MGM Resorts signs United Nations CEO Water Mandate
MGM Resorts has become the first gaming company to sign the mandate, making a commitment to address water crises.
US.- MGM Resorts International has endorsed the United Nations CEO Water Mandate, a global initiative and coalition intended to address water crises. MGM Resorts is the first gaming company to sign the mandate.
The CEO Water Mandate requires business leaders to commit to meaningful action across six key elements and report on their progress every year. Companies must identify and reduce critical water risks to their businesses and contribute to water security and UN Sustainable Development Goals. The mandate is endorsed by more than 230 companies around the world.
Water-saving efforts at MGM Resorts have included replacing over 200,000 square feet of real grass with drought-tolerant landscaping in Las Vegas and installing water-efficient equipment in guest rooms, kitchens and laundry facilities. It also included the use of an onsite well and pool drainage from the ‘O’ Theater as source water for Lake Bellagio.
In 2022, MGM Resorts finished its Global Water Policy, an outline of how water will be resourced and managed across all global operations. Between 2007 and 2021, the company reduced water use by 37 per cent and avoided the use of 5.6bn gallons through conservation and water-efficient building.
MGM Resorts CEO and President Bill Hornbuckle said: “Given our environmental conditions, Las Vegas has long been innovative it its approach to water. We are fortunate to do business in a place that has a world class water management system and hope to help others learn from successes here.
“The ongoing drought and effects of climate change in the Western U.S. are a wake-up call that we need to do more, and to that end—we’re proud to endorse the CEO Water Mandate to not only share what we’ve learned in Las Vegas, but also help strengthen our commitments.”
MGM Resorts International reports 18% increase in Q4 revenue
MGM Resorts International has reported financial results for the quarter ended December 31. The company reported revenue of $3.6bn, up 18 per cent compared to the same period the previous year.
The company cited an increase in business and travel volume at its Las Vegas Strip properties as one of the reasons for the increase, along with the inclusion of operating results from the Cosmopolitan, acquired in May 2022.
MGM posted a $2m loss for the quarter, compared to operating income of $369m over the same period in 2021. Net income for the quarter was $284m, compared to $131m in Q4 2021.