MGM Resorts International (NYSE: MGM) is one of the world’s leading global hospitality companies, operating a portfolio of destination resort brands including Bellagio, MGM Grand, Mandalay Bay and The Mirage.The Company is in the process of developing MGM National Harbor in Maryland and MGM Springfield in Massachusetts.MGM Resorts controls and holds a 76 percent economic interest in the operating partnership of MGM Growth Properties LLC (NYSE: MGP), a premier triple-net lease real estate investment trust engaged in the acquisition, ownership and leasing of large-scale destination entertainment and leisure resorts.The Company also owns 56 percent of MGM China Holdings Limited (HK: 2282), which owns the MGM Macau resort and casino and is developing a gaming resort in Cotai, and 50 percent of CityCenter in Las Vegas, which features ARIA Resort & Casino. MGM Resorts is named among FORTUNE Magazine’s 2016 list of World’s Most Admired Companies.
Aaron Fischer is the senior vice president of corporate development of MGM Resorts International, appointed for the role in late 2016. According to a press statement from the company, Fischer will be tasked to “assist the company and its affiliates in the development and strategic planning of integrated resorts.”Fischer recently served as the Head of Consumer and Gaming research at CLSA, a boutique brokerage and investment group based in Hong Kong. During his 17 years as an equity analyst Fischer specialized in Macau, Japan, other emerging gaming markets and the global luxury goods industry.Fischer participated in most of the gaming related IPOs in Asia and was a highly ranked analyst according to various surveys, including a Wall Street Journal rating as the Number 1 Best Hong Kong Analyst in 2012.Before moving into research, Mr. Fischer was with Arthur Andersen in Melbourne as a Chartered Accountant. He graduated with a Bachelor of Commerce from the University of Melbourne in 1994.Fisher will work from the MGM Resorts offices in Hong Kong.
Corey Sanders has served as Chief Operating Officer of MGM Resorts International since June 2010. He oversees operations at the company’s wholly-owned properties, which in Nevada include Bellagio, MGM Grand, Mandalay Bay, The Mirage, New York-New York, Monte Carlo, Luxor, Excalibur and Circus Circus Las Vegas. He also oversees Beau Rivage in Biloxi and Gold Strike Tunica, both in Mississippi, as well as MGM Grand Detroit.Mr. Sanders previously served as the Chief Operating Officer for the company’s Core Brand and Regional Properties. In this capacity, he worked closely with then-Chief Marketing Officer and current President Bill Hornbuckle to develop innovative ideas that helped to turn MGM Resorts International into a powerful marketing organization.In his two decades with the company, Mr. Sanders also has served as corporate Executive Vice President of Operations, developing both growth opportunities and operating efficiencies for the company. He also has held the positions of corporate Executive Vice President and CFO of MGM Grand Resorts, and Executive Vice President and CFO of MGM Grand Las Vegas.He is a trustee of the UNLV Foundation and Chairman of the Nevada Resort Association. Mr. Sanders has served on the Board of Directors of the Animal Foundation.He earned a Bachelor of Arts degree in Economics from UCLA.
Jim Murren was named Chairman and CEO of MGM Resorts International in December 2008. He leads a company of 68,000 employees with 13 resorts in Las Vegas, one in Detroit, two in Mississippi and one in Atlantic City, as well as resorts being developed in Maryland and Massachusetts. Mr. Murren also serves as chairman of MGM China Holdings Limited, which owns MGM Macau and is developing a resort in Cotai.Mr. Murren joined MGM in 1998 after spending more than a decade on Wall Street, where he was regarded as a leading analyst in the hotel and gaming industries. His arrival at MGM coincided with a period of dramatic growth for the company, including the acquisitions of Mirage Resorts and Mandalay Resort Group.He is the visionary behind CityCenter, the unprecedented urban resort destination that opened on the Las Vegas Strip in 2009 featuring centerpiece ARIA Resort & Casino. CityCenter – a sophisticated mix of resorts, residences, conference facilities, dining and retail – is among the largest “green” developments globally. Using cutting-edge solutions, CityCenter demonstrates that sustainability enhances the guest experience. A native of Fairfield, Conn., Mr. Murren graduated from and is a Trustee of Trinity College where he majored in Art History and Urban Studies. He is Chairman of the American Gaming Association and a member of the Board of Trustees of the Brookings Institution. In 2013, he was appointed to the National Infrastructure Advisory Council. A leader in the area of corporate responsibility, Mr. Murren is Executive Chairman of the Board of Directors of the Corporate Responsibility Officers Association, a professional society for corporate responsibility practitioners. In 2015, he was the recipient of the Distinguished Leader Award by the University of Massachusetts’ Isenberg School of Management. In 2013, he was named a Responsible CEO of the Year by CR Magazine and Executive of the Year by Casino Journal. Under his leadership, MGM Resorts International was named a FORTUNE World’s Most Admired Company in 2016.With his wife, Heather, he is actively involved in assisting wounded warriors and their families through the creation of a Fisher House in southern Nevada.
John B. Kilroy, Jr. is a board member of MGM Resorts International. Mr. Kilroy is the Chairman, President and CEO of Kilroy Realty Corporation, one of the largest, vertically integrated REITs on the West Coast, whose portfolio spans some of the strongest, most desirable markets in the U.S.Mr. Kilroy serves on the Advisory Board of Governors for the National Association of Real Estate Investment Trusts, or NAREIT, and the Policy Advisory Board for the Fisher Center for Real Estate and Urban Economics at the University of California, Berkeley.
MGM Resorts’ third quarter results revealed a net loss widening to US$534.7 million, a figure that was worse than what some analysts had predicted. MGM China reported an Adjusted EBITDA loss of HK$730.6 million (US$94 million) during the same period. Bill Hornbuckle, CEO of MGM Resorts International, stated, “We remain focused on responding to the […]
MGM Resorts International (NYSE: MGM) was ranked No. 107 on Forbes' list of 750 World's Best Employers for 2020, the only company on the Las Vegas Strip to make the list.
MGM Resorts said it has upsized a public note offering from $500 million to $750 million and will use the proceeds to refinance existing debt and for general corporate purposes.
MGM Resorts began laying off 18,000 furloughed workers on Monday as the impact of the pandemic drags on.
A year ago there were many things uncertain about IR development in Japan, but if there was one thing you could depend upon—one prediction that could be made with near total confidence—it was that the man-made island of Yumeshima in Osaka Bay was destined to become host to one of the biggest and grandest IRs in the world.
In an earnings conference call held at the end of last week, MGM President and CEO Bill Hornbuckle revealed that his firm was not committed to moving forward with its multi-billion dollar IR investment at Yumeshima, Osaka. “There are a great deal of things to be worked out there,” Hornbuckle stated, “and we’ll only make […]
MGM Resorts International has reported a combined US$1 billion for the quarter ending on June 30 on the back of a 91 percent fall in net revenues. The company statement explained that these losses were “driven by the temporary suspension of the company’s domestic casino operations, continued travel restrictions in Macau, restrictions on the number […]
MGM International has announced that William Hornbuckle has become the firm’s new president and CEO, effective immediately. He had previously been holding these offices in an acting capacity since March. Hornbuckle succeeds Jim Murren, who first indicated his intention to step down before the expiry of his contract in February. Chairman Paul Salem, who also […]
Roar Digital, a U.S. sports betting and online gaming company, said its shareholders, MGM Resorts and GVC have committed to a second round of investment, bringing the total to $450 million.
Incorrectly entered start times on Korean and Chinese baseball matches lead to a quarter of a million in winning wagers at MGM Resorts over the weekend, in what may be the biggest loss ever in Las Vegas on games that have already started, according to local media reports.
Casino operator MGM Resorts has announced it has attained seven accolades both regionally and globally in relation to its human resources and talent development efforts. In the first five months of 2020, the company was honored with seven HR awards from four renowned institutions, including the global BEST Award from the Association of Talent Development […]
MGM Resorts International on Monday announced it has completed its previously announced issuance of $750 million in aggregate principal amount of 6.75 percent senior notes due 2025. According to the operator, net proceeds from the offering will be used for general corporate purposes, and further increasing its liquidity position. MGM said it may invest the […]
MGM Resorts International and MGM China published their 20Q1 results over the long weekend, with MGM China recording net revenues down by 63 percent driven by the two-week closure of the Macau facilities in February and the enduring impact of travel restrictions. MGM Resorts’ consolidated net revenues decreased 29% compared to the prior year quarter […]
Bernstein Research took a detailed look at the liquidity of MGM Resorts and MGM China in a report issued last Thursday, concluding, among other things, that MGM China has funds to operate up to fifteen months even under Covid-19 worst case scenarios. The analysts wrote, “As of year-end, MGM China had HK$3.0bn in cash on […]
As another shakeup in the top ranks of MGM Resorts International, former Nevada Governor Brian Sandoval is leaving his role as president of global gaming development after just over a year in the post. When he was appointed in January 2019, it was said that Sandoval would mainly focus on the company’s bid in Japan, […]
MGM Resorts International says it is implementing aggressive cost-saving initiatives to weather the COVID-19 crisis, after its properties across the United States were closed. Since March 16, all of the company’s properties across the United States have been temporarily closed to the public and has also experienced a high number of group cancellations. In addition, […]
Fitch Ratings has downgraded MGM Resorts International’s and MGM China Holdings’ issuer default ratings as well as their unsecured debt due to “decreased financial flexibility following the recent sale-leaseback transactions as well as the severe disruption to global gaming caused by the coronavirus outbreak.” Fitch also revised the firms’ rating outlook from stable to negative. […]
MGM Resorts International has announced the appointment Bill Hornbuckle, previously COO and president, as acting Chief Executive Officer (CEO) and President, replacing outgoing Chairman and CEO Jim Murren. Murren informed the Company’s Board of Directors in early February of his plans to step down prior to the expiration of his contract, and in light of […]
Casino shares in the U.S. surged on Thursday on the expectation the U.S. government will provide assistance to the sector as part of its economic stimulus efforts.
Multiple casinos across the U.S. have announced they are temporarily closing due to the coronavirus, with properties in Massachusetts, Indiana, Ohio, Illinois and Pennsylvania all shuttering their operations.
MGM Resorts and Wynn Macau have identified the coronavirus outbreak as a risk to its businesses but said they are not able to quantify the full extent of its impact on results at this stage. In MGM Resorts’ annual report, filed on Thursday, the company said it is unable to predict the full extent of […]
Defending himself against media questions regarding Osaka’s potential loss of leverage against the MGM Japan-Orix bid in a context in which they are now the only IR consortium bidder, Osaka Mayor Ichiro Matsui insisted that he was still willing to refuse their offer if it isn’t at an acceptable level. “If they try to take […]
MGM Resorts chairman and CEO James Murren said he is “absolutely sure” he will be involved in MGM Resorts’ Japan project – with an upcoming trip to Osaka in May already on the cards. “As it relates to Japan, very likely in May, I will be leading a group of people, including Bill Hornbuckle to […]
MGM Resorts chairman and chief executive officer Jim Murren on Wednesday announced he will be stepping down from his position prior to the expiration of his contract. He is set to continue in his leadership position until a suitable replacement is found. MGM said it has engaged a nationally recognized executive search firm to fill […]
MGM Japan has invited about twenty local companies to join the Osaka IR consortium that it jointly leads with the Orix Corporation, according to a report in the Nihon Keizai Shinbun. As major partners, invitations have been given to Panasonic, JR West, and the Kansai Electric Power Company. Other firms are being offered smaller stakes, […]
U.S. casino operator MGM Resorts International says that the $2.5 billion sale of MGM Grand Hotel will be used to secure capital, in order to pursue growth opportunities, including its IR ambitions in Japan and sports betting. Combined with an earlier completed sale of the Bellagio and Circus Circus properties, MGM Resorts expects the transactions to […]
MGM China co-chair and executive director Pansy Ho has continued her sell-down of shares in U.S-based MGM Resorts, having sold 2.45 million shares since the end of November. As a result, Ho’s stake in the casino operator is down to 1.78 percent following the transactions. Among her many titles, Ms. Ho is an executive director […]
MGM Resorts and Orix Corporation clarified that all three regional airports—Kansai International Airport, Itami Airport, and Kobe Airport—will be associated with their consortium’s bid to build an IR at Osaka Yumeshima.
Galaxy Entertainment held a press event in Osaka on Wednesday to make their local pitch, providing competition for MGM Resorts.
MGM Resorts’ accord to divest two major assets will raise $4.3 billion in net proceeds and potentially raise funds for a development in Japan.
Melco, MGM and Hard Rock International will be the leaders in 2020 in a trend towards the internationalisation of gaming brands, Spectrum predicts.
For the third year running, MGM Resorts has become a sponsor for the October 12th to 13th Dotombori River Festival, in particular focusing on the Yosakoi dancing events.
MGM Resorts on Thursday agreed to pay up to $800 million to victims of the 2017 mass shooting outside its Mandalay Bay Casino & Resort in Las Vegas. On October 1, 2017, a gunman on the 32nd floor of the MGM-owned Mandalay Bay opened fire on a crowd of concert-goers, killing 58 and injuring hundreds. […]
MGM Resorts International announced that GameSense, a responsible gaming initiative that was adopted by MGM Resorts in 2017, recently surpassed 1 million customer interactions at its U.S properties. The program focuses on having positive, transparent and proactive conversations about how to gamble responsibly. The adoption of GameSense marked an unprecedented commitment to integrating responsible gambling […]
Measures enacted as part of MGM Resorts’ “MGM 2020 Plan” will lead to an improvement in EBITDA, but is unlikely to meet the company’s expectations, according to Bernstein analysts. As previously outlined by the company, the “MGM 2020 Plan” is a cost-cutting and revenue optimization plan which aims to add a total of $300 million […]
MGM Resorts Chairman and CEO James Murren has told the Japan Times that there is still enough time to open the Osaka Yumeshima IR before the 2025 World Expo, and thus capturing the benefits of having an estimated 28 million people coming to the attractions next door.
MGM Resorts Japan will be a co-sponsor for Osaka’s major Tenjin Festival for a second consecutive year, including the dedication of fireworks for the festival’s finale.
The Japan IR Association (JIRA) held its third event within the Diet Building complex on June 19, this time focusing on the role of entertainment within Japan’s anticipated IR industry.
MGM Resorts has abandoned talks with Wynn Resorts over the sale of its $2.6 billion Encore Boston Harbor casino, according to an announcement on Tuesday night. Last week, it was reported that Wynn Resorts was discussing a possible sale of the Everett casino to MGM Resorts – which is due to open in June or […]
Wynn Resorts is negotiating the possible sale of the $2.6 Billion Encore Boston Harbor to MGM Resorts, according to media reports.
During an earnings conference call, Melco Chairman and CEO Lawrence Ho seemed to acknowledge that MGM Resorts’ tie-up with the Orix Corporation would make them tough to beat for the Osaka IR license and that Melco was beginning to focus its attention on other parts of Japan. “We have seen the MGM partnership with Orix […]
MGM Resorts Japan has announced that it will be holding an exhibition in central Osaka for approximately three weeks on the theme of “What’s an IR?”
MGM Resorts has tipped its hand further by officially announcing an “Osaka First Policy” by which it will concentrate its management and planning resources at its newly opened office in Nakanoshima, Osaka.
A dozen companies submitted plans and information to the Yokohama municipal government before the RFI deadline last Friday. Among these, eight were international IR operators, two were domestic property developers, and two were other kinds of Japanese firms.
Ari Kastrati, MGM Resorts’ senior vice-president for food & beverage strategy, held a meeting in Sendai city on Monday with five local seafood processing companies and a brewery, looking to establish relationships with the Japanese region that was devastated by the March 2011 tsunami.
*By John English Four months after the U.S. Supreme Court repealed a federal law limiting sports betting to just four states, there has been a mad dash by bookmakers and system providers from all over the world to descend on U.S. soil and plant their flag. This change in regulation can truly be likened to […]
MGM Resorts has become the official gaming partner of the NBA after signing a multi-deal partnership in New York. As the exclusive gaming partner of the NBA, MGM will be able to use official league data and branding across its land-based and digital sports betting channels. MGM will also be promoted across NBA’s digital channels […]
Mainichi Shinbun broke the story on Friday that a PwC consultant working for the Osaka government on the development of IR policies was seen eating and drinking aboard MGM Resort’s Tenjin Festival boat last week, allegedly raising questions about his degree of fraternization with one of the operators expected to bid for an IR license […]
MGM Resorts International was ranked No. 199 on Forbes’ list of America’s Best Employers for Women 2018. Forbes, in partnership with the research firm Statista, compiled the annual list by independently surveying more than 40,000 employees working for companies employing at least 1,000 people within the U.S. The sample included more than 25,000 women. […]
Two major US operators, Las Vegas Sands and MGM Resorts, delivered press releases hailing the passage of the IR Implementation Act shortly after it occurred on Friday night. George Tanasijevich, Las Vegas Sands’ managing director of global development, said: “Las Vegas Sands would like to extend our congratulations to the people of Japan for the […]
Japan’s largest weekly news magazine by circulation, Shukan Bunshun, has published an article accusing Caesars Entertainment of engaging in a practice which they contend effectively amounts to the bribery of Japanese politicians, but which Caesars argues is an accepted and legal practice. The substance of the allegation is that an advisor to Caesars Entertainment bought […]
As another plank in its campaign to woo the local community. MGM Resorts will be bringing the Blue Man Group from Las Vegas to Osaka to participate in the Tenjin Festival later in this month. The Tenjin Festival is one of the largest in Japan, pulling in about 1.3 million participants in an ordinary year. […]
Macau’s casino operators saw their stocks tumble on Monday after weaker-than-expected Macau gaming revenue reported for the month of June. June GGR came in 12.5 percent year-on-year growth, down from the 18-20 percent expected by analysts. Shares of Melco Resorts was one of the hardest hit, falling 9.6 percent to their lowest level in 2018. […]
MGM Resorts said it has appointed Scott Butera as president of interactive gaming as the company seeks to take advantage of the potential from legalized sports betting in the U.S. Butera will provide strategic leadership on the development for interactive gaming – which includes sports betting and skill-based gaming opportunities, the company said in a […]
MGM Resorts said it plans to raise $500 million through an issue of senior notes to raise funds for general corporate purposes.
Executives at MGM Resorts’ Circus-Circus property on the Las Vegas Strip are offering a $10,000 reward for information that may lead to the identification and arrest of whoever murdered two Vietnamese guests at the hotel.
Fitch Ratings has reaffirmed the credit rating of MGM Resorts and its MGM China unit, saying the group’s credit profile is improving.
MGM Resorts and MGM Growth Properties said they have agreed to buy Empire City Casino’s racetrack and casino for $850 million, entering the high-density New York market.
Thousands of hotel and casino workers in Las Vegas are set to walk off the job next month, with calls from unionized workers for wage increases, job security and strengthened protections against sexual harassment. At the end of May, the contracts for around 50,000 unionized workers will expire, while new contracts with the aforementioned inclusions […]
Investors are more than happy to tout the importance of diversity, but will ditch these notions when earnings are on the line, said MGM Resorts CEO James Murren at a conference on Tuesday. “I find it very hypocritical that investors talk about wanting companies with a good conscience, but they’re really looking for companies that […]
MGM Resorts has announced that it will be participating in the Dotonbori Spring River Festival in Osaka in early May as part of its latest effort to woo the local community in pursuit of an IR in this major urban market. MGM had previously participated in a similar event last October in which they exhibited […]
The recent flurry of consolidation in the U.S. casino industry is continuing with Eldorado Resorts agreeing to buy Tropicana Entertainment for about $1.85 billion in cash. Under the accord, the definitive agreement provides that Gaming and Leisure Properties will pay $1.21 billion, excluding taxes and expenses, for substantially all of Tropicana’s real estate and enter […]
MGM Resorts International and its joint venture partner agreed to sell its Grand Victoria Casino in Elgin, Illinois, to Eldorado Resorts for $327.5 million in cash. The final price for the casino, which is 50 percent owned through a unit of the group, is subject to a working capital adjustment. MGM Resorts will receive its […]
MGM Resorts has expressed an interest in buying Wynn Resorts through back-channel approaches, the New York Post reported, citing unnamed sources. Wynn Resorts is not on the block, but the newspaper cited one source close to the situation as saying the company’s new CEO would sell if he got the right price.“I think if the […]
Shares in Macau’s gaming operators have surged 82 percent since the fourth quarter of 2016 and as a result most are overvalued, with investors failing to factor in potential risks from a cyclical economic downturn and license renewals, Morningstar warns. The firm says that Galaxy Entertainment, Wynn Macau and its parent company Wynn Resorts, Melco […]
MGM China’s Q4 revenue gained 10 percent, pulled up by the mass market, which benefited from a gain in both volume and hold percentage. Net revenues were $549 million. Revenue from main floor table games was up 21 percent, helped by a 10 percent increase in volume and a gain in the hold to 21 […]
James Murren, chairman and CEO of MGM Resorts International revealed that his company envisions building a relatively small casino that would be less than 2 percent of his proposed IR’s total floor area. Music, sports, and other entertainment facilities would dominate an MGM IR in Yumeshima. “Osaka has two airports,” Murren added, “and it has […]
At least 58 people have been killed and more than 500 injured after a gunman opened fire on a country music festival near the Mandalay Bay hotel in Las Vegas in what has been called the worst mass shooting in U.S. history, according to press reports. The shooter was identified as 64-year old Stephen Paddock, […]
MGM Resorts International has appointed Kelly Smith as its senior vice president and chief digital officer. Smith will be based in Las Vegas and report directly to Lilian Tomovich, chief experience & marketing officer at MGM Resorts. In this role, he will be responsible for providing strategic digital leadership to enhance guest experiences across the […]
MGM Resorts says it plans to attract more recreational gamblers than VIPs in its new Cotai property, which opens in the fourth quarter of this year. “Our business model is not predicated on the VIP business,” MGM Resorts International Chief Executive Officer James Murren said in an interview with Bloomberg TV. “Our strategic plan is […]
MGM Resorts International reinforced its commitment to the Japanese market today as it announced the appointment of former Charge d’Affaires, United States Embassy Tokyo, Jason P. Hyland as the representative officer and president of MGM Resorts Japan. In addition, MGM will allocate development specialists from the U.S. to Japan as it increases its total development […]
MGM China posted a 1 percent decline in Q2 revenue as mass floor table games income fell 2 percent, while VIP gained just 1 percent. The company reported net revenue of $448.7 million, with its quarterly performance lagging that of its Macau peers to have reported so far. Its stock dropped more than 4 percent […]
A former chief of staff to a U.S. Ambassador to Japan has joined MGM Resorts International as vice president of global industry affairs. Debra DeShong joins the US casino operator with more than 20 years of experience in public policy, communications and international relations. She most recently served as executive vice president and managing director […]
Las Vegas Sands and MGM Resorts are among the two operators most likely to receive the urban IR concessions in Osaka and Yokohama, notes Morningstar analysts. “In our view, the companies best positioned to receive a gaming concession by year-end 2019 are those with strong track records of running world-renowned integrated resorts, especially in regions […]
Lawrence Ho, chairman and CEO of Melco Resorts and Entertainment Ltd says he is more interested in building a casino in Osaka over Tokyo as the integrated resort model makes more sense there, Bloomberg reports. “When you go to the Kansai region, it’s more fun, really, and we’re a company that focuses on fun and […]
MGM China reported a 7 percent gain in net revenue for 17Q1, driven mainly by an increase in main floor table game revenue due to a higher hold percentage. The company had revenue of $502.4 million in the period. Revenue from main floor table games rose 17 percent to $279.9 million with the hold percent […]
MGM Resorts International has announced the appointment of Mark Strawn as senior vice president and chief administration officer for MGM Resorts Design and Development. Strawn will be based in Las Vegas and report directly to Bill Ham, president of MGM Resorts Design and Development. In this role, Strawn will be responsible for providing strategic leadership […]
Casino operator MGM China reported operating income of $73 million, up 55.3 percent from $47 million in the prior year quarter, driven by mass and slots growth. 17Q1 net revenue rose 7 percent year-on-year to $502 million, while adjusted EBITDA increased 25 percent to $143 million. “Management is clearly focused on mass, which grew 17 […]
Casino operator MGM Resorts International on Monday announced the appointment of Aaron Fischer as chief strategy officer. Fischer, who is presently based in Hong Kong and serving as senior vice president of corporate development for MGM Resorts, has been working closely on strategies for the global development of integrated resorts in Asia. He will relocate […]
MGM Resorts International says it will be stepping up its efforts in Japan over the next 30 days, according to a report from Reuters. “We are going to have a larger office here in Tokyo,” chairman and CEO James Murren said at an investor conference in Tokyo on Wednesday. Murren said the company has hired […]
MGM China Holdings reported an improvement in 16Q4 profit and said revenue edged up, helped mainly by a higher VIP hold. The company said revenue was $500 million, an increase of $1 million over the prior year period. Main floor table games revenue was down 2 percent. VIP table games revenue increased 7 percent due […]
MGM Resorts has pushed back the expected opening of its HK$24 billion ($3.1 billion) integrated resort, MGM Cotai, to the second half of 2017. “Given the complexity of the design of MGM Cotai and the Company’s commitment to a successful opening that reflects the demands of the current market, the expected opening time of MGM […]
Casino operator MGM China Holdings Ltd. has announced a discretionary bonus to eligible team members at non-managerial positions equall to one month’s salary, according to a press release from the operator on Tuesday. The discretionary bonus is additional to the Special Bonus that was announced earlier in 2016, which also equals one month’s salary. The […]
MGM Resorts International has appointed well-known REIT specialist John B. Kilroy, Jr. to its board of directors. “Mr. Kilroy is the Chairman, President and CEO of Kilroy Realty Corporation, one of the largest, vertically integrated REITs on the West Coast, whose portfolio spans some of the strongest, most desirable markets in the U.S,” said the […]
Japan has finally passed a bill setting the framework for legal casinos in what is expected to become Asia’s second-biggest gaming market after Macau. After a long day of political machinations, and a very short debate in the plenary session, the House of Representatives enacted the Casino Bill shortly before 1:30 am on December 15. […]
Bloomberry Resorts Corp. has confirmed it is considering investing in a gaming business in Japan, according to its filing to the Philippine Stock Exchange. “This possible expansion in Japan is part of the Corporation’s ordinary course of business in searching for business opportunities in the Philippines and abroad,” it said. The company told the stock […]
Macau is preparing to cut the amount of cash China UnionPay card holders can withdraw from ATM machines, in a move from China to curb capital flight. According to a report from the South China Morning Post on Friday, the move to cut the daily withdrawal limit from MOP10,000 (US$1,251.9) to MOP5,000 is expected to […]
The Lower House of the Diet (House of Representatives) on Tuesday passed the long-awaited bill that would legalize casinos in Japan. According to Japanese media, the bill cleared the Lower House plenary session with the backing of the ruling Liberal Democratic Party and conservative opposition Nippon Ishin no Kai. The legislation is likely to be […]
Casino operators Wynn Macau Ltd. and MGM China Holdings Ltd. have launched a joint shuttle bus service connecting passengers between the Border Gate, Wynn Macau and MGM Macau. The service, which launched on Thursday, was in “response to the Macau SAR government’s transport integration arrangement,” according to the operators in a joint press release on […]
Japanese lawmakers have reopened the debate on a bill to legalize casinos on Wednesday, with key LDP executives saying the party will try to pass the legislation by December 14, local media reports. According to Japan Times, Liberal Democratic Party Diet affairs chief Wataru Takeshita on Wednesday reportedly told junior coalition partner Komeito that the […]
There will be considerably less reason for optimism over casino legalization in Japan should the push for IRs in the country fail this time, said a note from CLSA on Friday. “It’s now or never,” said the brokerage, noting a verdict will likely be achieved by mid-December. According to analysts Jon Oh and Jay Defibaugh, […]
MGM Resorts International has secured CLSA’s Aaron Fischer as its senior vice president of corporate development. According to a press statement from the company on Tuesday, Fischer will be tasked to “assist the company and its affiliates in the development and strategic planning of integrated resorts.” Commenting on the new appointment, Jim Murren, chairman and […]
MGM Resorts chief executive James Murren has speculated that Donald Trump’s presidency may hurt casino interests in East Asia, specifically in Macau. MGM Resorts, which has significant assets in Macau, could come under pressure if relations between China and the U.S. sour, Murren said. “There’s no doubt that China and America disagree on many, many […]
Hard Rock International Inc. says it is prepared to make a “major investment” in Japan, Bloomberg reports. With renewed discussions around the legalization of casinos in the country, the U.S. chain is looking for partners to jointly bid for a license should gaming resorts be approved, said its chief executive officer Hamish Dodds in an […]
Las Vegas-based casino operator MGM Resorts International is willing to spend up to $10 billion for a Japanese casino via a REIT, said chief executive James Murren on Monday. While casinos are currently banned in Japan, recent political shifts have resparked the possibility of their legalization. In an interview with Reuters, MGM’s Murren said the […]
MGM Resorts International on Thursday announced that it has closed on its previously announced acquisition of 188,100,000 ordinary shares of its subsidiary MGM China Holdings Limited from Grand Paradise Macau, according to a press release. As a result of the transaction, the Company now owns approximately 56 percent of MGM China’s outstanding common shares, leaving […]
MGM Resorts International may be willing to buy even more shares of MGM China Holdings, said chairman and chief executive James Murren. However, any such purchases would be “incremental” to the 4.95 percent that MGM Resorts announced earlier in the week it would add. On Tuesday, MGM Resorts announced it had entered into a transaction […]
MGM Resorts has announced it has entered into a transaction to acquire 188.1 million shares of MGM China from businesswoman Pansy Ho. The transaction will see MGM Resorts own 56 percent of MGM China (up from 51 percent), with Ms Ho’s stake in MGM China down to 22.5 percent (from 27.4 percent). “MGM Resorts is […]
New York-listed MGM Resorts International has announced it has entered into a definitive agreement to acquire the remaining interest held by Boyd Gaming in the Borgata Hotel Casino & Spa in Atlantic City. In a filing to the New York Stock Exchange, MGM Resorts will pay approximately $600 million for Boyd Gaming’s 50 percent interest, […]
MGM China posted a steep drop in Q1 earnings and revenue, but joined the growing chorus of Macau operators in saying they see signs of stabilization in the mass market. MGM China recorded total revenue of HK$3.6 billion, a decrease of 25 percent from a year ago, but narrower than the 31 percent year-on-year decline […]
MGM Resorts International’s real-estate investment trust raised $1.05 billion in its initial public offering on Tuesday, The Wall Street Journal Reports. In a press release from the company, MGM resorts announced the pricing of the initial public offering of 50,000,000 shares by its subsidiary MGM Growth Properties LLC. MGM Growth Properties, which invests in properties […]
New York-listed MGM Resorts International’s new real estate subsidiary, which will own ten of the company’s properties, has announced plans for its initial public offering, according to a recent SEC filing. MGM Growth Properties LLC said it expects to raise up to $100 million from its proposed offering of shares, but according to Renaissance Capital, […]
MGM China chief executive officer Grant Bowie says the gaming market in Macau is stabilizing, driven by the growth of the mass segment, local media reports. The comment was made during the presentation of MGM Resorts International’s latest quarterly results. “We are seeing some stabilisation in the market led by the mass segment. GGR has […]
MGM Resorts International said it’s delaying the opening of its new resort on Cotai due to the soft market conditions in Macau and the timing of other openings. MGM said it made the strategic decision to move the opening of its MGM Cotai development from the fourth quarter of 2016 to the end of the […]
MGM Resorts International has closed the sale of Circus Circus Reno and its 50 percent interest in Silver Legacy Resort Casino Reno to Eldorado Resorts, Inc. The sale was approved by the Nevada Gaming Commission on November 19. “We have enjoyed being a part of the Reno community over the past decade and wish our […]
Gross gambling revenue in the first week of November is pointing to a weak start for the month, prompting analysts to revise down their forecasts. According to Bernstein Research average daily revenue in the week through to Nov. 8th was MOP 525 million ($66 million), lower than October’s MOP 647 million rate, mainly due to […]
MGM Resorts International (MGM) posted better-than-expected Q3 earnings as strength from its U.S. operations outweighed a 33 percent decline in Macau revenues and announced a plan to set up a real estate investment trust. While conceding that the REIT plans may take up most of the headlines, Deutsche Bank called the 3Q report “a truly […]
The profitability of Macau’s casino operators is expected to decline more than revenue in Q3, though results will have improved from the prior quarter due to stabilization in the higher margin mass market, UBS said in a research note. Overall EBITDA is seen falling 36 percent year-on-year in Q3, that’s up 2 percent from Q2. […]
Las Vegas Sands was the biggest loser in terms of mass market share among the U.S.-listed operators in Macau in September, according to Wells Fargo research. For the market as a whole, unadjusted mass revenue fell 33 percent year-on-year, with junket volumes down 54 percent and VIP revenue off 34 percent, the analysts said in […]
Casino stocks traded in Hong Kong plunged to multi-year lows on Tuesday, with losses spilling over into U.S. trading, after junket operator Neptune Group warned it may be forced to exit the business, while concern over Golden Week tourism numbers added to the gloom. SJM Holdings fell almost 7 percent to a five-year low, Wynn […]
MGM Resorts International posted lower Q2 revenue and earnings, dragged down by a slump in its Macau operations, but announced a “profit growth plan” designed to boost adjusted earnings before interest, tax, amortization and depreciation by about $300 million. Despite the decline year-on-year, the results were slightly better than most analysts had expected. “We are […]
MGM Resorts has proposed to build a $1 billion gambling complex in Downtown Atlanta as a bill moves through the Georgia State Legislature, according to the Atlanta Journal Constitution. The bill proposed by Economic Development Committee Chairman Ron Stephens, has not yet passed but has increased in popularity over the past week and may appear […]
Eldorado Resorts and MGM Resorts International announced that they have entered into an agreement for Eldorado to acquire MGM’s 50 percent interest in the Silver Legacy Resort Casino Reno, as well as all of the assets of Circus Circus Reno, for $72.5 million cash. In addition, ERI, which owns the other 50 percent interest in […]
MGM wants to delay the opening of its planned resort casino in western Massachusetts by a year because of a major highway project taking place nearby, the associated press reported. The Las Vegas casino giant submitted a revised project schedule last week to the state Gaming Commission that calls for construction to be completed in […]
Kirk Kerkorian’s will states that his investment company should divest its stake in MGM Resorts International, the company he founded and in which he was the largest shareholder. In a filing to Nasdaq, MGM Resorts International said Tracinda Corp’s position in the company’s common stock has became subject to the terms of the Kerkorian Will. […]
The American Gaming Association and senior industry figures have paid tribute to legendary financier Kirk Kerkorian, the founder and biggest shareholder in MGM Resorts, who died in Los Angeles Monday night, aged 98. “In an industry that thrives on innovation, Kirk Kerkorian was a pioneer who set a higher standard for gaming and elevated Las […]
MGM Resorts International, operator of the Bellagio and MGM Grand, will for now not be building any more hotel-casinos on the Vegas Strip, according to the Review-Journal. Quoted by the Review Journal, Jim Murren, chairman and CEO of MGM Resorts, said he does not see the value or need in building a new property. “I […]
MGM Resorts International said its MGM China unit has completed the refinancing of its Hong Kong-dollar denominated senior credit facilities, upping the size of funds available and providing the company with the flexibility to develop its MGM Cotai property. The restated accord consists of a term loan equivalent to U$1.55 billion, up from the previous […]
Shares in Macau casino operators gained Thursday following a Credit Suisse analysis of the breakdown of May gambling revenue that pointed to “some green shoots.” The investment bank said VIP gaming rose 3 percent from April, VIP rolling gained 7 percent and mass gaming was up 9 percent. “Mass revenue was quite decent, even after […]
MGM Resorts is fully committed to its investment in Macau and would be more inclined to increase its holdings here than divest them, William Scott, president of MGM Asia, Pacific said. Scott was speaking at the G2E Asia conference a day after activist investor Land and Buildings dropped its bid to appoint its own candidates […]
MGM Resorts announced that a leading independent proxy advisory firm has issued a report recommending that MGM’s shareholders vote for the reelection of all eleven of MGM’s director nominees and not the four nominees proposed by Land & Buildings. MGM Resorts said it “is extremely pleased” that Institutional Shareholder Services has recommended in favor of […]
Land and Buildings, a shareholder of MGM Resorts, detailed reasons for shareholders to replace MGM board member Robert Baldwin by voting on the Gold proxy card. The investment firm, which specializes in publicly traded real estate, said Robert Baldwin has been on the MGM Board of directors for 15 years and has been the chief […]
MGM Resorts has told investors it is “throughly” re-evaluating the concept of a REIT following criticism of the casino operator’s businesses from shareholder Land and Buildings. MGM Resorts, whose Q1 adjusted earnings were well above analysts’ expectations, but revenue was weaker than expected, said it is evaluating “all avenues to unlock value” including the possibility […]
MGM Resorts International (MGM) Q1 adjusted earnings were well above analysts’ expectations, but revenue was weaker than expected, dragged down by Macau. Net income attributable to MGM rose to $169.9 million, or $0.33 per diluted share, from $102.7 million, or $0.20 per diluted share, a year earlier. The per-share comparison was skewed by a 12 […]
Land and Buildings Investment Management issued an investor presentation providing a detailed analysis supporting what it views as the urgent need for change at MGM Resorts International. Land and Buildings, a 0.38 percent shareholder of MGM, says the casino operator has failed to perform in line with its peers and urged shareholders to elect a […]
MGM Resorts International has closed on the sale of Gold Strike Hotel and Gambling Hall in Jean, Nevada, to JETT Gaming and Jean Ventures. The terms of the sale were not disclosed. MGM Resorts previously announced in October that a definitive agreement had been reached with JETT Gaming LLC and Jean Ventures, LLC for the […]
MGM National Harbor, a subsidiary of MGM Resorts International, has released its first quarterly report on its Maryland resort to the oversight committee monitoring the company’s efforts to meet local participation goals. The company’s president informed the Prince George’s County Community Benefits Agreement Oversight Committee that the company has done well to meet its targets […]
MGM Resorts has hit back at an investment fund that is pushing for board and structural changes at the casino operator and said it has appointed Evercore Group as an independent advisor to help explore strategic alternatives. Investment firm Land and Buildings, lead by Jonathan Litt, says MGM is making the same mistakes in capital […]
Casino stocks took a hit after the government announcement that Macau will cap the number of Mainland visitors to 21 million, with Wynn faring the worst. Wynn Resorts Limited finished Tuesday’s session as the worst performer on the S&P 500 Composite index, falling 6.13 or 4.59 percent to 127.47. Wynn has been downgraded by several […]
MGM Resorts has hit back at Land and Buildings, a 0.38 percent shareholder of MGM, after the latter nominated a group of four individuals to replace four current members of the Board, MGM announced. “Replacing experienced, licensed directors, who have overseen the Company’s progress to date, is not warranted and it is not in shareholders’ […]
MGM Resorts International and Wynn Resorts no longer allow cash at their poker tables, a push that possibly reflects that casino operators are trying to step up their anti-money laundering efforts. Though the companies have not disclosed details around the policy, news site Vegas Inc says some experts think the change is motivated by a desire from casinos, facing pressure […]
MGM Resorts International posted worse-than-expected Q4 results as Macau revenue fell, but said its MGM China unit will pay a special dividend. The company reported reported a loss of $342.3 million, or 70 cents a share, in the last quarter of 2014. On an adjusted basis, it had a profit of $0.01, below the $0.07 […]
Chinese Strategic Holdings says its Tinian Realty International unit is in talks with a Nasdaq-listed operator with operations in Macau over a hotel-casino project on the island of Tinian in the Commonwealth of Northern Mariana Islands. “The parties have been in active negotiations on the key structural framework of the possible engagement,” Chinese Strategic Holdings […]
The sustainability of dividends at Macau’s casino operators is likely to become a major concern for investors as earnings deteriorate at the same time as capital spending requirements ramp up due to new projects, according to a Credit Suisse report. “In light of the risk of earnings deterioration in 2015 but ongoing capex requirement for […]
Yokohama Mayor Fumiko Hayashi's announcement that her government would make an IR bid reshaped the licensing race in a way that few other events have done.
The Abe government's decision to drag its feet on more detailed regulations governing the IR industry and to delay the establishment of the Casino Management Board may exercise an effect on which local governments get licensed and which IR operators are selected.
There is a growing trend towards businesses founded on the premise of social capital, though despite their enormous profits, most casino firms have yet to sign on.
Gaming companies have long recognised the lucrative potential of teaming up with sports, and as new jurisdictions open up to casinos, operators are seeking to leverage these ties to boost brand recognition, woo the public and dull the gambling edge.
The increased clarity regarding the terms of IR regulation in Japan following the ruling coalition compromises is also throwing light on which institutions are now advantaged and which are disadvantaged in the race for licenses. Seth Sulkin, head of the American Chamber of Commerce in Japan’s task force on IRs, describes the outcome to Asia Gaming Brief as “a major victory for the major casino operators and large Japanese cities.”
Brazil and Japan are two of the most hotly anticipated casino markets, but how do they stack up against one another and which country is the most appealing for international casino operators and investors? The two nations have entwined cultural links, mainly due to mass migration throughout the 20th Century. In fact, Brazil is home to the world’s largest Japanese-descendant population outside Japan. One other thing Brazil and Japan have in common is that they both appear to be on the cusp of introducing legalized casino resorts after years of false starts and delays.
In early September, MGM Resorts International CEO James Murren emphasized in a public presentation that his company was looking for a “Japanese-led” IR consortium in a major urban market. He wasn’t specific about what he meant in practical terms, but clearly MGM envisages its Japanese partners playing a major, perhaps a predominant role in a future IR. Caesars Entertainment made a similar statement, however, so far few Japanese companies have come out opening as saying they are prepared to take the lead.
As operators around Asia vye for licenses in new markets, one corporate social responsibility expert suggests they should change their approach. Jan Jones Blackhurst, executive vice president, public policy and corporate social responsibility, at Caesars Entertainment says not enough is being done to explain what an IR is and the benefits it can bring to society. Not only can a good CSR program help to alleviate perceptions about gambling harm, it can also be a revenue driver.
Kazuyoshi Nagashima, a former mayor of a small city and one-term House of Representatives lawmaker, is at present the only openly declared candidate for the July 30 election to become Mayor of Yokohama. His main campaign slogan is a succinct two words: NO CASINO!!! He joins other regional politicians in campaigning on the bandwagon of opposition to IRs in their cities.
The dramatic slump in Asia’s VIP revenue over the past two years has forced operators to trim costs and diversify income sources to plug the gap. While much of the focus has been on boosting non-gaming and tapping into the mass market, companies have also been looking at ways of unlocking shareholder value through monetizing extensive fixed assets. From real estate spinoffs, to timeshares and outright sales, many options are being considered.
The multi-billion properties opening up on Macau’s Cotai strip are still likely to be viable, despite the slump in gaming revenue in the territory, though returns will fall far short of the levels expected when the resorts were first planned, analysts say. The six operators are set to almost double their room capacity over the next two years at a time of unprecedented uncertainty for the revenue outlook.
Asia Gaming Brief asked its advisors David Green, John English, Luis Mesquita de Melo, Andrew Klebanow and Steve Gallaway, to look ahead and share with us what they believe are the underlying currents for the Asian Gaming industry in 2016. Views may differ but the one common denominator is the shifting of the sands - something will have to give…An end to the IR “arms race," by David Green The strong will survive, by Steve GallawayEnough about the Millennials, by Andrew KlebanowMacau will continue the race to reinvent, by John EnglishThe “golden” gap for emerging jurisdictions, by Luis Mesquita de Melo
As Macau’s gross gambling revenue has slumped, operators have been paring costs to the bone to protect margins, with the first casualty usually being spending on marketing and player reinvestment.However, this may be a short-sighted approach that will cost dearly in the longer term.
Macau, whose meteoric success was fueled by the high-spending VIP gambler, needs to improve its branding and tourism planning if it is to transform to a majority non-gaming model and replace income from the missing high rollers. The government is determined to effect a Las Vegas-style shift to a destination resort, but experts say it will be a difficult road.
The government’s mid-term review of Macau’s six gaming operators is now well underway, assessing the strengths and weaknesses of the concessionaires and sub-concessionaires ahead of the expiry of current concessions.Against a backdrop of a year of falling gambling revenue and a crackdown on corruption by mainland China, it has added a further layer of regulatory uncertainty in the market.