MGM CFO Highlights Las Vegas Rebound,Addresses Fees & expansion Plans at Licensing Hearing
LAS VEGAS - MGM Resorts International’s CFO,Jonathan Halkyard,presented a positive outlook on the Las Vegas market recovery and outlined the company’s strategic shift towards international growth during a recent Nevada Gaming Control Board licensing hearing. Halkyard emphasized the continued strength of Las Vegas, while acknowledging and responding to concerns regarding resort fees.
Halkyard stated that Las Vegas is experiencing a “very healthy recovery,” noting strong convention and event business alongside consistent leisure travel. He affirmed the notable “value” MGM delivers in Las Vegas, but conceded that concerns exist regarding added fees and perceptions of being “nickel and dimed.” Responding to this criticism, MGM has adjusted pricing on specific services deemed unreasonable by executives. “These aren’t large issues in the grand scheme of things, but they do matter to the reputation of the city. So we changed some of those,” Halkyard explained.
The CFO also detailed MGM’s decision to withdraw from pursuing a gaming license in New York, citing the significant investment required and the timeline for realizing a return. Rather, MGM is prioritizing investment in its existing Las Vegas properties, a large integrated resort currently under construction in Osaka, Japan, and a non-gaming project in the United Arab Emirates – with potential future interest in gaming opportunities there. halkyard also highlighted growth prospects in digital gaming.
Board member george Assad expressed optimism about MGM securing gaming opportunities in the UAE,jokingly offering 3-to-2 odds of it happening within five years. Halkyard further addressed responsible gaming, stating both the state and operators have made significant progress in that area.
