Company: MGM Resorts International
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.
Casino operator MGM Resorts has launched its first corporate brand campaign, aimed at highlighting its expertise as a global entertainment company. The integrated “Welcome to the Show” campaign reflects the company’s growth beyond the hospitality industry, including award-winning live and theatrical performances to interactive dining, immersive nightlife, one-of-a-kind retail and extraordinary spa offerings. “Our new […]
Macau’s casino operators have been seen contributing to relief efforts following Typhoon Hato, which battered the gaming hub last week. MGM China Holdings have pledged MOP 30 million (US$3.7 million) to rebuild Macau following Typhoon Hato. The distribution of the pledge will be decided in the coming days and months with guidance from 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 Cotai, which is set to open in the fourth quarter of 2017, will include a first-of-its-kind dynamic theatre, called MGM Theatre, according to a company press release on Tuesday. Designed by Scéno Plus, a performance arts and entertainment design firm, the MGM Theater at COTAI is the world’s first theater to offer a 28 […]
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 […]
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 […]
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 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 China celebrated the topping off of MGM Cotai, the second integrated resort of the casino operator in Macau. MGM Cotai, designed like a jewelry box, plans to offer approximately 1,500 hotel rooms and suites, meeting space, high end spa, retail offerings and food and beverage outlets as well as the first international Mansion at […]
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 […]
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 (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 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 […]
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 […]
MGM China posted a 25 percent increase in Q1 earnings, boosted by an $85 million contribution from the newly opened MGM Cotai. Revenues totalled $596 million for the quarter. Main floor table games win was up 20 percent, while VIP win rose 26 percent. Operating income was $55 million compared to $75 million in the […]
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 […]
James Murren, chairman and CEO of MGM Resorts International, told the Japanese media on Wednesday that his company would be able to make its full contribution to Japan only in a major urban market, and that Osaka is the location he is aiming for.
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.
Despite local entry fees and high gaming tax, MGM chairman and CEO Jim Murren believes Japan to represent the highest ROI gaming IR opportunity in the world right now. Murren made the comments during a fireside chat with Bernstein analysts at its 2019 Strategic Decision Conference. It is understood that while there will eventually be […]
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. […]
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.