Director Revenue Management

MGM Resorts International   •  

Las Vegas, NV

Industry: Hospitality & Recreation

  •  

5 - 7 years

Posted 49 days ago

It is the primary responsibility of theDirector 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.

  • Develop a forward-looking strategy, building connections between tactics and execution and strategy.
  • Ability to guide large teams, multiple properties and multiple projects.
  • Create teams for projects, set direction, plan and execute work, manage and delegate.
  • Conduct meetings with Senior Leaders.
  • Set prices, build forecasts and create budgets for large complex buildings.
  • Ability to make technical/domain decisions with minimal supervision
  • 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 implement 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 maintain 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. Consolidate, simplify and create 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 ensure 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 assigned.

Required:

  • Bachelor of Science degree in Hotel/Business Administration, with emphasis in Statistic, Finance, Accounting or Marketing.
  • At least 6 years of relevant experience.
  • Experience in financial analysis, accounting principles and theories with the successful application of these concepts in a hotel/casino environment.
  • Excellent customer service skills.
  • Able to lead and mentor a team.
  • Have interpersonal skills to deal effectively with all business contacts.
  • Professional appearance and demeanor.
  • Work varied shifts, including weekends and holidays.
  • High school diploma or equivalent.
  • Able to effectively communicate in English, in both written and oral forms.

Preferred:

  • Knowledge of an Automated Revenue Management system preferred.
  • SAS or SQL knowledge.
  • Previous experience working in a similar resort setting.
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