Casino operator MGM Resorts gave its former CEO a $32m golden handshake while its rank-and-file staff are left fretting for their future.
Earlier this week, MGM Resorts’ newly appointed CEO Bill Hornbuckle announced that the company was pledging $1m for an ‘employee emergency grant fund’ to “to offer additional support to employees impacted by the [COVID-19 coronavirus] crisis and who may be experiencing hardships.”
Like all US casino operators, MGM’s domestic activities are currently on hold as the country tries to halt further spread of the coronavirus. MGM announced last week that it would give its staff two weeks’ pay and extend health care benefits for laid off employees until June.
Meanwhile, MGM announced last month that its outgoing CEO Jim Murren – who left abruptly last weekend and was replaced by Hornbuckle – would receive a golden handshake of nearly $32m in a combo of salary, stock, bonuses and monthly ‘consulting fees’ through the end of next year.