MGM Resorts raises profit growth goal by $100 million

Jim Murren, Chairman and CEO of MGM Resorts International, speaks Wednesday, Oct. 4, 2011, at G2E at The Venetian.

MGM Resorts International said today that its initiative to cut costs and grow revenue should generate an additional $100 million annually before certain costs.

The company had previously anticipated that, by the end of 2017, its Profit Growth Plan would result in $300 million in annual adjusted earnings before interest, taxes, depreciation and amortization. That target has now been raised to $400 million.

MGM Resorts made the announcement in connection with a gathering it hosted for analysts and investors to get more insight into the company through a series of presentations and panels.

CEO Jim Murren said in a statement that the company had “made tremendous progress to date” since it announced the plan less than a year ago.

“We initially set an ambitious goal and are pleased that our employees are engaged and focused on permanently changing how we operate our business to maximize profitability through innovation and continuous improvement,” Murren said.

The statement attributed the increased target to “teamwork and collaboration” from MGM Resorts employees.

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