic change in customer behavior. People are still visiting Las Vegas, but they are spending less while they are here.
Before the recession hit, the restaurants and lounges were bursting at the seams during the weekend. You had to wait in lines to get in to restaurants, lounges, and night clubs. Now, you can easily get in to any of these places…..of course, except the night clubs, where you have to always wait in line. The tables and slot machines were packed with customers and table minimums were higher. I understand that people’s disposable income has been hit hard by the economy, so they are not spending as much as they did in the past. However, the odd thing is that I see a lot of people here in the city during the weekend. That means their spending money to fly/drive here, rent a room, and play for a few days. Weekend occupancy levels are too bad in town.
If they aren’t eating, drinking, or gambling…..what are they doing? Staying in their room, watching TV? I doubt it.
So, I would love to hear from you, the Las Vegas visitor……why do you come to Las Vegas? Have you been here in the past 12 months? If so, what did you do? How did you spend your money? Business or Pleasure? Do you plan to return soon? What can we (Las Vegas) do better as a vacation destination?
Please join the conversation, I’d love to hear your thoughts.
Football season officially kicked off this year, no pun intended, with the start of College Football last weekend and NFL this week. 1,000’s of sports bettors will flock to Las Vegas sports books. After living in Vegas for over 16 years, here are some random observations I’ve made: Continue reading
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