Board Gathering in Las Vegas as MGM Faces Turmoil, According to Alleged Insider Reports
MGM Resorts International's future seems uncertain, according to speculations circling the company. Over the past month, the firm's stock price plummeted a whopping 24%, and its Board of Directors has gathered in Vegas for a emergency meeting, fueling gossip about the corporation.
Las Vegas Locally (LVL), our trusted Sin City news source, shared some of these whispers on Friday, unveiling the claims of an anonymous insider. This shadowy figure hinted at a possible departure of MGM CEO Bill Hornbuckle, as well as the potential sale of the Luxor Hotel and Casino, an asset MGM has held onto for nearly two decades.
The insider also got nosy about Ann Hoff, the current President and COO of Bellagio and Park MGM. Her unexpected retirement announcement this week has raised some eyebrows, owing to Ms. Hoff's impressive 30-year history with the company. The insider called her departure "as fishy as f*ck."
It's also worth mentioning that last week, Las Vegas Locally sparked rumors about layoffs at the Excalbur, another MGM-owned casino. Allegedly, the casino is axing jobs for valets, bell desk staff, and doorpersons, and reportedly reducing housekeepers' work hours.
Now, here's where things get twisty. Recent reports suggest that MGM Resorts International has no intentions of bidding adieu to CEO Bill Hornbuckle, who just had his contract extended through December 31, 2028[1][2][3]. This extension foreshadows stability in the leadership position, with Hornbuckle set to remain at the helm. Furthermore, there seems to be no concrete evidence of MGM Resorts International seeking to offload significant assets.
That being said, let's not forget that MGM is making strides in various strategic initiatives, such as digital innovations and international expansions, which may involve financial restructuring and strategic management of assets, but these moves aren't directly tied to asset sales or layoffs in the existing information. Keep a close eye on official MGM Resorts International announcements or updates from reputable news outlets in the hospitality and gaming industry for any potential changes or updates.
- Amidst the uncertainty surrounding MGM Resorts International, whispers suggest the potential sale of the Luxor Hotel and Casino, a property MGM has owned for nearly two decades, in the heart of the casino-and-gambling hub, Las Vegas.
- The insider's claims also include a possible culture shift within the casino-games scene, as the unexpected retirement of Ann Hoff, President and COO of Bellagio and Park MGM, could signify a change in the casino-culture at MGM, given her lengthy 30-year history with the company.
