MGM Resorts International announced that its Chairman and Chief Executive Officer, Jim Murren, will resign from his positions before the end of his contract term.
Murren – who is also a Co-Chair and an executive Director in MGM China – will continue to serve in his current leadership roles until a successor is appointed, with MGM’s board forming a committee of independent directors to conduct the search process for a replacement.
Murren has served as Chairman and CEO of MGM Resorts since 2008, having been with the Company since 1998.
He was also involved in MGM Resorts’ expansion in Asia, with the opening of two properties in Macau and their current effort to obtain a license in Osaka, Japan.
‘Jim has led the Company through growth, transforming it into a global entertainment company with a worldwide footprint and creating value for MGM Resorts shareholders,’ the Lead Independent Director of the MGM Resorts Board of Directors, Roland Hernandez, said.
‘As CEO, he has spearheaded significant achievements across our properties, including the development of the CityCenter destination and has turned resorts into showcases of entertainment and sophisticated architecture. The Board is focused on continuing to create long-term value for MGM Resorts shareholders.’
Analysts at Sandford C. Bernstein considered that since no changes will be made to MGM China’s senior management and CEO, Murren’s departure should not impact Macau operations.
MGM China reported a 19 per cent year-on-year net revenues increase to US$2.9 billion in 2019.