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| Name | MGM CEO out, and the stock pops |
| Video Uploader | Video From CNBC Television |
| Upload Date | This Video Uploaded At 12-02-2020 22:42:58 |
| Video Discription | CNBC's Contessa Brewer reports on MGM Resorts CEO James Murren stepping down. With CNBC's Brian Sullivan and the Fast Money traders, Tim Seymour, Karen Finerman, Dan Nathan and Guy Adami. MGM Resorts chairman and CEO Jim Murren has told the company’s board that he is stepping down, prior to his contract ending, the company announced Wednesday. He will serve in his role until a successor is appointed, it said. Murren has been CEO since 2008, and he has been with the casino operator since 1998. MGM shares shot up more than 7% in after-hours trading on the news, but the stock was last up about 4%. MGM has a market value of about $17.3 billion, and its stock has climbed about 17% over the past 12 months. MGM said its board has formed a committee of independent directors to search for a replacement. The U.S. casino operator also withdrew its financial forecast for 2020, as it assesses how the coronavirus epidemic will impact operations. Wealthy Chinese patronage at Macau and Las Vegas make up a good chunk of business and the virus has clamped down travel and closed companies across China. MGM said it suspended operations at its two properties in Macau for a government-mandated 15-day period, which started on Feb. 5 to prevent the spread of the infection locally. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://www.cnbc.com/pro/?__source=youtube » Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision » Subscribe to CNBC: https://cnb.cx/SubscribeCNBC » Subscribe to CNBC Classic: https://cnb.cx/SubscribeCNBCclassic Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide. Connect with CNBC News Online Get the latest news: http://www.cnbc.com/ Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC Follow CNBC News on Twitter: https://cnb.cx/FollowCNBC Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC #CNBC #CNBC TV |
| Category | News & Politics |
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