MGM Faces Challenges as Directors Gather in Las Vegas, Sources Allege Internal Strife
MGM Resorts is facing some turbulent times, if gossip mills are to be believed. In the past month, its stock price has plummeted a mind-boggling 24%, and now their Board of Directors is gathering in Sin City, as whispers about the company abound.
Las Vegas Locally (LVL), a local news source from Vegas, threw fuel to the fire with a Friday X-post. The article reported some of these rumors, centering around an anonymous "insider" claiming that MGM's CEO Bill Hornbuckle may depart the company:
This sneaky "insider" also hinted at the possible closure of MGM's iconic Luxor Hotel and Casino, as the corporation seeks to shed its excess baggage. MGM has owned the pyramid-shaped hotel-casino for almost two decades.
The insider also made mention of Ann Hoff, the current President and COO of Bellagio and Park MGM. She announced her retirement this week and will officially leave her post on April 25 after 30 years. These sudden developments have the insider sounding suspiciously, "shady as hell."
Notably, last week, LVL shared rumors that Excalibur, another MGM-managed casino, was downsizing its workforce and cutting the hours of housekeepers. The report suggested the casino would axe jobs for valet, bell desk staff, and doorpersons.
Despite these rumors swirling around, it's essential to address some contradictory facts:
- MGM Resorts CEO Bill Hornbuckle is securely staying put with the company through 2028, with no signs of departure on the horizon. His strong leadership during the pandemic and strategic vision for the company's long-term growth have been commended[1][2][3].
- Contrary to the rumors, there are no current reports or whispers hinting at a potential closure for the Luxor Hotel and Casino.
- With regards to the alleged layoffs at Excalibur casino, there's no evidence to support these claims in recent news[4][5].
Lastly, it's worth noting that there has been notable leadership change at Resorts World Las Vegas – a different property, not part of MGM – where CEO Alex Dixon was replaced by Carlos Castro due to fallout from a major illegal betting scandal. Dixon will transition to a senior advisory role but has essentially been booted from the CEO position[4][5].
In the midst of MGM Resorts' ongoing turmoil, whispers about potential changes within the company persist. A local source, Las Vegas Locally (LVL), recently hinted at the possibility of MGM's CEO, Bill Hornbuckle, departing the company, alongside allegations of the potential closure of the Luxor Hotel and Casino and staff reductions at Excalibur casino. However, it's crucial to acknowledge that CEO Hornbuckle is committed to MGM through 2028, and there are no current reports suggesting the Luxor Hotel and Casino's closure or layoffs at Excalibur casino.
