Photo: Benoit Linero/NoMad Las Vegas
According to reports, including in the Las Vegas Review-Journal, MGM Resorts International has purchased a 50 percent stake in the Sydell Group, a hotel company that operates the NoMad brand, among others. The two companies are already familiar with each other; NoMad opened a 293-room boutique hotel on the top four floors of Park MGM in October.
“MGM Resorts is a global leader in the hospitality and entertainment industry, and this is part of the next evolution of our growth opportunities,” spokesman Brian Ahern said via email.
The move could help MGM capture a specific kind of traveler — those that belong to a younger, affluent demographic, according to Jefferies analyst David Katz. About 24 percent of Las Vegas visitors last year were 60 or older, according to the Las Vegas Convention and Visitors Authority.
For more information, go here: https://www.reviewjournal.com/business/casinos-gaming/mgm-resorts-purchases-stake-in-operator-of-nomad-hotel-brand-1833143/
