MGM Augments Retail Pricing Strategies

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MGM Augments Retail Pricing Strategies

05/20/2015
MGM Resorts International (MGM) has signed a multi-year agreement for Revionics Price Optimization to enhance retail pricing strategies throughout its U.S. properties, including Bellagio, MGM Grand, Mandalay Bay, The Mirage and other properties.

Revionics, Inc.  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. This news demonstrates how the resort industry is taking note from the retail industry on technologies such as Price Optimization and how it can help its retail stores become more profitable, enhance loyalty and stay competitive. 

“Because we cater to so many different types of customers, we need strategic and precision retail pricing that will motivate purchases among our guests,” said Steve Schnur, MGM Resorts’ Director of Merchandise Planning and Analytics. “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.”

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.