One of the most prominent casino operators in the United States and globally, MGM Resorts International has just recently revealed that its Global Gaming Development President Brian Sandoval has resigned from this position in order to take a new administrative job and work for the University of Nevada Reno. According to one report released by the Reno Gazette Journal news outlet, fifty-six-year-old Sandoval used to work as the state’s Governor for eight years before he decided to join the Las Vegas-based company.

He served as the twenty-ninth Governor of Nevada until 2019. He attended the University of Nevada Reno where he earned his Bachelor of Arts degree in economics and English back in 1986. Later on, he earned his Juris Doctor degree at the Ohio State University Moritz College of law back in 1989. After passing his bar exams in California and Nevada, Mr. Sandoval worked with several law companies before opening his law firm in 1999. At MGM Resorts International, Brian Sandoval helped the company lead its expansion efforts across different markets.

MGM Resorts International

Founded thirty-four years ago, MGM Resorts International is one of the major entertainment and hospitality companies not only in the United States but in the world. The company operates a number of iconic destination resorts in New Jersey, Maryland, Mississippi, Detroit, and Las Vegas. Some of its most iconic properties include Bellagio located in Las Vegas, packed with almost four thousand rooms and a massive 116,000 square feet gaming space.

This luxury resort, casino, and hotel is not the only venue of this kind operated by MGM Resorts International which is also responsible for many other gambling-friendly venues in the United States including the iconic Mandalay Bay Resort and Casino also located in Las Vegas. This venue opened twenty-one years ago. Its hotel space is packed with three thousand and two hundred rooms and with a casino space packed with hundreds of games.

Besides, MGM Resorts International is also responsible for equally impressive Atlantic City-located Borgata Hotel Casino and Spa. The venue opened in 2003 and it features over two thousand and seven hundred hotel rooms which make it the biggest facility of this kind in New Jersey. The venue’s total gaming space covers 161,000 square feet.

Moreover, the American operator is looking forward to expanding its MGM China Holdings Limited subsidiary that is responsible for MGM Cotai and MGM Macau properties. One of the company’s future goals includes securing one of the Japanese trios of coming licenses which will grant operators necessary permissions to construct and operate a fully integrated casino resort in the Land of the Rising Sun.

Bill Hornbuckle Replacing James Murren as CEO

Before the former Governor of Nevada decided to pursue another administrative job and leave MGM Resorts International, the company’s officials revealed that its Chief Executive Officer James Murren is also leaving the company. Bill Hornbuckle had replaced James Murren at this position. At the same time, Paul Salem was promoted to the company’s Chairman position. The Las Vegas-based company’s newly appointed Chief Executive Officer used one of the company’s official press releases to thank Brian Sandoval for his work done at MGM Resorts International. He also wished him the very best as he pursues future working opportunities.

As reported several days ago, some of the major MGM Resorts International executives have invested over $10.3 million collectively in a couple of days in order to purchase 900,000 shares in the most prominent USA-based casino operator. According to one report released by CDC Gaming Reports, these recent transactions for the operator’s shares are being seen as ways for MGM Resorts International to boost the company’s share price which has decreased by almost 82% since February due to the ongoing coronavirus pandemic and its negative financial impacts.

The same news outlet also detailed that the new Chief Executive Officer for the Las Vegas-based company Bill Hornbuckle is one of the company’s major executives to increase its shareholding in the company. As revealed, Mr. Hornbuckle has invested around $496,177 via two transactions to acquire around 41,000 MGM Resorts International shares.

Chairman of the Company Investing Around $3.92 Million

CDC Gaming Reports also revealed that Bill Hornbuckle’s move was followed by the investment banker Paul Salem who invested around $3.92 million to get approximately 340,000 shares in the company. The experienced banker Paul Salem now serves as the company’s Chairman. According to the same news outlet CDC Gaming Reports, the company’s Chief Financial Officer Corey Sanders also invested around $300,000 to buy around 25,000 shares in MGM Resorts International.

Another company’s board member got in on the act, Keith Meister who parted with $5.66 million to buy 500,000 shares. Needless to say, he topped other board members as he spent the most. The total value of investments in the Las Vegas-based company has been declining after MGM Resorts International was forced to temporarily close its hotel and casino venues located in six states due to the coronavirus pandemic which so far has claimed the lives of over four thousand Americans.

It was reported several days ago that the New York Stock Market-listed casino behemoth is burning through approximately $14.4 million daily while the company probably has around nine months before it runs out of money if the situation remains. Later on, it was detailed that Bill Hornbuckle who just recently replaced the company’s long-time boss Mr. Murren has signed a brand-new management deal according to which he will exchange around $300,000 of his yearly salary for MGM Resorts International shares. Bill Hornbuckle’s contract with the casino operator is set to run through 2024 while his base yearly salary for 2020 according to the most recent contract alteration is set at $1.1 million.

MGM Resorts International Optimism

As one of the most prominent casino operators in the United States, MGM Resorts International is responsible for some of the most iconic gambling-friendly venues including the Casino Las Vegas and Mandalay Bay Resort venues. The company is also responsible for equally impressive Atlantic City-located Borgata Hotel Casino and Spa facility. The casino operator seems very optimistic despite the coronavirus crisis which brings loads of financial issues.

Commenting on the news about the company’s executives increasing their shareholding, MGM Resorts International officials said that the company has a strong liquidity position alongside its balance sheet that at the moment is worth around $3.9 billion. The company’s officials also added that these will allow MGM Resorts International to ultimately rebound once the coronavirus pandemic-related closures and restrictive measures are lifted. To help the company stay in the game, its John McManus who is the company’s Executive Vice-Presidents reduced his and other executives’ base salaries for this year by between 17% and 25%.