GGRAsia – Second exit in as many days flagged for MGM China board

Second exit in as many days flagged for MGM China board

Feb 25, 2019 Newsdesk Industry Talk, Latest News, Macau, World

William Scott has resigned from the board of Macau casino operator MGM China Holdings Ltd and its United States-based parent MGM Resorts International after “the termination of his position” was mutually agreed between the executive and the group.

MGM China told the Hong Kong Stock Exchange on Friday that Mr Scott’s resignation took effect the same day. Mr Scott was an authorised representative of the company and under the stock exchange’s listing conditions, such officials must be part of the management team of the company.

The statement said Mr Scott had no disagreement with MGM China’s board. The announcement did not offer a reason for Mr Scott’s departure.

Last Thursday, MGM Resorts announced chief financial officer Dan D’Arrigo was leaving. The move also led to Mr D’Arrigo’s resignation from the board of MGM China. He will nonetheless stay with the MGM group for another month to ensure a smooth transition as his replacement is brought in.

MGM China, which owns and manages two casino resorts in Macau, has told Hong Kong’s stock exchange that MGM Resorts president Bill Hornbuckle is now an authorised person under the bourse’s rules.

Mr Scott had been a non-executive director and a member of the nomination and corporate governance committee of MGM China since March 16, 2011. He was the general manager of Diaoyutai MGM Hospitality, Ltd, a joint venture between MGM Resorts International and Diaoyutai State Guesthouse, the hospitality arm of the mainland Chinese government.

The mainland Chinese arm of MGM Resorts International, Diaoyutai MGM Hospitality opened in June the Bellagio Shanghai hotel, a 162-room non-gaming property.

MGM Resorts is hoping to add to its business in Asia by building a casino resort in Japan, and would like Osaka to be the location.