MGM Resorts International: Hollow Promises or Strategy?
MGM Resorts International stands as a preeminent leader in the global gaming and entertainment sector, proudly listed on the S&P 500 index. This multifaceted enterprise orchestrates a broad spectrum of hotels and casinos, in addition to offering state-of-the-art conference facilities, spectacular live and theatrical entertainment, and an expansive variety of dining, nightlife, and retail options. Through its Las Vegas-inspired brand portfolio, MGM Resorts crafts thrilling and emblematic experiences. Its global presence spans 31 distinct gaming and hotel destinations, featuring some of the industry’s most renowned resort brands. Moreover, MGM Resorts is fervently engaged in social responsibility and sustainability endeavors, setting bold objectives aimed at impactful societal contributions and environmental stewardship.
The mission statement of MGM Resorts International is “Focused on What Matters: Embracing Humanity and Protecting the Planet”. This mission reflects the company’s commitment to creating a more sustainable future and making a significant impact in the lives of its employees, guests, and the communities where it operates. Additionally, the vision of MGM Resorts International is “To be the most admired hospitality company, every day, and every night”. Their core values include hospitality, service, teamwork, diversity, community, and sustainability. This mission and values guide the company’s operations and strategic decisions, emphasizing their dedication to social responsibility, environmental stewardship, and providing exceptional experiences for their guests.
In recent years, MGM Resorts International has embarked on significant strategic shifts, underscoring its dedication to growth, operational efficiency, and societal accountability. A cornerstone of these endeavors was the “MGM 2020” initiative, a strategy conceived to enhance the company’s efficiency and profitability. This comprehensive plan was centered around the centralization of the organization to optimize profitability and a substantial investment in technological advancements, laying a foundational pillar for MGM’s digital metamorphosis. The initiative targeted an annual increase in adjusted EBITDA of $300 million by the end of 2021, with a substantial portion of this uplift anticipated from labor savings, optimized sourcing, and enhanced revenue streams. This strategic move was a decisive step towards augmenting operational efficacy and fostering enduring growth.
In alignment with its social and ecological responsibilities, MGM Resorts has formulated an all-encompassing strategy, in harmony with specific United Nations Sustainable Development Goals. This strategy accentuates the promotion of diversity
and inclusivity, investment in community welfare, and a commitment to planetary preservation. The organization has set forth lofty ambitions such as curtailing greenhouse gas emissions and transitioning to 100% renewable energy by the year 2030. These goals and pledges mirror MGM’s core ethos of embracing diversity to craft unparalleled experiences and fortifying bonds with its clientele, workforce, and collaborators. Additionally, MGM Resorts showcases a profound dedication to environmental sustainability, endeavoring to diminish water and energy consumption and waste generation, whilst advocating for renewable energy usage.
As a global titan in the gaming and entertainment landscape, MGM Resorts International offers a diverse array of premier hotels, casinos, and entertainment spectacles. Tracing its origins back to the late 1960s, the company has witnessed considerable transformation over the past decade. Its mission is anchored in delivering exceptional experiences, outstanding guest services, nurturing community relations, and upholding a culture of respect, inclusivity, and responsibility. MGM’s strategic approach is intricately designed around fabricating immersive entertainment experiences, curating enticing spaces, and seamlessly integrating its ventures within local communities.
Collectively, the historical strategies and commitments of MGM Resorts International amalgamate ambitious financial targets, technological innovations, and a profound focus on social responsibility and ecological sustainability.