{"id":134696,"date":"2020-05-02T04:00:07","date_gmt":"2020-05-02T11:00:07","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=134696"},"modified":"2020-05-03T11:17:35","modified_gmt":"2020-05-03T18:17:35","slug":"mgm-resort-is-reportedly-firing-four-presidents-on-vegas-strip","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/mgm-resort-is-reportedly-firing-four-presidents-on-vegas-strip\/","title":{"rendered":"MGM Analysts Divided on Stock as Executive Upheaval Continues"},"content":{"rendered":"

On Friday, a day after MGM Resorts International (NYSE:MGM) reported a first-quarter loss of 45 cents per share on a precipitous 29 percent drop in revenue, investors were treated to a nearly 11 percent slide in the stock price, division among Wall Street analysts, and more turnover among high-ranking executives.<\/p>\n

\"MGM
Excalibur is one of four MGM Strip venues where a president is reportedly being let go. (Image: YouTube)<\/figcaption><\/figure>\n

The largest operator on the Las Vegas Strip is laying off Randy Morton of Bellagio, Cindy Kiser Murphey of New York-New York, Cliff Atkinson of Luxor, and Eric Fitzgerald of Excalibur, reports the Las Vegas Review-Journal, <\/i>citing unidentified sources familiar with the matter.<\/p>\n

On a conference call with analysts following the company’s Thursday afternoon earnings report, interim CEO Bill Hornbuckle noted Bellagio and New York-New York would likely be the first<\/a> MGM Strip venues to reopen when Nevada allows gaming properties to get back to business.<\/p>\n

The executive departures come after some analysts questioned how long it will take Las Vegas, MGM’s marquee domestic market, to recover following the COVID-19 pandemic.<\/p>\n

Although we fully expect the North American gaming industry to recover from COVID-19, we expect the Strip to lag regional\/convenience markets on the path to recovery,\u201d said Stifel analyst Steven Wieczynski in a note provided to <\/span>Casino.org<\/i><\/span>. \u201cImportantly, while we appreciate the fact that pent-up casino patron demand and a sizable drive-in business should provide some level of resiliency once the NV government authorizes Strip casinos to open, we expect the recovery in the higher-yielding group\/convention business to require considerable time to fully recover.\u201d<\/span><\/p><\/blockquote>\n

He has a \u201chold\u201d rating on the stock, making him one of 13 of 22 analysts covering the name with a neutral view.<\/span><\/p>\n

Lots of Executive Turnover<\/span><\/h2>\n

News of the executive departures from four of MGM’s Sin City properties is the latest in what is turning out to be a busy year on that front for the gaming company.<\/span><\/p>\n

\n

Earlier this year, former CEO Jim Murren said he was leaving before his contract was up, an exit that was sped up so he could join Nevada’s COVID-19 response task force. Murren was replaced by Hornbuckle in an interim capacity, with Paul Salem becoming chairman of the board.<\/span><\/p>\n<\/div>\n

Soon after Murren left, former Nevada Gov. Brian Sandoval<\/a> exited as president of global gaming development to pursue the presidency at the University of Nevada, Reno (UNR). <\/span><\/p>\n

Amid the latest round of executive shifts, there’s speculation that MGM’s corporate structure is changing and will eventually include a model where one president oversees multiple integrated resorts.<\/p>\n

Good News: Strong Financial Footing<\/h2>\n

The first-quarter loss and executive turbulence could be red flags for investors over the near-term. But MGM is sporting one of strongest balance sheets<\/a> in the industry, including $4.6 billion in cash at the domestic level.<\/p>\n

\u201cMGM\u2019s financial health entered 2020 in its strongest position over the past 10 years, and we believe it has enough liquidity to remain a going concern, even with zero revenue through 2021,\u201d said Morningstar analyst Dan Wasiolek<\/strong>.<\/p>\n

He expects US gaming operations will bounce back to 2019 levels in 2023, with a more rapid rebound materializing in Macau<\/a> and a resurgence emerging there next year.<\/p>\n","protected":false},"excerpt":{"rendered":"

On Friday, a day after MGM Resorts International (NYSE:MGM) reported a first-quarter loss of 45 cents per share on a precipitous 29 percent drop in revenue, investors were treated to a nearly 11 percent slide in the stock price, division among Wall Street analysts, and more turnover among high-ranking executives. The largest operator on the […]<\/p>\n","protected":false},"author":46,"featured_media":134698,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10],"tags":[],"acf":[],"yoast_head":"\nMGM Resort Is Reportedly Firing Four Presidents on Vegas Strip<\/title>\n<meta name=\"description\" content=\"MGM Resorts International may be layng off leaders of four of its Las Vegas Strip casinos and analysts are dividend on the stock.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MGM Resort Is Reportedly Firing Four Presidents on Vegas Strip\" \/>\n<meta property=\"og:description\" content=\"MGM Resorts International may be layng off leaders of four of its Las Vegas Strip casinos and analysts are dividend on the stock.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/mgm-resort-is-reportedly-firing-four-presidents-on-vegas-strip\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2020-05-02T11:00:07+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-03T18:17:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/05\/exc.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/mgm-resort-is-reportedly-firing-four-presidents-on-vegas-strip\/\",\"url\":\"https:\/\/www.casino.org\/news\/mgm-resort-is-reportedly-firing-four-presidents-on-vegas-strip\/\",\"name\":\"MGM Resort Is Reportedly Firing Four Presidents on Vegas Strip\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/mgm-resort-is-reportedly-firing-four-presidents-on-vegas-strip\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/mgm-resort-is-reportedly-firing-four-presidents-on-vegas-strip\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/05\/exc.jpg\",\"datePublished\":\"2020-05-02T11:00:07+00:00\",\"dateModified\":\"2020-05-03T18:17:35+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"MGM Resorts International may be layng off leaders of four of its Las Vegas Strip casinos and analysts are dividend on the stock.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/mgm-resort-is-reportedly-firing-four-presidents-on-vegas-strip\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/mgm-resort-is-reportedly-firing-four-presidents-on-vegas-strip\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/mgm-resort-is-reportedly-firing-four-presidents-on-vegas-strip\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/05\/exc.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/05\/exc.jpg\",\"width\":1280,\"height\":720,\"caption\":\"Excalibur is one of four MGM Strip venues where a president is reportedly being let go. 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