MGM Resorts CEO Bill Hornbuckle addressed a significant summer slump in Las Vegas travel, noting that visitation had declined for seven consecutive months, with July showing a 12% year-over-year decrease. Despite this, Hornbuckle asserted that 'Las Vegas is not done or dead.'
The city is launching a new campaign, 'Welcome to Fabulous Las Vegas,' focusing on value for visitors and offering promotions and incentives. Hornbuckle pointed to deals at MGM's Excalibur resort, such as $85 rooms, $5 tables, and $5 beers, to counter perceptions of high costs.
Hornbuckle, who chairs the U.S. Travel Association, also indicated that the Vegas slump appears to be a leading indicator for broader U.S. travel challenges. He cited a 40% plummet in Canadian visitation, a weakened Canadian dollar, and massive price hikes for U.S. visas as contributing factors to a $50 billion international travel deficit.
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