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%.

After inking several lease-back business deals for several of its properties, one of the most prominent American resorts and casino operators MGM Resorts International is trying to sell off a pair of its most popular properties in Mandalay Bay and MGM Grand Las Vegas. The sales were reported in a Bloomberg report that quoted an anonymous source.

It was also shared that the Las Vegas-based company has been cooperating with the real estate investment trust funds of the MGM Growth Properties to solicit interested in the two Las Vegas enterprises from operators who have invested in this industry already. Before this move, MGM Resorts International inked a thirty-year lease business deal at the beginning of November.

Circus Circus Las Vegas and Bellagio Las Vegas

According to this lease deal, the company sold its three thousand and nine hundred-room Las Vegas-based Bellagio property to Blackstone Group PL. The property was sold for around $4.2 billion. This business move had been prefaced by a very similar business arrangement worth around $825 million which saw MGM Resorts International selling its Circus Circus Las Vegas property which was offloaded to a real estate entity that is controlled by Phil Ruffin who is also the owner of Vegas’ Treasure Island.

A recent Bloomberg report stated that the company is looking to offload Mandalay Bay and other properties in order to continue with a similar business strategy. The goal of the sales is to free up some liquid cash which will be used for two important projects. The first of the projects is the opening of the Osaka MGM casino while the other is a nationwide sports betting launch, which is finally possible following recent legislative changes.

MGM Grand Las Vegas and Mandalay Bay Resort and Casino

MGM is now looking to sell two of its most iconic properties. MGM Grand Las Vegas which is reportedly up for sale is the biggest hotel property in the USA with over seven thousand rooms. The iconic Vegas Strip hotel and resort also stands as the number three biggest hotel on the planet, following only the Palazzo and The Venetian. The hotel was opened back in 93 and back then it was the biggest in the world, as the other two were not yet built.

Fully owned and managed by the MGM Resorts International, the property includes the thirty-floor main hotel building alongside several outdoor pools, waterfalls, and rivers. The property also includes a massive convention center, the Grand Spa as well as the MGM Grand Garden Arena. Besides, it houses many shops, restaurants, night clubs and even the biggest casino in this area.

The Mandalay Bay property owned and managed by the MGM Resorts International is a luxury, forty-three story resorts and casino also situated on the Las Vegas Strip. It opened on the 2^nd of March 1999. The hotel area includes three thousand and two hundred rooms alongside a massive casino floor. Adjacent to the hotel area, there is the  Convention Center, the Events Center as well the Mandalay Bay Tram which connects the property to Luxor and Excalibur.

The boss for one of the biggest USA-based casino operators, MGM Resorts has announced that his company is currently working on developing an asset-light business strategy that could see the company offloading its MGM Grand Las Vegas facility. According to one report released by the Las Vegas Review news outlet, this revelation was made by the company’s CEO and Chairman Jim Murren.

As reported, the Las Vegas-based company’s officials had already a meeting with several of the company’s investors where they have discussed the MGM Resorts International’s third-quarter finances among other subjects including contemplating more casino sales. Just last month, this Las Vegas-based giant inked a crucial, thirty-year lease deal which saw MGM Resorts International sell its Bellagio Las Vegas venue.

Selling Bellagio Las Vegas

The three thousand and nine hundred-room Las Vegas facility was sold to one Blackstone Group LP for around $4.2 billion. The selling of its Bellagio Las Vegas venue was prefaced by a very similar $825-million worth business arrangement for the company’s Circus Circus Las Vegas facility which is located nearby Bellagio. As reported by Jim Murren, these financial transactions will be used by his company as crucial blueprints for any other future arrangement of this kind which may relate to its Aria Resort and Casino and MGM Grand both located in Las Vegas.

Such future arrangements also encompass the company’s Vdara Hotel and Spa as well as its MGM Growth Properties and MGM Springfield ventures. The company’s CEO and Chairman Jim Murren said that the company’s latest financial transactions were crucial steps for the company’s new future which does not mean the end for MGM Resorts International.

In his official press release, Mr. Murren said that the company’s Bellagio Las Vegas transaction actually represents much more for his company than a simple, very smart financial decision. He said that it provides a great blueprint for the company’s future deals of this kind. He also added that the company’s process related to monetizing its real estate for the MGM Grand Las Vegas facility is underway while more details on this will be shared soon.

Focusing on Future Casino Sales

According to the company’s boos, the majority of the MGM Resorts International’s proceeds from any upcoming casino sales would be generated to fully support the firm’s already envisioned global rollout of gaming activities including sportsbetting as well as the company’s plan to construct and operate a fully integrated casino resort in Osaka.

Jum Murren also told news outlets that for his company, developing an asset-light business strategy means separating the company’s ownership of lower-return and capital-intensive assets and finally recycling this particular capital into some higher return on its future investments. On the other hand, several newspapers reported that the most recent company’s sale of its Circus Circus Las Vegas venue had put MGM Resorts International into a massive dent.

It was detailed that the company’s third-quarter combined earnings recorded a massive $37 million deficit when compared to the same period last year which has brought a great nine percent increase in generated revenues which amounted to around $3.3 billion. However, the company’s boss described these numbers as in line with the MGM Resorts International’s earlier projections and as solid. He finished his press release by saying that his company would definitely enjoy a brighter financial report for the next fourth-quarter period thanks to its upcoming entertainment offerings.

Just one day after Paradise-based Las Vegas Sands Corporation revealed publicly that the company is abandoning its plan to build and operate a luxurious casino resort in Osaka, the company’s biggest American rival and competition MGM Resorts International revealed that it stays committed to the city of Osaka. In fact, the company’s boss Jim Murren stated in his official press release that the MGM Resorts International remains committed to pursuing a fully integrated casino resort in Osaka.

This official revelation was immediately followed by the Las Vegas Sands Corporation’s official press release in which the company’s officials reveal that it will concentrate on the city of Yokohama instead of its initial plans which included managing a casino resort in Osaka. This news came shortly after it was revealed that Japan will be granting a trio of casino licenses for development projects in several cities including Yokohama and Osaka.

At the same time, the MGM Resorts International’s officials have already announced their Osaka First business strategy and they do not plan on wavering from that business plan. Mr. Murren also stated that he and his coworkers have had confidence in the company’s position in Japan. He also believes that MGM Resorts International can bring something to Osaka that only his company can successfully deliver.

Yokohama Joining the Race to Secure its Casino License

The city of Yokohoma has just recently announced that it will be finally lodging a public bid in order to secure one of the three gaming licenses which are currently being made after the country ratified last year’s proposed, Integrated Resort Implementation Bill. The city of Yokohama has more than 3.7 million residents while its close proximity to the country’s capital makes its one of the most attractive candidates to host a fully integrated entertainment and casino resort.

In fact, the city of Yokohama has an advantage over other runners including Chiba City, Osaka, and Sasebo. It was also revealed that the city’s officials were reluctant at the beginning to bid for one of the three gaming licenses owing to their concerns related to criminal activities and gambling addiction. However, the city’s Major Mr. Hayashi in an official press release said that such a facility will actually enable the city of Yokohama to attract both more foreign investment and more tourists.

One of the leading casino operators and the biggest MGM Resorts International rival, Las Vegas Sands Corporation reacted immediately after this revelation by saying that it has abandoned its plans to build in Osaka in favor of managing a casino resort in Yokohama. The company’s CEO used another statement to share more detail. In this statement, his proclaimed that investing in Yokohama or Tokyo gives his company the best business opportunity. He also added that his company is currently seeking business partners to help them with bringing a casino resort to the capital city of the Kanagawa Prefecture.

Several American Companies Interested in Bringing Casino Resorts to Japan

Alongside Las Vegas Sands Corporation, several other American casino giants such as Caesars Entertainment Corporation, and Wynn Resorts Limited are currently eyeing on the possibility of opening a casino resort in Japan. While MGM Resorts International stays focused on Osaka, these casino behemoths are more focused on Yokohama.

All in all, MGM Resorts International has grandiose plans for its Osaka casino resort. The company’s officials revealed that they will submit their official proposal in days to come in hopes of attracting some local allies.