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MGM Resorts International CEO James Joseph Murren knew his company needed to change and improve its culture to help extend and elevate brand loyalty.
“We challenged ourselves to really redefine, literally, how we operate every aspect of our business,” Murren said during the May 5 first-quarter earnings call, according to Seeking Alpha. “And this required a comprehensive unprecedented team effort amongst the 40,000 people that were directly involved and the 63,000 total employees of MGM Resorts.”
Murren noted that the company registered $59 million of incremental EBITDA during the first quarter.
“And that includes our 50% contribution of economic interests of CityCenter,” he said. “If you add that up, we’re obviously ahead of schedule because we had previously guided to achieving about $200 million of annual EBITDA by the end of this year. And it has been now won of relentless attention to continuous improvement, and not accepting the way things have been done for decades upon decades in the gaming industry, and not simply looking for the fix or the quick buck, but we’re literally changing how we conduct our business. This has permanent long-term accelerating implications for our revenues, our profits, and the culture and the enthusiasm we’re working for MGM Resorts.”
What’s more, Murren said that Las Vegas is “doing great. And the outlook is strong. Last month, if you remember, we unveiled The Park, which is that entire entertainment district and a course, the T-Mobile Arena. What a start we’ve had there. It’s only been a month and we’ve hosted over 100,000 guests in the Arena and most of those people were visiting our Las Vegas, and most of the people that are booking new events are booking because they want to visit Las Vegas to go to the new T-Mobile Arena events, which, of course, is great for the entire town. A lot of energy there, a lot of energy in The Park. We’ve seen some great F&B numbers in that side of the Strip, and we think that the neighborhood only gets better and, of course, we own the neighborhood.”
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