Thursday, March 12, 2020 | 2:45 p.m.
Hotel and convention cancellations are up at Las Vegas resort properties due to the coronavirus, according to MGM’s top executive.
In a news release today, MGM Resorts International Chairman and CEO Jim Murren said the company is “actively managing costs” to help protect its margins.
“Efforts to contain the virus have resulted in cancellations or postponements of major conferences, festivals, and sporting events as well as a reduction in travel demand in Las Vegas and across the globe,” Murren said in a statement. “Our domestic resorts have been impacted in the near term primarily driven by increased cancellations in our hotel and convention bookings in Las Vegas.”
Murren indicated that most of the cancellations are for dates in March and April.
MGM also announced today the termination of a plan to buy back $1.25 billion of its own stock.