Posts Tagged ‘Jim Murren’

August 23, 2013

AGA Plans to Use Online Poker Movie to Make Case for Regulation

Lucky Us

Gaming leaders are looking at leveraging the release of a feature film that depicts the seedier side of illegal Internet poker to raise awareness of the need for proper regulation of online wagering.

American Gaming Association President Geoff Freeman, in an email to the organization’s board of directors last week, said the Oct. 4 release of “Runner Runner” presents the Washington-based lobbying group an opportunity to state its case for Congress to pass regulations governing Internet gaming in the United States.

The movie, which stars Ben Affleck and Justin Timberlake, centers on illegal offshore Internet poker and the cheating of U.S. gamblers. According to the plot summary on IMDb.com, Affleck portrays an online gambling tycoon in Costa Rica who is confronted by Timberlake’s Princeton graduate school student who believes he’s been swindled by the website.

“This film provides our industry with an opportunity that the AGA will capitalize upon,” Freeman said. “The AGA will leverage the certain coverage this film will receive to raise awareness about the need for proper regulation of online gaming.”

Freeman, who became the association’s president in June, said tactics could include releasing research data on the amount of illegal Internet gaming that is estimated to be taking place in the U.S.

More…


August 13, 2013

Adelson Lashes out at MGM, Caesars

Crankster CEO of LV Sands disparages Big Casino colleagues for lower room rates

Having navigated MGM Resorts International through almost four years of turbulent economic waters, Jim Murren has grown used to hearing negative comments from haters and detractors.

What surprised Murren, however, were some recent vitriolic remarks directed at his company from a competing corporate office down the street.

Las Vegas Sands Corp. Chairman Sheldon Adelson used his quarterly earnings conference call to blame Caesars Entertainment Corp. and MGM Resorts for driving down hotel room rates along the Strip, thus, diminishing Adelson’s earnings in Las Vegas.

Adelson claimed the industry-leading long-term debt carried by Caesars ($23.7 billion) and MGM Resorts ($13.1 billion) affects the way they do business, such as lowered room rates to drive up occupancy.

“I don’t necessarily blame them,” Adelson said. “I suppose if I were in that position, I might do the same thing.”

In an interview following MGM Resorts’ quarterly earnings conference call last week, Murren, MGM’s chairman and CEO, said his company and Caesars have a better understanding of how Las Vegas works these days than Adelson does. Las Vegas Sands drew 86 percent of its quarterly revenue from Asia.

More…


July 10, 2013

Retiring AGA Leader Changed the Face of Casino Industry

Fahrenkopf continues farewell tour as new era for gaming emerges

photo: Peter Urban / Stephens Media Washington Bureau

photo: Peter Urban / Stephens Media Washington Bureau

WASHINGTON — The wall of framed photos with political heavyweights from Ronald Reagan and Margaret Thatcher to Barack Obama — reputedly one of the more impressive collections in town accumulated over 30 years — has been taken down.

Two dozen boxes of papers and memorabilia are stacked on tables, on the floor, and atop filing cabinets, awaiting delivery to a warehouse in McLean, Va., where they will join another 35 boxes being transferred from storage in Maryland.

Among the few items not wrapped and packed in Frank Fahrenkopf’s corner office, which is located a block off Pennsylvania Avenue, are the custom desk from London he had crafted 24 years ago, an American flag standing in the corner and a knickknack of herding elephants signifying the job he once held as chairman of the Republican National Committee.

Fahrenkopf, who turns 74 next month, is downshifting after nearly two decades as the face of casino gambling in Washington and one of the most prominent Nevadans in the nation’s capital. The president and CEO of the American Gaming Association until he stepped aside on July 1 is plotting what comes next.

Over the years, he has alternately put out fires and served as a missionary for the commercial casino industry that once was concentrated in Nevada but now is an economic driver in almost half the states.

“It was a perfect storm in a way that when the industry needed to have someone, I happened to be here,” Fahrenkopf said in a recent interview.

But after staying on the job for an extra year in the for-now-dashed hope of helping to guide the industry into federally recognized online poker, he was completing his tenure.

“It just reached a point where 18 years is a long time. It’s always good to have fresh people come in,” Fahrenkopf said of the job he took when it was created in 1995 with the intention of staying just a year.

More…


April 24, 2013

MGM Lays out Vision for Strip Redevelopment

Sports arena part of the package

Photo: MGM

Photo: MGM

MGM Resorts International will spend $100 million to transform land along the Strip and surrounding the New York-New York and Monte Carlo resorts into an outdoor plaza and pedestrian mall with trendy shops, restaurants and a public park.

The plaza will serve as a gateway into a 20,000-seat sports arena, which the company will build behind the two resorts with national arena developer AEG.

The facades of New York-New York and Monte Carlo will be renovated as part of the retail, dining and entertainment district. The development will include several eateries, nightlife venues and entertainment attractions new to Las Vegas.

MGM Resorts announced the development today . Some initial construction has begun, and the company expects the retail and restaurant complex to open by early 2014.

“Our vision is to dramatically change the sidewalk along the Las Vegas Strip, creating an area that will greatly enhance the area and create an energy that you find in the world’s great cities,” MGM Resorts Chairman Jim Murren said in an interview.

More…


March 26, 2013

The Next Generation of International Megaclub?

$100 million Hakkasan to open April 18 at MGM Grand

HakkasanOne of the Strip’s most expensive nightclub projects will debut next month.

Angel Management Group announced the opening schedule Tuesday for the Hakkasan Las Vegas at the MGM Grand.

The $100 million construction project removed the location of Studio 54 at the front of the hotel-casino for the development of a five-level restaurant and nightclub, that will offer indoor and outdoor views of the Strip.

The construction project expanded the space and redeveloped the front of the MGM Grand, which is owned by MGM Resorts International.

The Hakkasan nightclub portion of the facility will open April 18. The 10,000-square-foot nightclub will include different experiences and celebrity entertainment, including electronic music headliners Tiësto, Calvin Harris, deadmau5 and Steve Aoki.

More…


March 3, 2013

Inside Gaming: Boardwalk Bruises

Trump Sells for Cheap, Revel Goes Bankrupt, MGM Waits to Step out of Penalty Box

Atlantic CityAtlantic City can’t catch a break.

The gaming market has seemingly been covered by dark clouds for much of the past six years. Last week’s announcement that Revel, the Boardwalk’s newest resort, was filing for bankruptcy less than a year after opening, didn’t shock anyone.

Bad news has become expected.

Atlantic City gaming revenues have declined more than 40 percent over the last six years. The Boardwalk suffered through labor strife, competition from resorts in neighboring states, casino closures, stalled investments and the recession.

When Hurricane Sandy washed ashore in October, shutting down portions of the Boardwalk for as long as to a week, several analysts quietly wondered whether the freakish storm was a warning sign from above.

More…


February 5, 2013

MGM Resorts Joins Fray Competing for Toronto Casino Development

Inside Gaming

MGMResortsMGM Resorts International entered into a partnership with a Canadian real estate developer to bid on, build and operate a hotel-casino complex in downtown Toronto.

In a statement, MGM Resorts Chairman Jim Murren said the 50/50 joint venture with The Cadillac Fairview Corporation Ltd. gives the Las Vegas-based casino giant a partner with extensive Canadian development experience.

In Cadillac Fairview we are partnering with the industry leader in developing high quality properties across North America and a company with whom we share a common vision for the development of an iconic integrated resort in Toronto,” Murren said.

MGM Resorts, along with Las Vegas Sands Corp. and Caesars Entertainment Corp., are exploring a potential casino development in Toronto. The Ontario Lottery Corp. has selected Toronto, Canadas largest city, for a single casino destination. But the concept still needs the approval of city leaders and residents.

More…


November 16, 2012

Murren to Lead MGM Resorts through 2016

CEO's contract extended four more years to oversee expansion

MGM Resorts International Chairman and Chief Executive Officer Jim Murren signed a new employment agreement with the Strip casino giant that keeps him in his current position through 2016.

In a filing with the Securities and Exchange Commission late Thursday, the agreement calls for Murren to receive a base salary of $2 million per year along with various bonuses, benefits and stock awards.

Murren, a former Wall Street analyst, has been with the company since 1999. Prior to becoming chairman and CEO in December 2008, Murren served as chief financial officer. Murren replaced the late Terry Lanni, who retired.

Murren is leading MGM Resorts current expansion efforts. The company is seeking to build hotel-casino developments in Maryland, Massachusetts, and Toronto.

More…