MGM RESORTS BECOMES FIRST GAMING COMPANY TO SIGN UNITED NATIONS' CEO WATER MANDATE

MGM Resorts International (NYSE: MGM) has become the first gaming company to endorse the United Nations' CEO Water Mandate, a global initiative aimed at addressing water-related challenges.

Rhea-AI Summary

MGM Resorts International (NYSE: MGM) has become the first gaming company to endorse the United Nations' CEO Water Mandate, a global initiative aimed at addressing water-related challenges. CEO Bill Hornbuckle emphasized the importance of innovative water management in the context of ongoing droughts and climate change in the Western U.S. MGM has made significant strides in sustainability, having reduced water use by 37% from 2007 to 2021 and avoided using 5.6 billion gallons through conservation efforts. The company also concluded its Global Water Policy in 2022, promoting responsible water management across its operations.

Positive

• MGM Resorts is the first gaming company to endorse the CEO Water Mandate.
• Reduced water use by 37% from 2007 to 2021, saving 5.6 billion gallons.
• Finalized Global Water Policy in 2022 for responsible water management.
• Recognized in CDP's A-List for climate change and water security.

Negative

• None.

Argus Session date unavailable

-1.33% session move Open Argus

Details

News Market Reaction – MGM

The recorded move for MGM in the trading session of this news was -1.33%.

Data tracked by StockTitan Argus. Session date unavailable.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

MGM Resorts CEO: Historic western drought crisis, effects of climate change are making bold commitments more critical than ever

LAS VEGAS, Feb. 21, 2023 /PRNewswire/ -- MGM Resorts International (NYSE: MGM) ("MGM Resorts" or the "Company") today announced it endorsed the United Nations' CEO Water Mandate – a global initiative and coalition of hundreds of major companies making bold commitments to address water crises and challenges. MGM Resorts is the first gaming company to endorse the mandate.

"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."

"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," said MGM Resorts CEO and President Bill Hornbuckle. "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."

One of the world's most ambitious platforms for corporate water stewardship, the CEO Water Mandate mobilizes business leaders to commit to meaningful action across six key elements and report annually on their progress. Companies also identify and reduce critical water risks to their businesses, seize water-related opportunities, and contribute to water security and UN Sustainable Development Goals. The CEO Water Mandate is endorsed by more than 230 companies spanning a range of industries and regions around the world.

MGM RESORTS WATER STEWARDSHIP AND SUSTAINABILITY EFFORTS

From the iconic Bellagio Fountains to landscaping and pools, water management is a key component of MGM Resorts' overall social impact and sustainability efforts. In 2022, MGM Resorts finalized its Global Water Policy, an outline of how water will be resourced and managed across all global operations. Between 2007 and 2021, MGM Resorts reduced water use by 37% and avoided use of 5.6 billion gallons through conservation and water-efficient building and design initiatives.

Notable water-saving efforts at MGM Resorts include:

• Replacing over 200,000 square feet of real grass with drought-tolerant landscaping in Las Vegas
• Installing water-efficient fixtures and equipment in guest rooms, kitchens and laundry facilities
• Use of an onsite well and pool drainage from the 'O' Theater as source water for Lake Bellagio
• Enhancing the efficiency of Las Vegas cooling tower systems to reduce evaporative loss

MGM Resorts has recently been recognized as a leader in sustainability, securing a place on global environmental non-profit CDP's annual A-List of leaders in corporate transparency and performance on climate change and water security. The Company also received special accreditation to attend the 2023 UN Water Conference in March 2023.

More information about the Company's commitment to protecting the planet can be found here.

About the CEO Water Mandate 

The CEO Water Mandate is a special initiative established in 2007 by the UN Secretary-General and the UN Global Compact (UNGC) in partnership with the Pacific Institute. With over 230 endorsing companies, the Mandate empowers the global private sector to share good practices and forge partnerships to address urgent water challenges related to scarcity, quality, governance and access to water and sanitation. Companies that endorse the Mandate agree to continuous improvement in six core areas of their water stewardship practice: Direct Operations, Supply Chain & Watershed Management, Collective Action, Public Policy, Community Engagement, and Transparency.

About MGM Resorts International 

MGM Resorts International (NYSE: MGM) is an S&P 500® global entertainment company with national and international locations featuring best-in-class hotels and casinos, state-of-the-art meetings and conference spaces, incredible live and theatrical entertainment experiences, and an extensive array of restaurant, nightlife and retail offerings. MGM Resorts creates immersive, iconic experiences through its suite of Las Vegas-inspired brands. The MGM Resorts portfolio encompasses 31 unique hotel and gaming destinations globally, including some of the most recognizable resort brands in the industry. The Company's 50/50 venture, BetMGM, LLC, offers U.S. sports betting and online gaming through market-leading brands, including BetMGM and partypoker, and the Company's subsidiary LeoVegas AB offers sports betting and online gaming through market-leading brands in several jurisdictions throughout Europe. The Company is currently pursuing targeted expansion in Asia through the integrated resort opportunity in Japan. Through its "Focused on What Matters: Embracing Humanity and Protecting the Planet" philosophy, MGM Resorts commits to creating a more sustainable future, while striving to make a bigger difference in the lives of its employees, guests, and in the communities where it operates. The global employees of MGM Resorts are proud of their company for being recognized as one of FORTUNE® Magazine's World's Most Admired Companies®. For more information, please visit us at www.mgmresorts.com. Please also connect with us @MGMResortsIntl on Twitter as well as Facebook and Instagram. 

MGM RESORTS CONTACTS:   
Andrea Bruce  
Social Impact & Sustainability Communications Manager  
abruce@mgmresorts.com 

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/mgm-resorts-becomes-first-gaming-company-to-sign-united-nations-ceo-water-mandate-301750906.html

SOURCE MGM Resorts International

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is the CEO Water Mandate endorsed by MGM Resorts?

The CEO Water Mandate is a UN initiative aimed at corporate commitments to address water crises.

When did MGM Resorts announce its endorsement of the CEO Water Mandate?

MGM Resorts announced its endorsement on February 21, 2023.

How much did MGM Resorts reduce its water use?

MGM Resorts reduced its water use by 37% between 2007 and 2021.

What are MGM Resorts' sustainability efforts?

MGM Resorts has implemented various water conservation measures and finalized a Global Water Policy.

What recognition did MGM Resorts receive for its sustainability practices?

MGM Resorts was listed on CDP's A-List for its transparency and performance on climate change.