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Murren Leaving MGM

Discussion in 'Casino Industry & Development' started by Chuck2009x, Feb 12, 2020.

  1. Chuck2009x

    Chuck2009x VIP Whale

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    Press release:

    MGM Resorts International (NYSE: MGM) today announced that Jim Murren, Chairman and Chief Executive Officer, has informed the Company's Board of Directors that he will step down from his position as Chairman and Chief Executive Officer of the Company prior to the expiration of his contract. Mr. Murren will continue to serve in his current leadership roles until a successor is appointed. The Board has formed a committee of independent directors to conduct the search process. The committee is working with a nationally recognized executive search firm to promptly identify and evaluate candidates to assume the role of Chief Executive Officer.

    "On behalf of the entire MGM Resorts Board of Directors, I want to thank Jim for his years of dedication to the Company and the community," said Roland Hernandez, Lead Independent Director of the MGM Resorts Board of Directors. "Jim has led the Company through growth, transforming it into a global entertainment company with a worldwide footprint and creating value for MGM Resorts shareholders. As CEO, he has spearheaded significant achievements across our properties, including the development of the CityCenter destination and has turned resorts into showcases of entertainment and sophisticated architecture. The Board is focused on continuing to create long-term value for MGM Resorts shareholders. The search committee, along with the entire Board, will be dedicating significant attention and resources towards identifying and naming Jim's successor. Jim will continue to lead the Company during this process. We will also look to the talented management team in place to help guide the Company into this next chapter."

    "Leading MGM Resorts has been the most rewarding and fulfilling experience in my professional career," said Mr. Murren. "It has been an honor to work with such a talented group of men and women who provide millions of guests with memorable life experiences every day all over the world. We have a solid leadership team in place, and I am confident that they will work with my successor to continue the Company's trajectory of growth and expansion. Until my successor is named, I will continue to lead this Company just as I always have and will remain focused on executing our strategy and am fully committed to supporting a seamless transition."

    Mr. Murren has served as Chairman and CEO of MGM Resorts since 2008 and has been with the Company since 1998. His impact and leadership has shaped not only MGM Resorts, but also Las Vegas as a whole. He was instrumental in the establishment of professional sports in Las Vegas, and he was deeply involved in the building of T-Mobile Arena and bringing the Vegas Golden Knights, the Las Vegas Aces and the Las Vegas Raiders to the city. Mr. Murren was an early and strong supporter of diversity, inclusion, and sustainability in Las Vegas. As CEO of MGM Resorts, he oversaw a period of responsible construction unique to the industry. CityCenter remains one of the world's largest green developments, specifically designed to reduce energy consumption, and MGM has been recognized 14 consecutive years by Diversity, Inc. as a top company for diversity. Mr. Murren also has led the MGM Resorts' expansion in Asia, with the opening of two properties in Macau and the current effort to obtain a license in Osaka, Japan.
     
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  2. pd54

    pd54 High-Roller

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    Just seen that news!
     
  3. mikel123

    mikel123 High-Roller

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    I hear Mark Frissora and Gary Loveman are available.
     
    Planet Hollywood
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  4. stlguy197239

    stlguy197239 High-Roller

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    Stock went up 7% right after this was announced. That's gotta hurt the pride a little.
     
    Let's try this Thanksgiving thing again
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  5. NCAAHoops

    NCAAHoops High-Roller

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    Down 5% now guess pride is making a comeback
     
  6. Mirageluvr

    Mirageluvr VIP Whale

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  7. VegasBJ

    VegasBJ VIP Whale

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    Been the rumor on the grapevine for a few months now.
     
  8. gmarquez1976

    gmarquez1976 Tourist

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    https://www.cnbc.com/2020/02/12/mgm-resorts-ceo-jim-murren-is-stepping-down-shares-jump.html
     
    Last edited by a moderator: Feb 13, 2020
  9. LB9

    LB9 PH Blackjack Degen

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    Shares jump, wonder why? Guy was a complete buffoon, however, I doubt anything changes for the better for the MGM player.
     
    Ballys May 29 - Jun 1
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  10. mhetrick

    mhetrick Low-Roller

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    Hmm, maybe he will get purchased by another company to be leased back to MGM. It's all the rage right now!
     
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  11. nostresshere

    nostresshere Mr. Anti Debit Card

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    City Center was one of his biggest gambles...and the wrong house won.

    Meanwhile, with all the penny pinching going on, he still has not figured out how many hundreds of millions his poor IT systems costs him in wasted labor cost and upset customers.
     
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  12. stlguy197239

    stlguy197239 High-Roller

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    I think immediately you won't see any changes while MGM sits and waits for Eldorado to complete the CET purchase and make their first move. I mean, honestly, we talk a lot about their issues here but MGM keeps moving forward with all these dumb changes and terrible players club so they must still have people coming in and staying there. This kind of gets back to points about gambling - while we notice all those things like 3:2 vs 6:5 tables, the average vegas traveler doesn't care. They are looking for the cheapest, nicest room they can find, good places to eat, and some gambling. Most people will assume what ever is going on at one casino is happening at them all - bad and good. Until there is a financial incentive for MGM to change, they won't.
     
    Let's try this Thanksgiving thing again
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  13. LB9

    LB9 PH Blackjack Degen

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    I agree with you unfortunately. To that point, however, if they have any foresight, they may make amendments and here's why. I posted a thread about this recently as CET offers for myself, and a lot of others, have been arbitrarily going up. Play hasn't changed, but offers are pretty uniformly going up for at least quite a few people. If that continues to happen, especially for those occasional CET players, the CET - El Dorado merger may actually be of a benefit to many of us CET folks, which could also in turn take some players away from MGM as it's quite clear they're not giving better offers but rather, far worse ones it seems.

    At some point, something may happen, but in the interim, for those of us more knowledgeable gamblers, i.e. on this forum, people do notice these things. Occasional guests won't notice, but the regular gamblers will notice continually more crummy conditions at MGM and somewhat better ones at CET.
     
    Ballys May 29 - Jun 1
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  14. SunshineSlayer

    SunshineSlayer Tourist

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    ^ I concur. I have definitely been getting offers for higher amounts of freeplay and dining credit at CET, despite the fact that I played less last year than the year before.
     
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  15. black29

    black29 Tourist

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    They are really guiding down on revenue and earnings for the rest of the year. Hopefully they will realize that a couple better offers here and there for us the loyal MLIFE members will help them out.
     
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  16. Hogman

    Hogman VIP Whale

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    Pretty sure whomever replaces Murren will probably be worse for the gambler.
     
    Fingers Crossed
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  17. Vegasbaby99

    Vegasbaby99 MIA

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    Hopefully comps will improve since the man who basically destroyed Vegas with parking and resort fees is stepping down. He also implemented express comps which basically eliminated discretionary comps at a fraction of the cost.

    I remember in an interview him saying he didn’t care if people gambled at his properties and was more concerned with other spend. He was a true enemy to the average gambler.
     
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  18. The Rumor

    The Rumor VIP Whale

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    I'll believe that when i see it.
     
  19. The Rumor

    The Rumor VIP Whale

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    When your CEO leaves on the same day you're guiding earnings down, that's not great. It's one thing to guide down for Macau, but to take Vegas down as well was painful.
     
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  20. VegasBJ

    VegasBJ VIP Whale

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    Way to early to tell. Haven't even found his replacement yet, and what his / her background is............................