Innovation

🎰 MGM Resorts International reported record full-year consolidated net revenues for 2024 at $17.2 billion, a 7% increase. MGM China saw a 25% rise in Segment Adjusted EBITDAR to $1.1 billion. Over 33 million shares were repurchased in 2024, reducing outstanding shares by over 40% since 2021. Q4 results showed a slight dip with consolidated net revenues at $4.3 billion, down 1%, and net income at $157 million compared to $313 million the previous year. Las Vegas Strip Resorts' revenues fell by 6% to $2.2 billion, while Regional Operations increased by 7% to $932 million. MGM China's revenues grew by 4% to $1 billion. MGM Digital's quarterly revenues were up 15% at $140 million. The company bought back 3 million shares in Q4 at $121 million, with $826 million left in the repurchase plan.

🏨 A new hostel, a&o Firenze Campo di Marte, has opened in Florence, Italy, offering 119 rooms with 466 beds near the historic center. The hostel, which is the 42nd a&o property in Europe and second in Italy, features modern amenities like AI-generated wall panels, seven self-check-in terminals in 13 languages, 24/7 industrial robot cleaners, mobile key access, e-charging stations, and a digital convection oven. Located a 30-minute walk from Piazza del Duomo, the eco-friendly renovation preserves its 1960s facade and includes a photovoltaic and solar thermal system. With connections to Santa Maria Novella every 15 minutes, it's expected to attract budget travelers, groups, and families, offering off-peak discounts. The opening precedes a&o Hostels' 25th anniversary and a €500 million investment in expansion and sustainability.

📈 Hyatt launches Asia Pacific Meetings & Events Alliance for simplified multi-city event planning. Program includes nine properties in Asia Pacific destinations like Bali, Bangkok, Singapore. Benefits: centralized support, customized packages, complimentary upgrades, VIP access, wellness/spa packages, F&B offers, triple World of Hyatt points. Features grand event spaces, like Grand Hyatt Bali's 1,202 m² ballroom and Hyatt Regency Sydney's 4,000 m² of event space. Hyatt's global portfolio stands at over 1,400 hotels in 79 countries.

🎮 Radisson Hotel Group partnered with Spacefwd to launch “Esports Ready by Radisson Hotels,” offering curated services for esports players and organizers. The global esports market is expected to reach USD 13.7 billion by 2032. Over 100 Esports Ready properties, including Radisson Blu Hotel, Cologne, and Radisson Blu Plaza Hotel, Delhi Airport, provide amenities such as 500/500 Mbps symmetric internet and 24/7 gym access. Guests receive a 15% discount, Radisson Rewards VIP status, and flexible cancellation. The program aims to expand globally, enhancing hospitality for esports professionals.

📣 Josiah, the host of a hospitality podcast, discusses the importance of understanding the business side of hospitality to ensure profitability, which enables better guest experiences and operations. This theme was a key topic at Alice, a hotel investment conference. Josiah emphasizes that successful operations lead to increased profitability in the hotel industry, which is intrinsically tied to real estate value. He recently joined Actable, a tech company focused on improving hotel operations, and invites listener feedback on the idea of educating the industry on driving profitability.

🏨 Hotels leveraging integrated CRS and CRM systems achieve higher guest retention, increased revenue, and better operational efficiency. However, 34% of hotel CRM systems are still poorly integrated. A unified CRS-CRM system allows for instant recognition of guest preferences, real-time loyalty rewards, increased direct bookings, and upsell opportunities while also reducing manual work and operational inefficiencies.