MGM Faces Turmoil as Board Gathers in Las Vegas,Reportedly Over Alleged Internal Confidential Information Leak
It seems like MGM Resorts International is in the hot seat lately, with whispers abuzz in the business world. In just a month, their stock has taken a nosedive by a whopping 24%. Now, their Board of Directors is huddled in Las Vegas, spoon-feeding the gossip mill.
Notable local Sin City news source, Las Vegas Locally (LVL), spilled some beans on Friday in a lurid X post. An unnamed "insider" dropped some juicy rumors about the company and its bigwigs. This unnamed chatterbox suggested that MGM's CEO, Bill Hornbuckle, might be packing his bags and leaving the company.
The insider also pointed towards the Luxor Hotel and Casino, hinting that it might be on the chopping block as MGM looks to shave off some dead weight. They've owned this pyramid-shaped hotel-casino for close to two decades.
The insider also couldn't help but mention Ann Hoff, the current President and COO of Bellagio and Park MGM. She announced her retirement this week and will be off the job on April 25 after a 30-year tenure. The insider wasn't shy about labeling her sudden resignation as "fishy as f*ck."
Interestingly, last week, LVL spilled some tea about the Excalibur casino, another MGM operation, reportedly slashing jobs and cutting the hours of housekeepers. The casino plans to let go of valet, bell desk staff, and doorpersons.
It's worth noting that MGM is not just randomly chopping up its properties. Specifically, they are targeting concierge services, not entire hotels. They claim these changes are in response to "evolving guest preferences," citing a surge in digital concierge services and increased phone support.
However, some social media users are questioning the decline in tourism and possible economic downturns. Meanwhile, guests like Eve Padilla are grumbling about the lack of in-person assistance. Despite these rumors, there's no solid proof that the Luxor's closure or CEO changes are driving these decisions. In fact, the Luxor's concierge reduction happened in 2023, unrelated to the recent news. The reduced services at Excalibur seem to be part of an operational streamlining rather than a full-scale closure.
- The whispering in the business world regarding MGM Resorts International's recent turmoil suggests a supposedly impending resignation of their CEO, Bill Hornbuckle.
- There have been fishy rumors about the Luxor Hotel and Casino, one of MGM's long-standing casino properties, possibly being put up for sale, as the company attempts to shed excess weight.
- The Board of Directors from MGM Resorts International is holding a meeting in Las Vegas, speculatedly addressing the company's recent financial downturn, smeared by the falling stock prices by 24% over the past month.
- Interestingly, while the insider claims that the Luxor's possible closure and CEO changes might be influencing MGM's decisions, recent events such as the reduced concierge services at Luxor and Excalibur in 2023 seem to be the consequence of operational streamlining rather than full-scale closures.
