U.S.-based casino operator MGM Resorts International has appointed financier Paul Salem as its 13th director.
A written announcement issued by the company on Wednesday said Mr Salem made an important contribution to the growth in the value of assets managed by Providence Equity Partners LLC to nearly US$60 billion from about US$170 million.
“Mr Salem is a distinguished leader with over 26 years of experience in the financial services industry,” said MGM Resorts chairman and chief executive Jim Murren in a prepared statement. “Paul brings invaluable insight in corporate finance and asset management, and his strong track record of value creation has earned him an outstanding reputation within the investment and not-for-profit communities.”
Providence Equity is considered a leading investor in the media, communications, education and information sectors.
Mr Murren said his company had now added three independent directors to its board since last year. “These appointments underscore the company’s commitment to proactively enhance its board and ensure that we have an appropriate mix of skills, experience and perspectives to successfully grow our business and drive sustainable value creation,” he said.
Mr Salem joined Providence Equity in 1992, having worked for investment bank Morgan Stanley in corporate finance and mergers and acquisition, and for Prudential Investment Corp in private placement financings and leveraged buyout transactions.
MGM Resorts is the parent company of Macau casino operator MGM China Holdings Ltd, a company responsible for running two casino resorts in Macau: the MGM Macau and MGM Cotai. The company is prepared to seek a casino licence in Japan where authorities are moving to establish a casino industry. Earlier this month, Mr Murren said MGM Resorts was well positioned in that market.
Elsewhere in Asia, MGM Resorts opened its first Bellagio-branded hotel outside of the United States in Shanghai earlier this year. The Shanghai version has 162 luxury rooms and suites and is a product of a joint venture between the operating company of Diaoyutai State Guesthouse – the Chinese Foreign Ministry’s venue for hosting heads of state – and MGM Resorts. Gaming is illegal in mainland China and the hotel does not have a casino.
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"I am not going to speculate on what the [casino licence refreshment] tender requirements would be. I have full confidence and faith in the Macau government to treat everyone fairly"
Wilfred Wong Ying Wai
President and chief operating officer of Macau-based casino operator Sands China