Here’s What We Know About the MGM Resorts Hack

Yesterday, news broke that MGM Resorts was hacked last summer. According to reports, more than 10 million individuals had their personal information posted online. Today, we’re going to explain what we know about the MGM Resorts hack so far.MGM Resorts Logo

Many were unaware that this hack even took place. It’s likely that many individuals had their information posted and didn’t know about it. Before we get into the details of this hack, we’ll look at some of MGM’s recent company changes.

Let’s get into it!

Jim Murren Officially Steps Down As CEO of MGM Resorts

Since the 90s, MGM Resorts has been run by Jim Murren. During his tenure with the company, Murren has helped to significantly expand and improve this property. Recently, he announced that he’s stepping down as CEO of the company.

Murren’s contract was set to expire soon. It appears he’s ready to call it a day just a little earlier than expected. Now, officials within MGM Resorts are working to find a suitable replacement. As of now, it’s still unclear who will step into the CEO role.

Many are sad to see Jim Murren leave. He’s been a huge part of the company for years and is widely credited for helping to save the company during the financial crisis of 2008-2009. He’s also responsible for some of the company’s major Las Vegas casino-resort sales over the past few years.

His departure comes at an interesting time. MGM Resorts is currently dealing with several things at once. For weeks, it’s been forced to deal with issues in Macau. Fortunately, that situation seems to be improving.

News reports now claim that the company was hacked last year. It’s the last thing MGM Resorts needed right now. Here’s what we know about this hack.

MGM Resorts Hack Affects 10.6 Million Individuals

MGM Resorts International is one of the biggest casino companies in the world. It’s based in Las Vegas and owns many of the world’s most profitable gaming venues. This company also offers M Life Rewards, one of the most popular casino loyalty programs in the country.

Unfortunately, even MGM isn’t safe from hackers. According to the website ZDNet, the information of 10.6 million individuals was posted online. The site eventually asked about the MGM Resorts hack to company officials, who offered this response.

“Last summer, we discovered unauthorized access to a cloud server that contained a limited amount of information for certain previous guests of MGM Resorts,” MGM said. “We are confident that no financial, payment card or password data was involved in this matter.”

The personal information on millions of tourists, which include government officials, tech CEOs, and reporters was posted to a popular hacking website. The information posted includes full names, home addresses, and phone numbers. MGM Resorts claims the informed the affected individuals last year.

The exact identity of this hacker is still unknown. Reports indicate that they are a part of GnosticPlayers, a hacking group that’s illegally claimed more than a billion personal records over the past few years. We’ll need to wait and see if any individuals affected by the MGM Resorts hack decide to take legal action in any way.

MGM Resorts’ Operations in Massachusetts Finally Improve

As we already mentioned, MGM Resorts is going through a lot right now. This includes the aforementioned departure of Jim Murren. For years, this company has also been working to bring in new gamblers to the MGM Springfield property in Massachusetts.

Lawmakers in Massachusetts decided to allow land-based casinos in the state back in 2011. The first casino to open here was the MGM Springfield. Initially, analysts predicted that this would be one of the most successful new casinos in the country.

Unfortunately, this has not been the case. Since opening in 2018, MGM Springfield has struggled to generate revenue. Things got even worse once the Encore Boston Harbor casino-resort opened to the public last year.

Fortunately, things seem to be finally improving here. Last month, gambling revenue increased here considerably. Interestingly, Encore Boston Harbor’s revenue dropped. Company officials hope this trend continues.

The MGM Resorts hack is very unfortunate. We’re likely to hear more about this over the next few months. Stay tuned for updates!

MGM Springfield Continues to Disappoint

In August of 2018, MGM Springfield officially opened its doors to the public. Since that time, the Springfield, Massachusetts gambling venue has struggled to generate revenue. Officials within MGM Resorts International spoke about the low revenue figures to the media this week.MGM Springfield

This venue has been a major disappointment for one of the country’s biggest casino operators. Today, we’re going to talk about why this is. We’ll also discuss what steps MGM may take to change this downward trend.

Let’s get into it!

Massachusetts Proves to Be a Difficult Casino Market

For many years, lawmakers in Massachusetts banned all forms of casino gambling. In 2011, the state finally agreed to a set of laws that allows three new land-based casinos to open. In 2018, MGM Resorts International opened the state’s first gambling venue in the city of Springfield.

Expectations for this venue were high. Many considered Massachusetts to be one of the most lucrative new casino markets in the country. By the time MGM Springfield opened up, almost everyone agreed it would be extremely successful.

For a time, these theories were correct. MGM Springfield drew in many visitors early on and began generating serious revenue. As time went on, however, these earnings began to drop. One reason for this was the opening of Wynn Resorts’ Encore Boston Harbor casino-resort.

This new casino instantly captured a huge portion of the MA casino market. Many gamblers who previously gambled inside MGM Springfield began making the switch to the Encore. It was a tough break for MGM Resorts International, who didn’t anticipate their market to be taken over so quickly.

Despite the company’s best efforts, things don’t seem to be improving for MGM Resorts. A company official spoke about this disappointing performance to the media this week.

MGM Springfield Still Struggles to Generate Revenue

MGM Resorts International has been undergoing some massive changes in recent months. Last year, the company sold some of its biggest properties in Las Vegas. Just last week, CEO Jim Murren announced he’s stepping down.

There’s a lot to juggle here. Murren is continuing to run the company until a replacement is chosen. This week, Murren commented on the MGM Springfield property and doesn’t seem pleased with the venue’s performance.

“MGM Springfield has admittedly performed below our expectations, and we’ve recently made some changes there to better position the property,” he said. 

It’s surprising for some to hear that MGM continues to invest in this venue. Many expected the company to sell it and simply take the losses. That does not appear to be the case.

For now, MGM Resorts International wants to continue running its only Massachusetts property. With some changes, perhaps this venue can once again capture the state’s market.

Massachusetts isn’t the only area that MGM is continuing to invest in.

Macau May Soon Become Profitable Again For MGM Resorts

Macau is one of the world’s largest gaming markets. Many of the world’s top casino companies invest in property here, including MGM Resorts. Unfortunately, revenue from this territory has been dropping for more than a year.

Throughout 2019, tourism in Macau was down. The US-Chinese trade war had taken a toll on China’s economy, causing fewer nationals here to gamble. Macau relies on Chinese high rollers and as less began visiting here, revenue started to tumble.

Recently, the coronavirus has hurt this territory. As the 2019-nCoV virus spreads throughout China, less people are able to travel into Macau. Recently, officials in this territory decided to shut down all the casinos in order to prevent infections.

This casino shutdown is costing companies millions of dollars a day. It finally seems as if infection rates are beginning to even out and Macau may finally become a profitable casino market once again. Several investment groups have recommended people buy stock in MGM Resorts as the Macau situation improves.

2020 will be an important year for MGM Resorts. Hopefully, the company’s new CEO can be even more successful than Jim Murren.

Stay tuned for more casino news over the next few months!

MGM Resorts in Osaka Now Seems Highly Likely

In mid-2018, lawmakers in Japan shocked the world by passing a bill to legalize casino gambling. It was a huge change, as Japan previously banned virtually all forms of gambling. Since the bill was passed, every single major US casino company has pushed to obtain a casino license here. Now, it appears that MGM Resorts in Osaka is on the horizon.MGM Resorts Logo

New reports indicate that this company is the favorite to obtain a casino license in this city. It’s fantastic news for the Las Vegas-based gaming operator. Today, we’re going to talk about this company’s move into Japan.

Let’s get into it!

Japan Shaping Up to Be One of the World’s Biggest Casino Markets

For decades, Japan was considered one of the least-friendly gambling countries in the world. Government officials here banned just about all forms of gambling shortly after World War Two. Pachinko, a sort of slot-machine style game, is the only form of gambling allowed in this country.

This is beginning to change now. In 2018, officials here finally decided it was time to earn revenue from the gambling industry. The government approved a bill to legalize three casino-resorts in the country.

That doesn’t mean casinos became immediately available here. The government is taking its time coming up with a specific set of laws to regulate this new industry. Lawmakers are also working to decide which companies should be allowed to operate gambling venues in the country.

Analysts predict that Japan will quickly become one of the largest casino markets in the world. There are a huge number of individuals here that will gamble and casinos will help to bring in gambling tourists from many nearby countries. Unsurprisingly, just about every single major casino operator has pushed to obtain a casino license here.

This includes MGM Resorts International. This company has looked to operate a gambling venue in Osaka for years. Now, it appears that MGM Resorts in Osaka is becoming a reality.

MGM Resorts in Osaka Might be Just Around the Corner

Osaka is one of the biggest cities in Japan. It’s expected to be one of the three casinos chosen to host a casino-resort. MGM Resorts International has repeatedly stated that it wants to operate a venue here.

News is new coming out that MGM Resorts is the lead bidder to obtain a casino license in Osaka. The Las Vegas-based casino operator is teaming up with Japan’s Orix Corp to build and run this new property. MGM is willing to invest billions into a new casino-resort in Osaka.

MGM Resorts in Osaka is not a guarantee, though. For now, the company is only the lead bidder. The local government will officially decide on which company will receive a license this June.

It seems highly likely that MGM will be chosen, though. Not long ago, Wynn Resorts announced it was no longer interested in opening a gambling venue here. Las Vegas Sands and Melco Resorts & Entertainment have also withdrawn from this city.

Osaka is expected to be the first city that grants a casino license. A casino here would greatly expand MGM Resorts International’s portfolio.

That’s not the only interesting thing happening with this casino company.

Jim Murren’s Departure From MGM Drops Share Prices

Since 2008, Jim Murren has been the CEO of MGM Resorts International. During his tenure as company leader, he’s helped to significantly expand the company’s portfolio. He’s also credited with saving the company from bankruptcy during the recession of 2008 and 2009.

This week, Murren announced that he’s stepping down as CEO. His contract was set to expire soon, yet it appears he’s ready to call it a day a little early. The company is currently searching for a replacement. In the meantime, Murren is remaining as CEO.

Shortly after Murren’s announcement, MGM Resorts’ share prices began to plummet. After the markets closed on Wednesday, the company’s stock fell by 5.5%. Several analysts have questioned what the company’s next strategy will be.

It’s clear that overseas expansion is in the works. MGM Resorts in Osaka seems inevitable. There’s also a chance that this company begins pushing into new countries in Asia, as well.

MGM is likely to announce its new CEO over the next few weeks. There are plenty of options to choose from. Whoever steps into the position has some big shoes to fill.

Stay tuned for more news on MGM Resorts International over the next few weeks!

Jim Murren Stepping Down As CEO Of MGM Resorts International

Jim Murren has been a part of MGM Resorts International for decades. He entered the company as chief financial officer and was named CEO ten years later. This week, news broke of Jim Murren stepping down from his leadership position in the company.Jim Murren

It’s an interesting development that many didn’t see coming. Murren has been a hugely important part of MGM since the 90s. Today, we’ll look back at some of Murren’s achievements and discuss his reasons for leaving the company.

Let’s get into it!

Changes to MGM Resorts Under CEO Jim Murren

It didn’t take long for Jim Murren to start leading MGM Resorts International (at that time called MGM Mirage). He entered the company as CFO back in 1998. Before long, he was promoted to COO and just a couple of years after that was named CEO. Since that time, the company has undergone some major changes.

After becoming CEO, Murren announced a major restructuring of the company that resulted in annual savings of $500 million. This decision helped to save the company from disaster during the recession of 2008 and 2009. It significantly improved his standing in the company and secured his status as chief executive officer.

Jim Murren also engaged in several sales over the years. The first major Las Vegas property sale came in December of 2018. That month, MGM Resorts sold Treasure Island Hotel & Casino to Phil Ruffin.

MGM Resorts has continued to expand over the years. The company has worked hard to break into the newly-emerging US sports betting industry. Today, MGM has partnerships with several major sports leagues and operates its own sports betting application available in select states.

It’s clear that Jim Murren has been a major part of this company. His work saved MGM Resorts International from bankruptcy and expanded the company more in the US and internationally. Hopefully, Jim Murren stepping down as CEO won’t affect the company in a negative way.

Why is Jim Murren Stepping Down as CEO Right Now?

There’s no rest for the weary when you’re CEO of a major casino company. Jim Murren worked hard for decades and it appears he’s ready for something new. Murren’s contract was set to end soon. It seems he’s calling it a day just a little earlier than many initially thought.

He will continue to serve as CEO until a new successor is appointed. MGM Resorts’ Board Of Directors is currently working to find a suitable replacement. Board member Roland Hernandez released a statement today thanking Murren for his time as CEO.

“On behalf of the entire MGM Resorts Board of Directors, I want to thank Jim for his years of dedication to the company and the community,” he said. “Jim has led [MGM Resorts] through growth, transforming it into a global entertainment company with a worldwide footprint and creating value for MGM Resorts shareholders.”

Jim Murren spoke about his decision to step down, as well.

“Leading MGM Resorts has been the most rewarding and fulfilling experience in my professional career,” Murren said in a statement. “It has been an honor to work with such a talented group of men and women who provide millions of guests with memorable life experiences every day all over the world. We have a solid leadership team in place, and I am confident that they will work with my successor to continue the company’s trajectory of growth and expansion.”

Jim Murren stepping down might not be ideal right now, yet MGM likely has a room full of suitable replacements.

MGM Resorts’ Stock Price Fluctuates

MGM Resorts International is one of the biggest and most successful casino companies in the world. It’s based in Las Vegas and has property in various countries around the world. It’s not uncommon to see MGM’s stock price rise and fall.

Not long after the news of Jim Murren stepping down broke, MGM Resorts International’s stock price rose by 7%. Part of this is also due to the coronavirus infection rates starting to level out. This is expected to open up the casinos currently shut down in Macau.

The company’s Q4 revenue figures did not hit estimates, though. MGM Resorts announced quarterly earnings of $0.08 per share at the end of 2019. That’s significantly less than the Zacks Consensus Estimate at $0.24 per share.

There’s no real cause for concern, though. MGM Resorts remains a highly successful company. It’s also begun generating serious revenue from more Las Vegas property sales. With Macau operations set to begin again, 2020 should be a great year for this company.

Jim Murren stepping down makes sense. The company will now look to get a smart, experienced leader in the CEO position. Stay tuned for updates over the next few months!

The Las Vegas MGM Grand Could Soon Go for Sale

Not long ago, two of the most popular hotel-casinos on the Las Vegas Strip went for sale. Now, reports are surfacing that more of MGM Resorts’ Las Vegas could be put up for sale. Amazing, the Las Vegas MGM Grand could soon go for sale.

Las Vegas MGM Grand

This hotel has long been considered MGM Resorts’ flagship property. For many, it’s a surprise to hear that this venue could potentially be sold. Let’s look at why exactly this company is selling so many of its hotel-casinos.

MGM Resorts Recently Sells Circus Circus and Bellagio

MGM Resorts owns more hotel-casinos in Las Vegas than any other company. Recently, officials within MGM revealed plans to sell some of the company’s biggest properties. Before long, the company did exactly that.

News quickly broke that MGM had sold Circus Circus to Phil Ruffin, owner of the Treasure Island Hotel & Casino. Ruffin purchased the property for $825 million. It’s still unclear exactly what plans Ruffin has for this popular venue.

Amazingly, MGM Resorts also sold the Bellagio Hotel & Casino in October. The Bellagio is widely considered to be one of the best casino-resorts in the world. The Blackstone Group purchased this venue for an astounding $4.2 billion, the biggest hotel-casino purchase in Las Vegas history.

This is all a part of MGM’s “asset-light” strategy. Essentially, the company wants to sell properties in order to help grow the company. The money earned is used to help expand the company in the US and abroad.

Now, reports are surfacing that one of MGM Resorts’ flagship venues could soon go for sale.

Las Vegas MGM Grand Could Soon be Sold

In a conference call, CEO of MGM Resorts Jim Murren commented on the company’s new property selling strategy. Murren confirmed that the company is interested in selling the Las Vegas MGM Grand. This is all a part of the company’s strategy to “unlock” the value from different properties.

Murren claims that MGM Resorts is currently in the process of “monetizing the real estate” of the Las Vegas MGM Grand. More details of this deal are scheduled to come out over the next few months.

The MGM Grand is one of the most popular gambling venues in Las Vegas. It opened in 1993 and quickly rose to become a hotbed of the city. It features a casino floor larger than 170,000 square feet.

This property also holds a massive entertainment area. The MGM Grand Garden Arena has hosted many of the biggest sporting events in the world. A number of major combat sporting events have been hosted here.

It’s unclear how much the MGM Grand will be sold for. It will likely earn MGM resorts billions.

According to Jim Murren, even more sales are currently being discussed.

More MGM Property Sales Are On the Horizon

MGM isn’t the only company prepared to sell some of its major properties. Eldorado Resorts, which is scheduled to merge with Caesars Entertainment, is also currently in the process of selling some of its major Las Vegas venues.

MGM Resorts, however, is selling more properties than any other company. According to new reports, this company is preparing to sell several other properties including the Aria, Vdara, and MGM Springfield in Massachusetts.

Selling the MGM Springfield property isn’t entirely expected. This hotel-casino has struggled to generate revenue for many months. Much of this is due to the success of the recently-opened Encore Boston Harbor, which has captured much of the Massachusetts gambling market.

Jim Murren claims these sales will help the company break into the Japanese casino market. MGM is one of the biggest US casino companies working to obtain a Japanese casino license. The additional revenue earned from property sales may go towards an integrated resort in this country.

We’ll need to wait and see who purchases the Las Vegas MGM Grand and for how much money. Stay tuned for more updates over the next few months!