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Marriott (MAR) Boosts Loyalty Offerings With BetMGM Tie-Up
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Marriott International, Inc.’s (MAR - Free Report) Marriott Bonvoy recently announced a strategic partnership with MGM Resorts International’s (MGM - Free Report) BetMGM to launch an unprecedented rewards collaboration in the online sports betting and iGaming industry.
The companies had earlier collaborated to offer reciprocal earning and redemption benefits to Marriott Bonvoy and MGM Rewards loyalty program members. The alliance facilitates customers to earn and redeem points at the 16 renowned hotel and resort destinations of the MGM Collection in Las Vegas and other locations, accessible via Marriott.com and the Marriott Bonvoy app.
The collaboration facilitates the integration of Bonvoy and BetMGM accounts. Customers can accrue BetMGM Rewards points by placing bets through the BetMGM sports betting app or engaging in activities on the acclaimed online casino platform. They have the option to convert these BetMGM Rewards points into Marriott Bonvoy points, with an annual cap of up to 100,000 points. The Marriott Bonvoy points can then be utilized for complimentary future stays at any of Marriott Bonvoy's 30 hotel brands across 10,000 destinations worldwide.
BetMGM CEO Adam Greenblatt expressed that the partnership with Marriott Bonvoy represents a significant distinguishing factor for their company. Greenblatt stated that the collaboration would expand their brand's reach to millions of prospective customers while also providing their players with the exclusive advantage of leveraging their gaming activity to access the diverse range of experiences offered by Marriott Bonvoy.
Increased Focus on Loyalty Program
MAR is benefiting from robust growth in its loyalty program. With nearly 196 million members globally, the company’s loyalty program, Marriott Bonvoy, is supporting its marketing strategies. Also, Marriott has been actively promoting its Bonvoy collaborations, such as Uber, Eat Around Town and co-branded credit cards.
In 2023, the Marriott Bonvoy app facilitated a 22% increase in room nights year over year. The company is prioritizing the enhancement of customer experience across various booking channels as part of its ongoing multi-year technology transformation. It aims to strengthen engagement with members beyond hotel stays through successful collaborations within the Marriott Bonvoy ecosystem, including co-branded credit cards. During the year, the company reported strong global acquisitions of card members and an 11% year-over-year growth in card spend.
Backed by solid customer acceptance for credit card programs and a rise in credit card average spending, the company anticipates higher contributions from credit card fees in 2024. For 2024, the company anticipates a 9-10% year-over-year increase in total non-RevPAR-related fees driven by strong credit card and residential branding fee growth.
Image Source: Zacks Investment Research
In the past year, the company’s shares have gained 52.4% compared with the industry’s 37.1% growth.
Zacks Rank & Key Picks
Marriott currently carries a Zacks Rank #3 (Hold).
The Zacks Consensus Estimate for TCOM’s 2024 sales and earnings per share (EPS) indicates a rise of 18.2% and 1.8%, respectively, from the year-ago levels.
Royal Caribbean Cruises Ltd. (RCL - Free Report) carries a Zacks Rank # (Buy). RCL has a trailing four-quarter earnings surprise of 26.4% on average. Shares of RCL have surged 109.1% in the past year.
The Zacks Consensus Estimate for RCL’s 2024 sales and EPS indicates a rise of 14.7% and 47.9%, respectively, from the year-ago levels.
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Marriott (MAR) Boosts Loyalty Offerings With BetMGM Tie-Up
Marriott International, Inc.’s (MAR - Free Report) Marriott Bonvoy recently announced a strategic partnership with MGM Resorts International’s (MGM - Free Report) BetMGM to launch an unprecedented rewards collaboration in the online sports betting and iGaming industry.
The companies had earlier collaborated to offer reciprocal earning and redemption benefits to Marriott Bonvoy and MGM Rewards loyalty program members. The alliance facilitates customers to earn and redeem points at the 16 renowned hotel and resort destinations of the MGM Collection in Las Vegas and other locations, accessible via Marriott.com and the Marriott Bonvoy app.
The collaboration facilitates the integration of Bonvoy and BetMGM accounts. Customers can accrue BetMGM Rewards points by placing bets through the BetMGM sports betting app or engaging in activities on the acclaimed online casino platform. They have the option to convert these BetMGM Rewards points into Marriott Bonvoy points, with an annual cap of up to 100,000 points. The Marriott Bonvoy points can then be utilized for complimentary future stays at any of Marriott Bonvoy's 30 hotel brands across 10,000 destinations worldwide.
BetMGM CEO Adam Greenblatt expressed that the partnership with Marriott Bonvoy represents a significant distinguishing factor for their company. Greenblatt stated that the collaboration would expand their brand's reach to millions of prospective customers while also providing their players with the exclusive advantage of leveraging their gaming activity to access the diverse range of experiences offered by Marriott Bonvoy.
Increased Focus on Loyalty Program
MAR is benefiting from robust growth in its loyalty program. With nearly 196 million members globally, the company’s loyalty program, Marriott Bonvoy, is supporting its marketing strategies. Also, Marriott has been actively promoting its Bonvoy collaborations, such as Uber, Eat Around Town and co-branded credit cards.
In 2023, the Marriott Bonvoy app facilitated a 22% increase in room nights year over year. The company is prioritizing the enhancement of customer experience across various booking channels as part of its ongoing multi-year technology transformation. It aims to strengthen engagement with members beyond hotel stays through successful collaborations within the Marriott Bonvoy ecosystem, including co-branded credit cards. During the year, the company reported strong global acquisitions of card members and an 11% year-over-year growth in card spend.
Backed by solid customer acceptance for credit card programs and a rise in credit card average spending, the company anticipates higher contributions from credit card fees in 2024. For 2024, the company anticipates a 9-10% year-over-year increase in total non-RevPAR-related fees driven by strong credit card and residential branding fee growth.
Image Source: Zacks Investment Research
In the past year, the company’s shares have gained 52.4% compared with the industry’s 37.1% growth.
Zacks Rank & Key Picks
Marriott currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the Zacks Consumer Discretionary sector are as follows:
Trip.com Group Limited (TCOM - Free Report) sports a Zacks Rank #1 (Strong Buy). TCOM has a trailing four-quarter earnings surprise of 53.1%, on average. Shares of TCOM have gained 21.4% in the past year. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for TCOM’s 2024 sales and earnings per share (EPS) indicates a rise of 18.2% and 1.8%, respectively, from the year-ago levels.
Royal Caribbean Cruises Ltd. (RCL - Free Report) carries a Zacks Rank # (Buy). RCL has a trailing four-quarter earnings surprise of 26.4% on average. Shares of RCL have surged 109.1% in the past year.
The Zacks Consensus Estimate for RCL’s 2024 sales and EPS indicates a rise of 14.7% and 47.9%, respectively, from the year-ago levels.