Here we grow again.
Park Theater at Monte Carlo opens in December. Like we aren’t already busy, so does the Theater at National Harbor at our MGM resort near Washington DC.
Our entertainment footprint is growing quickly and by big leaps. No tentative toes in the water for us. Our team believes firmly that we need to achieve this level of scale to effectively compete in the world of live entertainment, and to achieve our mission of bringing additional visitors to the markets we serve and support our resorts.
The live entertainment industry is changing quickly, and companies are realizing that margins are getting squeezed even more than the past in what is already a traditionally low margin business. So strategic partnerships, acquisitions and development are all taking place, in an attempt to get scale. Scale brings buying power, scale brings efficiencies, scale allows you to influence the “supply chain” in your industry.
It took less than 10 years for artists’ entire revenue source to seemingly shift from selling records to playing concerts. It will likely be less than 5-10 years from now that we see a revolution in ticketing, away from a primary and secondary market, to a more “yielded” solution like airline tickets and hotel rooms. And new event types like e-sports and drone racing are growing rapidly, ignoring “traditions” about how events should build popularity.
Against this backdrop, we took an already great team and added some additional resources; we are building processes to ensure great guest, promoter, and artist experiences; and we are working with our partners to get scale ourselves. We get the advantage of a company that is expanding with new resorts in Maryland, Massachusetts and Macau, and prospects for additional growth in the US and globally. We are working feverishly (isn’t that always the case a few months before opening a venue?) to finish the construction of Park Theater and the Theater at National Harbor, and look forward to announcing many acts for both venues in the weeks and months to come.
We hope to serve many of you in the future at one of our venues, and look forward to bringing you entertainment that wasn’t already available in the markets we serve.