{"id":148058,"date":"2020-09-09T11:06:03","date_gmt":"2020-09-09T18:06:03","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=148058"},"modified":"2020-09-09T14:28:31","modified_gmt":"2020-09-09T21:28:31","slug":"murren-ex-mgm-boss-could-be-next-big-name-in-scorching-spac-space","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/murren-ex-mgm-boss-could-be-next-big-name-in-scorching-spac-space\/","title":{"rendered":"Jim Murren, ex-MGM Boss, Could Be Next Big Name in Scorching SPAC Space"},"content":{"rendered":"

Former MGM Resorts International (NYSE:MGM) CEO Jim Murren is reportedly considering launching a special purpose acquisition company (SPAC) with a pair of ex-investment bankers, leveraging his experience in the gaming industry.<\/p>\n

\"Jim
Former MGM CEO Jim Murren, seen here in January, is considering launching a SPAC. (Image: Las Vegas Review-Journal<\/em>)<\/figcaption><\/figure>\n

Murren left the helm of the Bellagio operator in March to lead Nevada’s COVID-19 response task force<\/a>. His non-compete agreement with his former employer expires next March. Bloomberg<\/i> reports that the ex-MGM leader is working with Edward King and Daniel Fetters, formerly of Morgan Stanley, on potential deals in the entertainment, live events, and online gaming spaces.<\/p>\n

We\u2019re going to be thoughtful and do our homework,\u201d<\/strong> Murren said in an interview<\/a>. \u201cI\u2019ve got a lot of good contacts in the financial industry and there is a lot opportunity.<\/strong>\u201d<\/p><\/blockquote>\n

Should Murren and his partners eventually form a SPAC, he’d be the latest big name to enter an arena that’s become one of the hottest topics on Wall Street this year. SPACs, also known as blank check companies, raise capital through an initial public offering (IPO) and use those proceeds to buy another entity. The outcome of that is the acquired firm usually goes public, rewarding both its early investors and the SPAC backers.<\/p>\n

News of Murren’s possible foray into the world of special purpose vehicles comes after hedge fund legend Bill Ackman raised $4 billion in a SPAC IPO in July. The news also arrived on the same day that real estate titan Sam Zell said he’s launching a blank check firm.<\/strong><\/p>\n

Right Pedigree<\/h2>\n

Following more than two decades at MGM, including more than 11 years as chairman and chief executive officer, it’s not surprising that Murren is evaluating opportunities involving gaming and live entertainment. He’s credited with integral roles in building T-Mobile Arena in Las Vegas and bringing the first professional sports franchise, the NHL’s Golden Knights, to the city.<\/p>\n

\n

Relating to possible SPAC ambitions, Murren oversaw the development of BetMGM<\/a>, the operator’s internet casinos and sports betting platform that’s a joint venture with GVC Holdings. That’s relevant because the combination of online gaming and blank check companies is scorching hot this year.<\/p>\n<\/div>\n

Not only did DraftKings (NASDAQ:DKNG) go public in April via a reverse merger with a blank check firm, at least three other internet gaming firms are doing the same. Tilman Fertitta\u2019s Golden Nugget Online Gaming (GNOG) is slated to go public this quarter<\/a> in a merger with his SPAC, Landcadia Holdings II Inc. (NASDAQ:LCA), while dMY Technology Group Inc. (NYSE:DMYT) and Rush Street Gaming are coming together on a $1.8 billion deal.<\/p>\n

Last week, Skillz Inc. said it’s merging<\/a> with special purpose vehicle Flying Eagle Acquisition Corp. (NYSE:FEAC) in a transaction valuing the online gaming firm at $3.5 billion.<\/p>\n

Murren and his partners are looking to raise $300 million or more and already had conversations with underwriters, reports Bloomberg<\/i>.<\/strong><\/p>\n

Odds and Ends<\/h2>\n

Murren, 58, acknowledges that the SPAC space is getting crowded this year. He’s correct about that. There have been close to 70 blank check IPOs this year, raising more than $25 billion combined.<\/p>\n

That’s a densely populated field. But Murren’s comments to Bloomberg<\/i> indicate he’s wagering his name and experience steering MGM can separate his new entity from the pack.<\/strong><\/p>\n

The news agency also reports that Andrew Pascal, a former Wynn Resorts executive and Elaine Wynn’s nephew, could be involved with Murren’s SPAC. But an agreement to that effect isn’t final.<\/p>\n","protected":false},"excerpt":{"rendered":"

Former MGM Resorts International (NYSE:MGM) CEO Jim Murren is reportedly considering launching a special purpose acquisition company (SPAC) with a pair of ex-investment bankers, leveraging his experience in the gaming industry. Murren left the helm of the Bellagio operator in March to lead Nevada’s COVID-19 response task force. His non-compete agreement with his former employer […]<\/p>\n","protected":false},"author":46,"featured_media":148073,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,33810],"tags":[],"acf":[],"yoast_head":"\nJim Murren, ex-MGM Boss, Could Be Next Big Name in Scorching SPAC Space - Casino.org<\/title>\n<meta name=\"description\" content=\"Former MGM Resorts International (NYSE:MGM) CEO Jim Murren is reportedly considering launching a special purpose acquisition company (SPAC) with a pair of\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/murren-ex-mgm-boss-could-be-next-big-name-in-scorching-spac-space\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Jim Murren, ex-MGM Boss, Could Be Next Big Name in Scorching SPAC Space - Casino.org\" \/>\n<meta property=\"og:description\" content=\"Former MGM Resorts International (NYSE:MGM) CEO Jim Murren is reportedly considering launching a special purpose acquisition company (SPAC) with a pair of\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/murren-ex-mgm-boss-could-be-next-big-name-in-scorching-spac-space\/\" \/>\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=\"2020-09-09T18:06:03+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-09-09T21:28:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/09\/jm.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\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\/murren-ex-mgm-boss-could-be-next-big-name-in-scorching-spac-space\/\",\"url\":\"https:\/\/www.casino.org\/news\/murren-ex-mgm-boss-could-be-next-big-name-in-scorching-spac-space\/\",\"name\":\"Jim Murren, ex-MGM Boss, Could Be Next Big Name in Scorching SPAC Space - Casino.org\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/murren-ex-mgm-boss-could-be-next-big-name-in-scorching-spac-space\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/murren-ex-mgm-boss-could-be-next-big-name-in-scorching-spac-space\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/09\/jm.jpg\",\"datePublished\":\"2020-09-09T18:06:03+00:00\",\"dateModified\":\"2020-09-09T21:28:31+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Former MGM Resorts International (NYSE:MGM) CEO Jim Murren is reportedly considering launching a special purpose acquisition company (SPAC) with a pair of\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/murren-ex-mgm-boss-could-be-next-big-name-in-scorching-spac-space\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/murren-ex-mgm-boss-could-be-next-big-name-in-scorching-spac-space\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/murren-ex-mgm-boss-could-be-next-big-name-in-scorching-spac-space\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/09\/jm.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/09\/jm.jpg\",\"width\":1200,\"height\":800,\"caption\":\"Former MGM CEO Jim Murren, seen here in January, is considering launching a SPAC. (Image: Las Vegas Review-Journal)\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.casino.org\/news\/murren-ex-mgm-boss-could-be-next-big-name-in-scorching-spac-space\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"News\",\"item\":\"https:\/\/www.casino.org\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Commercial Gaming\",\"item\":\"https:\/\/www.casino.org\/news\/commercial-gaming\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Jim Murren, ex-MGM Boss, Could Be Next Big Name in Scorching SPAC Space\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.casino.org\/news\/#website\",\"url\":\"https:\/\/www.casino.org\/news\/\",\"name\":\"Casino.org\",\"description\":\"Latest Casino and Gaming News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.casino.org\/news\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\",\"name\":\"Todd Shriber\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"caption\":\"Todd Shriber\"},\"description\":\"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.\",\"sameAs\":[\"https:\/\/muckrack.com\/todd-shriber\",\"https:\/\/www.linkedin.com\/in\/toddshriber\/\",\"https:\/\/x.com\/etfgodfather\"],\"url\":\"https:\/\/www.casino.org\/news\/author\/todd-shriber\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Jim Murren, ex-MGM Boss, Could Be Next Big Name in Scorching SPAC Space - Casino.org","description":"Former MGM Resorts International (NYSE:MGM) CEO Jim Murren is reportedly considering launching a special purpose acquisition company (SPAC) with a pair of","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.casino.org\/news\/murren-ex-mgm-boss-could-be-next-big-name-in-scorching-spac-space\/","og_locale":"en_US","og_type":"article","og_title":"Jim Murren, ex-MGM Boss, Could Be Next Big Name in Scorching SPAC Space - Casino.org","og_description":"Former MGM Resorts International (NYSE:MGM) CEO Jim Murren is reportedly considering launching a special purpose acquisition company (SPAC) with a pair of","og_url":"https:\/\/www.casino.org\/news\/murren-ex-mgm-boss-could-be-next-big-name-in-scorching-spac-space\/","og_site_name":"Casino.org","article_publisher":"https:\/\/www.facebook.com\/Casino.OrgNews","article_published_time":"2020-09-09T18:06:03+00:00","article_modified_time":"2020-09-09T21:28:31+00:00","og_image":[{"width":1200,"height":800,"url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/09\/jm.jpg","type":"image\/jpeg"}],"author":"Todd Shriber","twitter_card":"summary_large_image","twitter_creator":"@etfgodfather","twitter_site":"@Casino_Org","twitter_misc":{"Written by":"Todd Shriber","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.casino.org\/news\/murren-ex-mgm-boss-could-be-next-big-name-in-scorching-spac-space\/","url":"https:\/\/www.casino.org\/news\/murren-ex-mgm-boss-could-be-next-big-name-in-scorching-spac-space\/","name":"Jim Murren, ex-MGM Boss, Could Be Next Big Name in Scorching SPAC Space - Casino.org","isPartOf":{"@id":"https:\/\/www.casino.org\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.casino.org\/news\/murren-ex-mgm-boss-could-be-next-big-name-in-scorching-spac-space\/#primaryimage"},"image":{"@id":"https:\/\/www.casino.org\/news\/murren-ex-mgm-boss-could-be-next-big-name-in-scorching-spac-space\/#primaryimage"},"thumbnailUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/09\/jm.jpg","datePublished":"2020-09-09T18:06:03+00:00","dateModified":"2020-09-09T21:28:31+00:00","author":{"@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85"},"description":"Former MGM Resorts International (NYSE:MGM) CEO Jim Murren is reportedly considering launching a special purpose acquisition company (SPAC) with a pair of","breadcrumb":{"@id":"https:\/\/www.casino.org\/news\/murren-ex-mgm-boss-could-be-next-big-name-in-scorching-spac-space\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.casino.org\/news\/murren-ex-mgm-boss-could-be-next-big-name-in-scorching-spac-space\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/murren-ex-mgm-boss-could-be-next-big-name-in-scorching-spac-space\/#primaryimage","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/09\/jm.jpg","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/09\/jm.jpg","width":1200,"height":800,"caption":"Former MGM CEO Jim Murren, seen here in January, is considering launching a SPAC. (Image: Las Vegas Review-Journal)"},{"@type":"BreadcrumbList","@id":"https:\/\/www.casino.org\/news\/murren-ex-mgm-boss-could-be-next-big-name-in-scorching-spac-space\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"News","item":"https:\/\/www.casino.org\/news\/"},{"@type":"ListItem","position":2,"name":"Commercial Gaming","item":"https:\/\/www.casino.org\/news\/commercial-gaming\/"},{"@type":"ListItem","position":3,"name":"Jim Murren, ex-MGM Boss, Could Be Next Big Name in Scorching SPAC Space"}]},{"@type":"WebSite","@id":"https:\/\/www.casino.org\/news\/#website","url":"https:\/\/www.casino.org\/news\/","name":"Casino.org","description":"Latest Casino and Gaming News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.casino.org\/news\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85","name":"Todd Shriber","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","caption":"Todd Shriber"},"description":"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.","sameAs":["https:\/\/muckrack.com\/todd-shriber","https:\/\/www.linkedin.com\/in\/toddshriber\/","https:\/\/x.com\/etfgodfather"],"url":"https:\/\/www.casino.org\/news\/author\/todd-shriber\/"}]}},"_links":{"self":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/148058"}],"collection":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/users\/46"}],"replies":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/comments?post=148058"}],"version-history":[{"count":0,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/148058\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media\/148073"}],"wp:attachment":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media?parent=148058"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/categories?post=148058"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/tags?post=148058"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}