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MGM Resorts International ( MGM - Analyst Report ) , one of the world's leading global hospitality companies, recently announced the promotion of Corey Sanders to chief operating officer (COO). Over a year ago, Mr. Sanders was promoted as the COO of the company’s core brand and regional properties. MGM Resorts’ management is confident about Mr. Sanders’ profound knowledge both on the operational as well as on financial front and believes that he will be equally successful in his new role as he has been in the past.
Mr. Sander has been associated with the company for more than 16 years, and in this entire span, he has held a variety of executive positions. Among the various positions, Sanders served as the chief financial officer of both MGM Grand Las Vegas and MGM Grand Resorts, and was also executive vice president of operations. Mr. Sanders’ contribution to MGM Resorts has been inevitable and he has played a crucial role in the company’s growth.
Moreover, MGM Resorts also announced the promotion of Gamal Aziz to President and Chief Executive Officer of MGM Hospitality, formed in 2008, to develop casino and non-casino resorts around the world. Aziz, who joined MGM Resorts in 1998 as senior vice president at Bellagio, most recently served in dual capacity as head of MGM Hospitality and as President and COO of the MGM Grand.
By signing 18 abroad deals, Aziz has played a pivotal role in the expansion of MGM Hospitality outside the Unites States. The projects that are currently in the pipeline are in Beijing, Sanya, Chengdu and Tianjin, China; Cairo and Sharm El-Sheikh, Egypt; Abu Dhabi and Dubai, United Arab Emirates; and Ho Tram, Vietnam.
The first project of MGM Hospitality is the MGM Grand Sanya on Hainan Island , which is expected to open by the fourth quarter of fiscal 2011. Additionally, MGM Resorts is also making efforts to develop properties across the globe, including Australia, Egypt, India, Indonesia, Hong Kong, South Korea, Thailand, Turkey and additional cities in the Middle East and China.
We have a Zacks Rank of #3 (short-term Hold recommendation) on the company’s shares. We also reiterate our long-term Neutral rating.
MGM Resorts’ primary competitors are Lake Entertainment Inc. ( LACO ) , Multimedia Games Inc. ( MGAM - Snapshot Report ) and Ameristar Casinos Inc. ( ASCA - Snapshot Report ) .
MGM Resorts’ brands include Bellagio, MGM Grand, Mandalay Bay and the Mirage. The company has significant holdings in gaming, hospitality and entertainment, and also owns and operates 15 properties located in Nevada , Mississippi , and Michigan . Additionally, the company also has 50% investments in four other properties in Nevada , Illinois and Macau . This Las Vegas, Nevada-based company, formerly known as MGM Mirage, was founded in 1986.
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