MGM Faces Struggles as Board Gathers in Las Vegas, Reportedly Acted on Inside Information
Rewritten Article:
Here's the latest brewing storm over at MGM Resorts International. The stock market's been unforgiving, slashing the corporation's value by a whopping 24% in the past month. Amidst the chaos, the Board of Directors is huddled in Las Vegas, grappling with speculations galore.
Las Vegas Locally (LVL), the city's very own news outlet, shed light on some of these speculations in a rather explosive post last Friday. The article, based on claims from an anonymous "insider," hinted at potential shakeups within MGM.
The same insider suggested that MGM's CEO, Bill Hornbuckle, might be on his way out, with the pyramid-shaped Luxor Hotel and Casino possibly joining him on the chopping block as the company looks to shed excess baggage. MGM's been running the Luxor for nearly two decades.
The insider also raised eyebrows over Ann Hoff, the current President and COO of Bellagio and Park MGM. She announced her retirement this week, intendring to step down officially on April 25 after 30 years. The insider found her sudden departure "fishy as f*ck."
Notably, LVL had previously shared rumors about another MGM-operated casino, the Excalibur, allegedly undergoing a reduction in workforce and cutting the hours of housekeepers. The casino is reportedly letting go of valet, bell desk staff, and doorpersons.
Interestingly, despite the gloomy picture painted by these reports, the CEO, Bill Hornbuckle, continues to steer MGM Resorts, focusing on strategic moves to boost revenue, such as fee increases in Las Vegas[3][4].
As of now, there are no concrete updates about a potential closure of the Luxor Hotel and Casino. Similarly, while there are rumors of layoffs at the Excalibur Casino, they remain just that – rumors – with no specific information available in recent news reports. Instead, the general trend in Las Vegas involves strategic adjustments and operational optimizations rather than widespread layoffs across specific properties.
So, keep your eyes peeled for further developments in this shifting landscape of MGM Resorts International.
- The insider's hints about potential shakeups within MGM Resorts International, including the supposed resignation of CEO Bill Hornbuckle and the potential closure of the Luxor Hotel and Casino, have been met with skepticism in the casino-and-gambling industry, given the current financial struggles of the company.
- Ann Hoff's sudden retirement as President and COO of Bellagio and Park MGM, after 30 years of service, is raising eyebrows in the finance industry, with some speculating her departure might be a consequence of the ongoing management changes at MGM Resorts International.
- The fishy circumstances surrounding Ann Hoff's retirement and the reported layoffs at the Excalibur Casino have led to a growing sense of unease within the energy sector, as investors closely monitor MGM Resorts International's responses to the economic challenges in the casino-and-gambling industry, particularly in Las Vegas.
- The Board of Directors at MGM Resorts International is reportedly weighing various strategic options to manage the company's financial performance, including potentially shedding excess baggage such as the Luxor Hotel and Casino or implementing cost-reduction measures like layoffs at casinos like the Excalibur.
- With the uncertainty surrounding MGM Resorts International's immediate future, the stock market remains wary, keeping a close eye on developments in the casino-and-gambling industry, particularly in Las Vegas, as MGM attempts to navigate the challenges posed by the ongoing industry-wide financial downturn.
