MGM Resorts International is facing some difficult decisions, if reports are to be believed. In the past month, its stock price has dropped a staggering 24%, and now its Board of Directors is meeting in Las Vegas as rumors swirl regarding the company.
Las Vegas Locally (LVL), a Sin City-based news source, reported some of these rumors on Friday. In an X post, LVL reported the claims of an unnamed “insider” who said MGM CEO Bill Hornbuckle could depart the company:
The insider also suggested that MGM’s Luxor Hotel and Casino could be “on the chopping block” as the firm seeks to shed itself of dead weight. MGM has owned the pyramid-shaped hotel-casino for nearly 20 years.
The insider also made reference to Ann Hoff, current President and COO of Bellagio and Park MGM. She announced her retirement this week and will step down from her role officially on April 25 after 30 years. The insider deemed the sudden resignation “fishy as f*ck.”
Notably, last week, LVL shared rumors that the Excalbur, another MGM-operated casino, was laying off workers and cutting the hours of housekeepers. The casino is supposedly cutting the jobs of valet, bell desk staff, and doorpersons.