Whitepaper on How Dynamic Housing Models Work for Meetings and Events Industry Released
May 8, 2015
Experient and MGM Resorts International, in partnership with The Association of Equipment Manufacturers have released the whitepaper explaining why dynamic housing models work for the meetings and events industry.
The whitepaper, “Modernize Your Room Block Pricing Model,” can be downloaded for free at http://info.experient-inc.com/modernize-room-block-pricing.
The challenge for all meeting planners and event organizers is to sell the right rooms to the right customer at the right time for the right price. Planners and organizers need to obtain as many rooms as possible for the lowest rate in order to fill room blocks, while hotels need to ensure they are at the highest occupancy at the highest possible rate.
The whitepaper explains how utilizing a dynamic flex pricing model, or rate yielding, is the best way to bridge this gap.
AEM’s CONEXPO-CON/AGG 2014, the largest show in North America for the construction industries, proved that a win-win can be achieved through the use of dynamic flex pricing.
The results for AEM included greater revenue that could be used for show services, more inventory for longer time frames, additional inventory access, lower entry rates contributed to earlier bookings and increased traffic for the event website.
“The whitepaper captures the positive experience we had working with Experient’s Housing team to implement a dynamic flex pricing model,” said Dana Wuesthoff, AEM’s Director of Event Registration and Housing. “After seeing such positive results for our attendees, we’re believers that this model is the way to go to help us offer improved service to show participants.”
For the major entertainment company, MGM Resorts International, results included room block growth beyond the original contracted block, leverage to gain additional inventory for the next event based on stronger pick-up history, additional room nights, competitive rates and increased credibility with attendees finding the best rates available.
The implementation of the dynamic flex pricing model increased credibility for the show organizer, hotel partner and the hotels, according to MGM officials.
According to Deanna Burgess, director of Citywide Corporate Hotel Sales for MGM Resorts International, “We saw room block growth in 13 hotels by more than 15 percent from the original contracted block at lower-than-market rates. That’s something we’ve never seen before.”
The whitepaper, downloadable http://info.experient-inc.com/modernize-room-block-pricing, explains how dynamic flex pricing, or rate yielding, works when there is a need to increase existing room blocks during the booking process and there is flexibility to adjust rates based on demand.
Partner Voices
Just when it seems like Las Vegas can’t get any bigger, brighter or more exciting for groups, MGM Resorts raises the bar again. The company continues to invest and innovate across its portfolio of Las Vegas resorts, with new attractions and upgraded experiences for attendees of all interests.
Remodeled Guest Rooms
MGM Grand is the largest single hotel in the world with over 5,000 guest rooms and an 850,000-square-foot conference center. It is home to the newly remodeled MGM Grand Studio Tower—700 reimagined guest rooms with a fun mid-century vibe. Nearby, the iconic New York-New York Las Vegas Hotel & Casino recently completed a $63M redesign and remodel of its 1,830 guest rooms and 155 suites.
Down the street, Bellagio Las Vegas is sporting renovated rooms in the Spa Tower with sunrise-inspired decor and luxurious soaking tubs in Premier King rooms after a $110-million transformation.
Reinvented Luxury Experiences
The Luxury Meetings District, made up of Bellagio Las Vegas, ARIA Resort & Casino, Vdara Hotel & Spa, The Cosmopolitan of Las Vegas, Park MGM and NoMad Las Vegas, is now more connected than ever before. A new interior walkway opened this October for a seamless attendee experience – connecting Vdara, Bellagio, and The Cosmopolitan of Las Vegas, guests can now walk from Park MGM to Bellagio in around 15 minutes.
New on the scene in the Luxury Meetings District is Cathedrale at ARIA, TAO Group’s upscale establishment specializing in exquisite French-Mediterranean cuisine offering elevated private dining experiences that opened in May.
Heralded by World’s Best 50 Restaurants, GQ and VOGUE, LPM at The Cosmopolitan of Las Vegas is opening this fall and will deliver its signature spontaneity and imaginative celebration of France’s Mediterranean cuisine, art, and culture to the unique luxury resort in impeccable fashion.
A “New Wave for Mandalay Bay
A new wave of enhancements and experiences has arrived at Mandalay Bay Resort and Casino, including Flanker Kitchen + Sports Bar, an 8,445-square-foot restaurant that opened this June, perfect for pre- and post-game eats and drinks. Event planner’s favorite, Chef Michael Mina’s StripSteak, received a full renovation and now includes one of the largest private dining rooms on The Strip. Retro by Voltaggio debuts a one-year residency with a fun take on pop culture of the 80s and 90s with classic American dishes. An exciting addition planned for 2024 is Swingers, a 40,000-square-foot oasis of street food, miniature golf and art at Mandalay Bay.
Most exciting for meeting planners, the 2.1 million-square-foot Mandalay Bay Convention Center is undergoing a complete refresh, with lightened space, added eye-catching art, and improved technology infrastructure for even more flexible space. Energy-efficient digital signage now leads the way with faster internet speeds and new AV options.
From renovated guest rooms and meeting spaces to celebrated dining options and dedicated teams, MGM Resorts is dedicated to delivering exceptional and innovative meeting experiences.
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