MGM Resorts CEO Says New Plan Will Make Millions, Mirage Not For Sale
LAS VEGAS (AP) — MGM Resorts CEO Jim Murren says a new internal company plan is expected to cut costs and boost revenue to bring in an additional $300 million annually in earnings before taxes and other costs to pay down debt.
Murren said Tuesday during a conference call to discuss the MGM's second-quarter results that its profit growth plan is aimed at redesigning the entire company.
MGM Resorts owns nine casino-resorts on the Las Vegas Strip and a stake in the CityCenter complex of hotels, casinos and shopping.
Shareholders and analysts have pressured the company to convert to a real estate investment trust to boost the company's value.
Murren says the company is still considering possible structures including a trust and expects to announce a plan by year's end.
Addressing rumors the company's plans to sell The Mirage casino-resort, Murren says the property isn't being actively marketed.