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MGM Resorts International
The results speak for themselves. Gold Strike Tunica Beau Rivage. Casinos Hotels Entertainment Resorts. I believe our success validates the strategy launched in Retrieved 23 January And we spoke with Fortune executives and our largest investors to find fresh ideas. Welcome to Fabulous Las Vegas sign.
MGM Resorts CEO: Five Strategic Initiatives That Transformed My Company
In the mids, growth of its non-gaming lodging, food, retail revenue began to outpace gaming receipts and demand for high-rise condominiums was surging, with median property prices in Las Vegas twice the national average. In June , the company changed to its present name to reflect its latest strategy of expanding worldwide, including licensing its brand and expertise to develop non-gaming hotels and residences. Following a one-billion-dollar stock offering by MGM Mirage amidst the global credit crunch, Tracinda's shares were diluted from It became a separate, publicly traded company in April Among the company's management ranks, more than 38 percent are minorities and nearly 43 percent are women.
The company's background can be traced to , when airline and casino tycoon Kirk Kerkorian bought a controlling stake in the Metro-Goldwyn-Mayer MGM film studio. By , the two hotel-casinos accounted for most of MGM's income, and the company announced a plan to split itself in two. During construction of the MGM Grand, the company acquired an option to buy an acre site across the street from the project. An exploratory agreement to develop two casinos on the Chinese island of Hainan was announced in August ,  but came to nothing.
In Darwin, Australia , a lucrative market attracting high rollers from Pacific Rim countries,  the company considered building a hotel,  but instead bought the Diamond Beach Hotel and Casino ,  renaming it as the MGM Grand Darwin. In and , following the merger with Mirage, the company explored options for its next major development project, including opportunities in the Las Vegas, Atlantic City, Chicago, and Macau markets.
MGM made moves into the United Kingdom market after a government report called for loosening of the country's gambling regulations. The British expansion plans ultimately amounted to nothing. MGM closed its online casino after less than two years, citing uncertainty in American regulations and competition from established British brands.
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MGM Resorts is ten years into a sweeping strategic and cultural transformation, essentially building a new company on an entirely new trajectory. This transformation was not inevitable.
We had no model to follow. No company with roots in gaming had ever attempted it. Instead it was the result of a conscious strategy—specifically five strategic initiatives that made MGM a new company and revolutionized the way we do business. After the merger, the two organizations continued to operate separately, with two COOs and two separate cultures. Multiple properties competed against each other. There was no unified strategy for growth—and no way to implement one even if it existed.
The company also shared some shortcomings of the traditional gaming industry, which lagged in business strategy, technology, and diversity. When I became President and COO in , I believed it was imperative to create a new MGM—a unified company with a unified strategy for growth, sophisticated business capabilities and a defining culture. Then the global financial crisis hit. We reacted quickly, responding with Project Evolve, which introduced a new cost discipline and ultimately saved us from bankruptcy.
Surviving the crisis involved painful decisions, but it laid the foundation for unifying our company. To build on this foundation, we assembled a team of mission-driven leaders who shared a vision for MGM. Our core team built a strategic framework for how properties could work together, centralizing business functions—from finance to HR to pricing—which had operated separately at each property. With this architecture in place, we began unifying MGM Resorts.
So we executed another strategic pivot. We examined how we staffed, used technology, and managed vendor relationships. And we spoke with Fortune executives and our largest investors to find fresh ideas. Employees now evaluate how their decisions impact the entire company, not just one property or department.
The line begins at Maitland and ends at Roma Street railway station in Brisbane, although freight services terminate at the yard at Acacia Ridge on the outskirts of Brisbane. After the standard gauge line ends at Acacia Ridge , it forms a dual gauge line into Brisbane , running alongside parts of the Beenleigh railway line.
With the closure of former branches to Dorrigo and Murwillumbah there are no operating branches off the line. The Bonalbo branch from Casino was stillborn, with partial construction left incomplete. Immediately south of it was Border Loop , a short crossing loop, which is now closed.
About one kilometre south of that is the Cougal Spiral. These two locations are often confused. A branch line was built to Kyogle in and extended to South Brisbane in The line was built between and , and when completed, bypassed the Main North line and provided a quicker route up the eastern seaboard. The development of the line was hampered by the many large rivers that flow through the North Coast.
A railway was built from Maitland to Paterson and Dungog in The Clarence River was the most difficult river to cross and it was not crossed until The opening of the Grafton Bridge in completed the Sydney — Brisbane line as the first standard gauge inter-capital link. The completion of the Sydney—Brisbane link saw the Casino—Murwillumbah line become a branch line.
A picturesque branch was opened from Glenreagh to Dorrigo in , but was difficult to maintain due to the steep terrain and high rainfall and it was closed in after a washaway.