MGM 2020,<\/a> a strategy which is leading to layoffs of a limited number of employees. Most of those let go are in management.<\/p>\nThe goal is to increase annual adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) by $200 million, and an additional $100 million by the end of 2021.<\/p>\n
The 2020 initiative will likely gain the respect of the Japanese, MGM officials have said. \u201cThe bottom line is if they\u2019re aware of it, it\u2019s about making MGM a stronger, more nimble company, and it\u2019s actually going to benefit our work in Japan,\u201d Sandoval was quoted by the Las Vegas Review-Journal<\/em>.<\/p>\nMGM also recently pulled 2020 guidance, as Macau casinos closed temporarily because of the coronavirus outbreak.<\/p>\n
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When asked for insight into Murren\u2019s early departure, the Rev. Richard McGowan, a finance professor at Boston College who researches national gambling trends, noted to Casino.org<\/em> how the news comes as \u201cIt appears that MGM\u2019s debt was too much for them to make bids for more lucrative casinos sites, such as Japan.\u201d<\/p>\n<\/div>\nMcGowan explained that the new CEO \u201cwill be operating casinos in very diverse places.\u201d Murren\u2019s successor will also have to address such issues as — can MGM’s foreign casinos\u2019 strategy work, and can MGM pay down its debt and still take advantage of foreign opportunities?<\/p>\n
\u201cMGM has a huge debt to pay for casinos such as MGM in Springfield, Massachusetts, that have not succeeded as planned at all,\u201d McGowan added.<\/p>\n
The company is selling such US properties as the MGM Grand and Mandalay Bay on the Las Vegas Strip to a joint venture in deals totaling $4.6 billion. It also sold Circus Circus to billionaire Phil Ruffin for $825 million, as well as the Bellagio to Blackstone Real Estate for about $4.2 billion.<\/p>\n","protected":false},"excerpt":{"rendered":"
MGM Resorts International Chairman and CEO Jim Murren, who this week announced his eventual departure, said he will remain \u201cinvolved\u201d with the company\u2019s efforts to open an integrated resort in Japan. “I’m absolutely sure I’m going to be involved in the Japan project,\u201d Murren said Wednesday in a Q4 conference call with analysts. “In fact, […]<\/p>\n","protected":false},"author":44,"featured_media":126915,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,33810],"tags":[],"acf":[],"yoast_head":"\n
MGM\u2019s Outgoing CEO To Stay \u201cInvolved\u201d as Company Expands in Japan<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n