• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

MGM Resorts announces share buy-back, chief digital officer

Sep 06, 2017 Newsdesk Latest News, Top of the deck, World  


MGM Resorts announces share buy-back, chief digital officer

U.S.-based casino operator MGM Resorts International has adopted a US$1.0 billion stock repurchase initiative, it announced in a Tuesday press release.

“Our new share repurchase programme… clearly highlights the board and management team’s firm belief in our strategic plan – the successful execution of our long-term growth prospects, our disciplined capital allocation strategy, and our ongoing commitment to maximise sustained value for our shareholders,” company chairman and chief executive Jim Murren said in a statement included in the press release.

Under the scheme, MGM Resorts “may repurchase shares from time to time in the open market or in privately negotiated agreements,” the release stated. It added: “The timing, volume and nature of stock repurchases will be at the sole discretion of management, dependent on market conditions, applicable securities laws and other factors, and may be suspended or discontinued at any time.”

MGM Resorts is the parent company of Macau-based casino operator MGM China Holdings Ltd. The U.S.-based firm is also a declared candidate for a potential Japanese casino gaming licence.

Also on Tuesday, MGM Resorts announced a definitive agreement with MGM Growth Properties LLC – a publicly-traded real estate investment trust (REIT) – for the sale of MGM National Harbor, a casino resort in Maryland, near Washington D.C., in the United States. “MGM Resorts will lease the property from MGM Growth Properties and continue to operate the property following the consummation of the transaction, with no expected change to its employees, vendors, customers and the community,” the company said.

Under the deal, MGM Growth Properties will pay a total consideration of approximately US$1.19 billion for MGM National Harbor. The sale is expected to close in the fourth quarter of 2017, subject to regulatory approvals and other customary closing conditions.

MGM Resorts holds a 76-percent economic interest in MGM Growth Properties, according to Tuesday’s release. The REIT includes several properties that were previously owned by MGM Resorts – all in the United States – including in the Las Vegas Strip, in Nevada. MGM China’s venues are not part of the REIT.

MGM Resorts additionally announced the appointment of Kelly Smith as senior vice president and chief digital officer for MGM Resorts International. He will be based in Las Vegas, the United States and report to Lilian Tomovich, chief experience and marketing officer at MGM Resorts. Mr Smith will be responsible for providing strategic digital leadership to enhance guest experiences across the portfolio of MGM-owned brands.

Prior to joining MGM Resorts, Mr Smith served as vice president of global digital products for coffee shop operator Starbucks. He previously was vice president of digital for Starbucks China.


  • tweet
Related articles
  • Soil remediation work starts at MGM Osaka site
    Soil remediation work starts at MGM...

    Dec 05, 2023  

  • Macau needs visitor experience ‘ecosystem’: gaming ops
    Macau needs visitor experience...

    Nov 14, 2023  

More news
  • Macau 4Q mass GGR might rise 10pct q-o-q: JP Morgan
    Macau 4Q mass GGR might rise 10pct...

    Dec 05, 2023  

  • Macau Jan-Sept gaming crimes mostly scams, thefts: govt
    Macau Jan-Sept gaming crimes mostly...

    Dec 04, 2023  


Latest News

Soil remediation work starts at MGM Osaka site

Soil remediation work starts at MGM Osaka site

Dec 05, 2023  

Work to guard against the risk of soil liquefaction and to deal with other land issues at the site of the planned MGM Osaka casino resort in Japan began on Monday, according to an announcement by...
Read More
Macau 4Q mass GGR might rise 10pct q-o-q: JP Morgan

Macau 4Q mass GGR might rise 10pct q-o-q: JP Morgan

Dec 05, 2023  

Macau Jan-Sept gaming crimes mostly scams, thefts: govt

Macau Jan-Sept gaming crimes mostly scams, thefts: govt

Dec 04, 2023  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day

"The six Macau casino operators should not be penalised for upping expenditure on player incentives, so long as their EBITDA margins are not materially diluted”

George Choi and Ryan Cheung

Analysts at Citigroup



Most Popular

  • Sands China ties to China’s Tencent Video, Maoyan EntSands China ties to China’s Tencent Video, Maoyan Ent December 4, 2023
  • Room for Macau casino industry top-line growth: CitiRoom for Macau casino industry top-line growth: Citi December 4, 2023
  • NUSTAR giant LED has Aristocrat as debut slot promoNUSTAR giant LED has Aristocrat as debut slot promo December 4, 2023
  • Welcome mat, pricey hotels drag Macau MICE: sectorWelcome mat, pricey hotels drag Macau MICE: sector December 1, 2023
  • Macau November GGR down 18pct on October: govtMacau November GGR down 18pct on October: govt December 1, 2023
Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us