Derek Stevens Offers CAD Discounts to Attract Canadian Tourists Back to Las Vegas
Written by Emily J. Thompson, Senior Investment Analyst
Source: seekingalpha
- CAD Discount Initiative: Derek Stevens announced that his properties, including Golden Gate Hotel, The D Las Vegas, and Circa Resort & Casino, will accept Canadian dollars at par with U.S. dollars, currently at a rate of $1.00 to $0.73, providing significant discounts to Canadian tourists to stimulate tourism recovery.
- Promotion Duration: This promotional offer will run until August 31 and applies to hotel rooms, bar purchases, and $500 worth of casino play, which is expected to attract more Canadian visitors and alleviate the weak tourism trends observed over the past year.
- Tourism Data Insights: According to the Las Vegas Convention and Visitors Authority, Canadian visitation fell nearly 25% in 2024, while overall tourism was down about 7%, highlighting the urgency for market recovery efforts.
- Air Seat Capacity Decline: Airline seat capacity from Canadian cities to Las Vegas has decreased by approximately 40%, reaching the lowest level since 2006, reflecting tourists' dissatisfaction with U.S. policies and rising travel costs, which contextualizes Stevens' discount initiative.
Analyst Views on MGM
Wall Street analysts forecast MGM stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for MGM is 40.31 USD with a low forecast of 29.00 USD and a high forecast of 56.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
14 Analyst Rating
5 Buy
7 Hold
2 Sell
Hold
Current: 33.900
Low
29.00
Averages
40.31
High
56.00
Current: 33.900
Low
29.00
Averages
40.31
High
56.00
About MGM
MGM Resorts International is a global gaming and entertainment company with national and international locations featuring hotels and casinos, meetings and conference spaces, live and theatrical entertainment experiences, and a range of restaurant, nightlife and retail offerings. The Company’s segments include Las Vegas Strip Resorts, Regional Operations, MGM China, and MGM Digital. The Las Vegas Strip Resorts segment consists of Aria, Bellagio, The Cosmopolitan of Las Vegas, MGM Grand Las Vegas, Mandalay Bay, Luxor, New York-New York, Excalibur, and Park MGM. The Regional Operations segment consists of MGM Grand Detroit in Detroit, Michigan; Beau Rivage in Biloxi, Mississippi; Gold Strike Tunica in Tunica; Borgata in Atlantic City, New Jersey; MGM National Harbor in Prince George’s County, Maryland; MGM Springfield in Springfield, Massachusetts; Empire City in Yonkers, New York, and others. MGM Digital is its online gaming portfolio which is primarily comprised of LeoVegas.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
