MGM CFO โขHighlights Las Vegas Rebound,Addresses โFees & โคexpansion Plans at Licensing Hearing
LAS VEGAS โฃ- MGM Resorts International’s CFO,Jonathan Halkyard,presented a positive outlook on the Las Vegas market recovery and outlined the company’s strategic shift towardsโข international growth during a recent Nevada โGaming Control Board licensing hearing. Halkyard emphasized the continued strength of Las Vegas, while acknowledging and responding to concerns regarding resort โคfees.
Halkyard stated that Las Vegas is experiencing a “very healthy recovery,” noting strong convention and event business alongside consistent leisure travel. โคHe affirmed the notable “value” MGMโ delivers in โLas Vegas,โฃ but conceded that concerns exist regarding added fees and perceptions ofโ being “nickel โคand dimed.”โค Responding to โthis criticism, MGM has adjusted pricing on specific โservices โคdeemed โunreasonable by executives. “These aren’tโข large issues inโ theโ grand scheme of things, but theyโค do โฃmatter to the reputation of the city. Soโ we changed some of those,”โข Halkyard explained.
The CFO also detailed MGM’s decisionโ to withdrawโค from pursuing โขa gaming license in New York, citing the โsignificant investment required and the timeline forโ realizing โa return. Rather, MGM is prioritizing investment inโ its existing Las Vegas properties, a large integrated resort currently under construction in Osaka, Japan, and โa โฃnon-gaming project in โthe โUnited Arab Emirates – โคwith potentialโ future interest in gaming opportunities there. halkyard also highlighted growthโฃ prospects in digital gaming.
Board member george Assad expressed optimism about โขMGMโ securing gaming opportunities in theโ UAE,jokingly offering 3-to-2 โodds of it happening within five โคyears. Halkyard further addressedโ responsible gaming, stating both the state and operators have made significant progress in that area.