All articles tagged with #mgm resorts
MGM Resorts withdrew its bid to develop a full-scale casino in Yonkers due to economic reasons and fierce competition, leaving three other projects in the running for New York state casino licenses, amid political controversy and local disappointment.
MGM Resorts International withdrew its application for a commercial casino license in Yonkers, New York, citing changes in the competitive landscape and licensing terms that no longer align with their investment expectations, despite their ongoing commitment to the property and local community.
MGM Resorts denies claims that Bruno Mars owes $50 million in gambling debt, stating that their partnership is longstanding and rooted in mutual respect. A source alleged that Mars owed millions to the hospitality empire, but the company has refuted these claims. Mars reportedly makes $90 million ($1.5 million a night) in his current deal with the MGM as part of his residency, which began in 2016. The pop star is known for his talent as a performer and has a history of playing poker before his music career took off.
MGM Resorts denies rumors that Bruno Mars owes $50 million in gambling debt, stating that their relationship with the singer is strong and based on mutual respect. The company clarified that Mars has no debt with them and that they are excited to continue creating unforgettable experiences for their guests together. Reports had suggested that Mars owed a significant sum to MGM, but the company refuted these claims, emphasizing their longstanding partnership with the singer.
MGM Resorts denies rumors claiming that Bruno Mars has a $50 million gambling debt with the casino, stating that the allegations are "completely false" and that Mars has "no debt with MGM." The Grammy winner has been performing Las Vegas residencies since 2016 and has a longstanding partnership with MGM Resorts, including the recent launch of the Pinky Ring cocktail bar and entertainment lounge inside the Bellagio Hotel and Casino.
MGM Resorts denies reports of Bruno Mars having gambling debts in the tens of millions, stating that their relationship with the singer is based on mutual respect and that he has no debt with MGM. The denial comes in response to a report alleging that Mars owed as much as $50 million from table games. MGM emphasized their longstanding partnership with Mars and their excitement to continue creating unforgettable experiences for their guests.
MGM Resorts International reported record results and a 22% increase in net fourth-quarter revenue, with Las Vegas Strip resorts achieving record full year and fourth quarter net revenue. The company attributed the success to major events such as the inaugural Formula 1 race and the Super Bowl, leading to increased profit. MGM also reported buying back approximately 6 million shares for an estimated $249 million and saw increases in diluted earnings per share.
The FBI, along with other law enforcement agencies, has disrupted a major ransomware operation responsible for the MGM cyberattack and targeting hospitals and local governments. The Justice Department has released a decryption tool to help victims free their computer systems from the malicious software used by the group. The ransomware strain, Alphv, has caused significant financial losses, with the MGM attack alone costing around $100 million. The operation seeks to counter the encryption of victim computers and the publication of hacked material on the dark web. However, the primary developers of Alphv are believed to be based in Russia, where they are unlikely to face penalties from law enforcement.
Two major unions representing hospitality workers in Las Vegas, the Culinary Workers Union Local 226 and Bartenders Union Local 165, have reached a tentative labor agreement with MGM Resorts International, covering 25,400 workers at eight Las Vegas properties. This agreement comes a day before the strike deadline set by the unions and follows a similar deal with Caesars Entertainment. The agreement includes significant wage increases, workload reduction, increased safety protections, and other benefits. The unions are still negotiating with Wynn Resorts, and the agreement with MGM Resorts is subject to ratification by union members.
MGM Resorts International has reached a historic labor deal with Las Vegas unions, averting a strike that threatened to shut down the Strip. The agreement, which covers 25,470 workers, comes after months of negotiations and includes improved pay, benefits, and safety protections for employees. This deal follows a similar agreement reached by rival Caesars Entertainment with 10,000 workers. The unions' demands for better compensation and benefits have been fueled by a shortage of workers and the record profits earned by casino resort operators in Las Vegas.
The Culinary Union has set a strike deadline for 5 a.m. on November 10 for 35,000 hospitality workers employed at MGM Resorts, Wynn Resorts, and Caesars Entertainment properties in Las Vegas. The strike deadline does not apply to the recently acquired Cosmopolitan property. The union claims to be well-prepared with a significant strike fund. This potential strike would be the largest in U.S. history, and negotiations for new contracts have been ongoing since April.
Thousands of Las Vegas workers, represented by the Culinary Workers and Bartenders Unions, are set to picket MGM Resorts and Caesars Entertainment casinos on Thursday, marking the first such action in nearly two decades. The unions are seeking a new five-year contract with improved wages and benefits, as casino operators report record profits. Negotiations have been slow, with the unions expressing disappointment over the lack of substantive wage proposals from the companies. The unions are demanding higher wages, better job protections, lower housekeeping quotas, and improved safety measures. The unions have asked casino customers not to cross picket lines, and a citywide strike has been authorized by 95% of union members.
MGM Resorts International has disclosed that the cyberattack it experienced in September will cost the company $100 million, with additional expenses for technology consulting services and legal fees. While the attack caused disruptions and impacted occupancy rates, the company expects a rebound in November, driven by the Las Vegas Grand Prix. Although customer passwords and payment card information were not compromised, personal information such as names, contact details, and Social Security numbers of some individuals were accessed. MGM Resorts will provide identity protection and credit monitoring services to affected customers.
Pioneer Natural Resources stock surged nearly 10% after reports of a potential $60 billion acquisition by Exxon Mobil. Tesla shares dipped as the company reduced prices on some Model 3 and Model Y versions in the U.S., while also reporting lower-than-expected third-quarter deliveries. Levi Strauss saw a 2.5% drop in shares after cutting its full-year sales forecast due to inflation and rising costs. MGM Resorts rose 5% after providing an update on a cybersecurity issue, stating that the impact would likely be minimal. Financial services company Freedom Holding slid 1% amid investigations by federal prosecutors and the SEC over compliance issues.
MGM Resorts has disclosed that the cyberattack it experienced in September is expected to cost the company at least $100 million. The attack affected the company's slot machines and room-booking systems, among other things. Personal data, including social security numbers and contact details, belonging to customers was stolen. MGM Resorts expects its cyber insurance policy to cover the financial impact of the attack. The company has restored most of its guest-facing systems and anticipates full restoration in the coming days. The cybercrime group Scattered Spider has claimed responsibility for the attack, but MGM Resorts has not confirmed if ransomware was involved.