New measures to deal with the pandemic
MGM Resorts International has launched a number of initiatives to help workers and local communities affected by the ongoing coronavirus pandemic. This includes a $1m pledge into its employee emergency relief fund and the donation of more than 400,000 meals throughout the United States.
a tough time for many of its employees and their families, friends, and neighbors
The new acting CEO and president for the company, Bill Hornbuckle, announced the new measures on Monday. He said the world is going through extraordinary times due to the COVID-19 crisis. He also emphasized that this is a tough time for many of its employees and their families, friends, and neighbors.
Specific initiatives for employees and the community
The coronavirus pandemic has forced the global hospitality and entertainment company to shut most of its casinos in the US and around the world. Employees who are experiencing financial distress as a result will be able to access MGM’s $1m crisis and disaster relief fund. The monetary resources cover full-time and on-call workers, as well as those who are facing layoffs, separations, or furloughs.
MGM has also donated about 480,000 pounds of food to local food banks. This will help ensure that people don’t hungry in case of shortages and economic hardship.
Commitment towards social responsibility
In November 2019, MGM Resorts launched ‘Focused on What Matters’, an expansive program for sustainability and social impact. The idea was to ensure that the global corporation has a positive impact on the communities in which it operates.
The firm was hoping to donate more than five million meals through the Feeding Forward program by 2025. It also aimed to bypass one million voluntary hours for its staff to work among local communities.
A challenging time for MGM Resorts
MGM has gone through a series of changes recently. Its CEO Jim Murren stepped down in February 2020 after 11 years. This week, Bill Hornbuckle was announced as the acting CEO. He has been the company’s president since December 2012 and has more than 30 years of industry experience.
all of MGM’s Las Vegas casinos remain closed along with most of its US properties
The firm has also undergone significant restructuring through 2019 and into 2020. It sold a number of flagship casino properties in an attempt to slim down its balance sheet. The sales included the MGM Grand, the Bellagio, and the Circus Circus.
In the grip of the COVID-19 pandemic, all of MGM’s Las Vegas casinos remain closed along with most of its US properties. The company has seen its share price tank from highs of $34.64 to a low of $5.90 over recent weeks as a result of uncertainty in the tourism, hospitality, and gambling sectors. Such issues have led casino lobbyists in the US to call on the government for a financial stimulus package.