MGM generates $22bn in economic impact during 2019

by Administrator

MGM Resorts has revealed that in 2019 the company generated almost $22bn in economic impact and employed 70,000 people, paying $3.5bn in wages and contributing £3.1bn in local state and federal taxes in the United States.

Unveiling its 2019 Social Impact and Sustainability Report: ‘Focused on What Matters: Embracing Humanity and Protecting the Planet’, MGM highlighted that it also provided $900,000 for 100 scholarships to children of employees with an aim to award 600 scholarships by the end of 2025. 

Recipients attend more than 30 colleges across the country with 80 per cent pursuing a four-year degree. Of that group, 56 per cent are ‘first-generation’ college students.

“As our stakeholders and investors demand more action, it is vital that we evolve a strategy that directly addresses the most material and pressing issues, creates value and ensures the longevity of our company, our communities and our planet,” said Bill Hornbuckle, acting CEO and president of MGM Resorts International.

“Though all MGM properties were closed for nearly three months due to the COVID-19 pandemic, the company continued to work closely with community partners throughout the country to understand unique regional needs and to provide relief and aid where it was most needed.  

“So far, the company has distributed $7m in emergency grant payments supporting employees and their immediate families impacted by the crisis; donated food and products valued at over $1m, including 500,000 equivalent meals for food banks and 100,000 masks for community health needs; and leveraged its procurement and logistics expertise to source 500,000 N95 masks, 260,000 gowns, 250,000 rapid PCR COVID-19 test kits and 200,000 gloves on behalf of the State of Nevada COVID-19 task gorce.”

In the report, MGM Resorts also revealed that it had donated $24.5m to organisations in communities where it has properties, with more than $680,000 directed towards initiatives which combat food insecurity.

The firm also directed $2.8m towards enhancing education initiatives, with $90,000 donated to the Nevada Blind Children’s Foundation to build its first preschool for blind and visually impaired children. 

“Across the United States, we know that our local communities are still in need of assistance on many levels,” said Jyoti Chopra, chief people, inclusion and sustainability officer.

“We are committed to embracing humanity through our support and advocacy whether it be for racial justice, equal employment laws, providing food and meals for those suffering hardships due to the pandemic or protecting our planet through leading sustainable practices. 

“Across a broad spectrum of environment, social and governance areas, we will continue to engage with our community partners to understand societal needs and identify how MGM can be part of the solution.”

The report also highlighted the regional impacts that the company has made within the United States. MGM’s Empire City Casino generated $3.7bn in taxes for New York State education, which equates to an average of $25m generated each month.

At MGM Grand Detroit in Michigan, $552,881,733 was paid to Detroit-based businesses and just under $7.5m paid to Minority Business Enterprises with, just over $2.5m paid to Women Business Enterprises.

Furthermore, MGM Springfield paid just under $40m in city tax contributions, with around $88.5m paid towards state tax contributions and $490,497 given to charitable causes.

https://www.casinobeats.com/2020/06/24/mgm-generates-22bn-in-economic-impact-during-2019/