Board Members Gather in Las Vegas for MGM Crisis Conference: Alleged In-house Informant Reports Strife
Heads are turning toward MGM Resorts International as rumors circulate and stock prices plummet. Over the past month, the company's shares have taken a nosedive by a jaw-dropping 24%. Concerned parties are now gathering in Las Vegas for a Board meeting, with whispers filling the air about the company's future.
A local news source based in Sin City, Las Vegas Locally (LVL), reported some of these rumors on Friday in a since-deleted post. The unnamed "insider" they cited claimed that MGM's CEO, Bill Hornbuckle, may soon leave the company.
The same informant also hinted that MGM's Luxor Hotel and Casino might be up for sale, as the corporation seeks to streamline its operations. With a 20-year history under MGM's ownership, the pyramid-shaped hotel-casino has been a staple of the Las Vegas skyline.
The insider also mentioned Ann Hoff, the present President and COO of Bellagio and Park MGM, who announced her retirement this week. Hoff will step down from her role on April 25 after 30 years in the industry. The insider found her sudden departure "disconcertingly fishy."
It's crucial to note that last week, LVL shared rumors that the Excalbur, another MGM-managed casino, was downsizing its workforce. According to these reports, the casino is eliminating jobs for valet, bell desk staff, and doorpersons, allegedly due to decreased labor demand.
However, recent reports confirm that MGM is indeed implementing staff reductions—albeit in the concierge department. The company is eliminating 34 concierge positions across multiple Las Vegas properties due to reduced demand for in-person services and a shift toward digital platforms[1][3][4]. In 2023, concierge desks at Luxor were already closed[1]. Though the Luxor is mentioned, there's no credible evidence suggesting a sale[1][3].
The changes within MGM Resorts International might be driven by the digital shift[3], rising cost pressures[3], and the need to adapt to post-COVID tourism trends[3]. While these restructurings have raised some economic concerns, experts view them as strategic moves rather than signs of impending crisis[3].
In summary, MGM appears to be undergoing a more streamlined and digital focus, as reflected in its concierge staff reductions. The situation with the Luxor does not appear to involve a sale at the moment.
- The reported resignation of MGM Resorts International's CEO, Bill Hornbuckle, is causing a stir, as speculation suggests potential changes within the company.
- The Luxor Hotel and Casino, a staple in the Las Vegas skyline, has been rumored to be up for sale, with the corporation aiming to streamline its operations.
- Ann Hoff, the present President and COO of Bellagio and Park MGM, has announced her retirement this week, and some find her departure "disconcertingly fishy."
- Recent reports confirm that MGM is eliminating 34 concierge positions across multiple Las Vegas properties due to reduced demand for in-person services and a shift toward digital platforms.
- The gambling trends and casino culture in Las Vegas are witnessing a digital shift, which could be driving the changes within MGM Resorts International and shaping the future of casino-games and casino-culture in the gambling-trends landscape.
