MGM Resorts International has signed a multi-year agreement for Revionics® Price Optimization to enhance retail pricing strategies at its US properties, including Bellagio, MGM Grand, Mandalay Bay, The Mirage and other properties.
Revionics will assist MGM Resorts in driving and measuring profitability across hundreds of its retail locations, scaling pricing processes to accommodate its retail growth and incorporating enhanced reporting, forecasting and analysis.
The solution features science-based pricing recommendations, self-tuning pricing models, real-time “what-if” scenario planning tools and the ability to rank pricing recommendations based on what will make the most impact on the business. Revionics’ Performance Intelligence provides a clear, graphical dashboard of the pricing strategies and state of the overall business, which frees the MGM Resorts’ pricing team to focus on more strategic pricing initiatives and less on manual pricing reviews.
Steve Schnur, MGM Director of Merchandise Planning and Analytics, said: “Because we cater to so many different types of customers, we need strategic and precision retail pricing that will motivate purchases among our guests. After an in-depth search, we found that Revionics met all of our criteria. The solution provides full transparency throughout the pricing process, fast time-to-insights, and scalability.”
Marc Hafner, Revionics CEO, added: “We welcome MGM Resorts as a customer as we expand Revionics’ presence in the hospitality sector, and we look forward to supporting their efforts to stimulate increased profitability, competitiveness and loyalty. Our solution will streamline management’s process of establishing priorities, making data-driven decisions and taking action, resulting in a greater ability to predict and shape shopper purchasing behaviour.”
Revionics, Inc. delivers proven End-to-End Merchandise Optimizations solutions to over 40,000+ retail locations around the world. Delivered on a scalable, SaaS-based platform, Revionics solutions offer real-time insights and dynamic decisions at speed, scale and frequency, while providing fast ROI. The Company has been recognised as a Deloitte Technology Fast 500™ and JMP Securities’ Hot 100 Software Company.
MGM Resorts International is one of the world’s leading global hospitality companies, operating a portfolio of destination resort brands including Bellagio, MGM Grand, Mandalay Bay and The Mirage. The Company also owns 51pc of MGM China Holdings Limited, which owns the MGM Macau resort and casino and is in the process of developing a gaming resort in Cotai, and 50pc of CityCenter in Las Vegas, which features ARIA Resort & Casino.