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.