urren said Sanders will oversee five properties on the Las Vegas Strip, including the Monte Carlo and Luxor casino-resorts. Four resorts, including the Bellagio and Mandalay Bay, will still report directly to Murren. He was COO of the company before taking over as CEO in December and had kept the COO duties.
Sanders was executive vice president of operations, and a former chief financial officer for Mirage Resorts before it was bought out for us$ 6.4 billion in 2000. His e-mail said the board approved the changes Tuesday, the same day he and other company officials held an annual shareholders meeting at The Mirage casino-resort.
"Today's competitive environment demands that MGM Mirage effectively position its portfolio of properties, drive profitability, strengthen its loyalty programs, synergize efforts and leverage our incredible assets," Murren told employees. "It requires our full attention and a change in the way we manage our business."
Murren said he met with top company executives and the presidents of MGM Mirage's properties late Tuesday to discuss the changes.
The board also appointed Mandalay Bay President Bill Hornbuckle to a new position of chief marketing officer. Murren said Hornbuckle's duties include oversight of the MGM Grand Macau in China, corporate convention sales and loyalty and database marketing.
MGM Mirage lost us$ 212.6 million in the second quarter this year, compared with profit of us$ 113.1 million during the same period last year. The company lost us$ 107.3 million for the first six months of 2009. Its stock was down 8 cents, nearly 1 %, in after-hours trading Wednesday. It closed at us$ 8.14, up 2 cents.