MGM Grand Marketing
MGM Grand casino has one of the most intensive marketing programs in the industry with entirely revamped websites, intensive use of social media, and the use of celebrity spokespersons to further bring credibility and status to their brand (MGM Resorts International, 2013). The loyalty program is among the most generous in Las Vegas with immediate hotel discounts given just for signing up, and the accumulation of gambling points that never expire. MGM Corporation reports that their churn rate is below 20%, which is exceptional given the highly competitive nature of their business (MGM Resorts International, 2013). MGM Grand marketing is also concentrated on the highly affluent segment of 25- to 40-year-old singles or dual-income no kids market segments with incomes over $100K a year (MGM Resorts International, 2013). The renovation recently completed is squarely aimed at this market segment.
Summary
MGM Grand casino needs to be considered a member of the hospitality industry as this property has transformed itself into a resort, as evidenced by the use of 6.6 acres for entertainment over just gambling. From a sociological standpoint the MGM Grand casino is also more of a resort as it today has a state-of-the-art conference center that is often running at 60% booking rates in a given month (MGM Resorts International, 2013). This all leads to the recognition of...
being a casino. There is also the successful transition the company has made with four different remodels and gradual shift away from themed entertainment to a commitment to delivering an exceptional customer experience.
References
Baginski, S.P., Corbett, R.B., & Ortega, W.R. (1991). Catastrophic events and retroactive liability insurance: The case of the MGM grand fire. Journal of Risk and Insurance, 58(2), 247-247.
Lorenzi, N. (1994). Las Vegas enters a new era. Professional Safety, 39(6), 12-12.
MGM Resorts International (2013). Investor Relations. Retrieved March 3, 2013, from MGM Resorts Investor Relations and Filings with the SEC:
http://mgmresorts.investorroom.com/index.php?s=65
Reimann, B.C. (1993). The newest game in Vegas is strategic management. Planning Review, 21(1), 38-38.
Sprecher, C.R., & Pertl, M.A. (1988). Intra-industry effects of the MGM grand fire. Quarterly Journal of Business and Economics, 27(2), 96-96.
Withiam, G. (2000). A grand combination. Cornell Hotel and Restaurant Administration Quarterly, 41(2), 10-10.
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