Director Revenue Management (Corporate)
Director Revenue Management (Corporate)
MGM Resorts International
It is the primary responsibility of the Director of Revenue Management to maximize overall hotel revenue through development and implementation of effective inventory and pricing strategies based on future demand forecasts, current trends and historical data. The Director of Revenue Management is also responsible for determining the optimal mix of customers and managing the distribution strategies on all channels to drive market share. Incumbent is also responsible for development and implementation of effective strategies to maximize total hotel revenue. All duties are to be performed in accordance with departmental policies, practices and procedures.
- Optimize RevPAR by analyzing/forecasting demand and establishing effective selling strategies, oversell strategies, and optimal market mix.
- Develop and implement effective reports and analyses to optimize revenue in each market segment and Distribution Channel.
- Consolidate, prepare and communicate yield management data for senior management on a daily basis, offering recommendations for revenue maximization (Forecasts, rate changes, competitive impacts, and dilution and displacement analyses).
- Develop and implements a consistent and best of breed set of templates, reports and analyses.
- Conduct ongoing competitor price and product analyses to ensure proper rate positioning and product offering relative to competition.
- Responsible for all short and long term forecasts including weekly forecasts, 30-60-90-120 Forecasts, in-the- month forecasts, and the annual budget.
- Oversee the collection and data storage of key historical data to assist the properties in the ongoing daily implementation of rate strategies, analysis of reports, recommendations for continued revenue generation and efficiencies.
- Develop and maintains an evaluation program to determine results from consolidated Revenue Management Meeting decisions.
- Assist in the financial forecasts and evaluation of various marketing, value added, and pricing programs to ensure they are delivering the expected contributions to RevPAR and profits.
- Provide input and direction in the development and monitoring of fiscal budgets, division operations and marketing strategies to produce both short term and long-term profitability for the property.
- Investigate and identify new distribution channel opportunities and manages for optimum channel inventory access.
- Review and recommend all promotional opportunities, sponsorships, and strategic partnerships with various internal departments within the property and corporate.
- Continuously investigate new profit and growth opportunities. Consolidates, simplifies and creates new and existing reports for data analyzing.
- Understand the macro and micro-economic variables affecting supply and demand in the local marketplace, and use this knowledge to create accurate operational and financial room revenue forecasts.
- Monitor and communicate fluctuations in occupancy to operational departments so they can effectively manage staffing requirements and increase efficiency.
- Oversee process for evaluating all opportunities for contracted business (group, wholesale, corporate negotiated, etc.) presented through the Sales department. Ensure that process enables high speed of response while maximizing profits.
- Complete all required month end reports with detailed analysis. If necessary, complete action plans for the property to follow to create additional production/revenue.
- Oversee and ensures timely preparation of various monthly, quarterly and annual reports in accordance with established practices and procedures, distributing reports to management as appropriate.
- Participate in the development of the property pricing strategies to ensure corporate increased volume, market share, and hotel revenue, monitoring current booking trends and recommending marketing strategy modifications accordingly.
- Responsible for managing and developing the property's Revenue Analyst to become a Revenue Manager.
- Performs other job related duties as requested.
- A Bachelor of Science degree in Hotel/Business Administration, with emphasis in Statistic, Finance, Accounting or Marketing.
- At least 7 years relevant operations experience in a major hotel/resort in a managerial position.
- Experience in financial analysis, accounting principles and theories with the successful application of these concepts in a hotel/casino environment.
- Excellent working knowledge of personal computer software programs such as Word and Excel.
- Perception and awareness of management's reporting needs and the ability to translate information into readable and logical report structure.
- Able to apply mathematical analysis, to understand, comply and uphold all departmental and Company rules, regulations, policies and procedures.
- Possess excellent communication and phone skills.
- Establish and implement new policies and procedures.
- Possess skills in preparing and maintaining records and writing correspondence.
- Maintain confidentiality of sensitive information.
- Establish/maintain effective working relationships with staff and management.
- Possess strong leadership qualities, sound judgment, and superior decision-making and problem-solving skills.
- Ability to perform a myriad of duties with extreme care and attention to detail.
- Work in a fast-paced, busy, and somewhat stressful environment.
- Maintain physical stamina and proper mental attitude and ability to deal effectively with guests, management, employees and outside contacts while working under pressure and meeting deadlines.
- Able to frequently move freely about the office, sit for long periods and withstand various activities such as frequent walking, standing, bending, maintain manual dexterity to access computer via computer keyboard.
- Ability to access all areas of the facility and travel off property when representing Corporate.
- Must be able to communicate effectively in English, in both written and oral forms.
- Must have interpersonal skills to deal effectively with all business contacts.
- Maintain a professional, neat and well-groomed appearance, adhering to Corporate Standards
- Work varied shifts, including weekends and holidays.
- High School diploma or equivalent is required.
- Proof of eligibility to work in the United States.
- Knowledge of an Automated Revenue Management system preferred.
- SAS or SQL knowledge.
- Previous experience working in a similar resort setting.