Las Vegas Sun NewsNo. 2 executive at CityCenter resigns
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3 December 2012
6:30 p.m.
Bill McBeath, president and chief operating officer of the $8.5 billion CityCenter casino-resort complex on the Las Vegas Strip, has resigned. CityCenter manager and co-owner MGM Resorts International notified employees of McBeath's resignation Monday. An internal memo said he had notified MGM Resorts CEO Jim Murren of plans to step back and reassess his career goals and that CityCenter CEO Bobby Baldwin would assume his duties. McBeath had served as president and COO of CityCenter's 4,004-room Aria hotel-casino since October 2007, two years before its opening, and participated in its development and the hiring and training of its staff. He ...
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I am surprized that McBeath and other MGM executives stay as long as they have. Running a lot of nothing each day has got to be hard and hurt the soul. (Note to Steve Green: MGM has taken write-downs on CityCenter, while it was initially values at $8.6B to build, it is now valued at less than $2.1B.) The Cosmopolitan next store to CityCenter and Aria was just named the best hotel in the World, and of course North America. Aria was not even on the top named hotels list. MGM and other corporate hotel owners and developers said that Cosmo would never work in Las Vegas, being an unthemed, dense, vertical, urban, urbane, sophisticated but very approachable 5 star hotel. Aria and CityCenter on the other hand are a tremendous failure in that the buildings do not open onto Las Vegas Blvd., are scattered and aloof pieces of detached and already dated architecture. CityCenter is an embarrassment of wealth and excess built during the Great Recession and it will always remain a symbol of Las Vegas' worst vanity and sadness. Next door Cosmo is a beehive of activity, while "CityCenter" is almost empty of people, having no city and no center.
I agree with the last comment. I don't agree with the Cosmo being such a great Casino/Hotel. Judging fr their revenues I don't think they will not be sold. I can see Penn Gaming or Wynn as potential buyers.
These executives are cashing humongous paychecks while having to do very little. The casino/hotel operations at CC are set up to run themselves at this point. These guys cannot increase revenue to the point of even breaking even. MGM is losing about 2 million per day. They can't overcome it.
I've been to City Center once and I have no desire or inclination to go back. My thinking is a lot of people feel the same way. The Bellagio on the other hand has the beautiful conservatory which will draw in locals who might have guests visiting.
What exactly does City Center offer other than empty condo towers, a totally uninviting entrance and a lackluster casino floor? It will be a loser for decades and eventually become a strip eyesore of dated buildings. But keep drawing those $20,000 per day paychecks. Nice work.
It is amazing that the leader of the company can waste $9 billion of his company's and his partner's money and not be held accountable. McBeath is falling on the sword that was laid out by Murren and Baldwin. If it wasn't for CityCenter, MGM would be the most powerful company in the industry today. But the debt that the company incurred to build this monstrosity and then to maintain that it is doing well, is laughable. Murren should be the one headed out the door, followed by Baldwin. McBeath was just a good solider following orders.
When will this newspaper actually do some REPORTING and do a RESEARCHED story giving the background to this major event? All we read about when it comes to the casino industry (advertisers) is the PR releases sent out by the company. The "reporters" do not even have to write a story they just copy it
Completely agree with dave 202. Low level employees are terminated for minor, honest mistakes while these guys almost bankrupt the company and are rewarded with promotions and bonuses.
murren and baldwin have destroyed MGM. unbelievable that baldwin is given more power when he is one of the losers who pushed for city center with murren. Obviously this board has completely lost control due to kirks' age--his daughters are quite obviously unable to run such a huge company and have chosen an egotistical con man to run the company for them--HUGE ERROR in judgement. They should have cleaned house based on the city center decision alone. A BILLION dollars in interest a year ---BRILLIANT!
And cosmo is a flash in the pan---this dump is the most mis-managed of all of them. They have no clue about gaming and just want to keep it afloat until they dump it to some sucker. No one wants to play or work there because they are a bank and treat everyone like bank customers (like $hit) with fees. Of course they will sell the property and screw the employees--Duuuaaahhh--just like lvh---"rehire" some employees as day one part time employees with zero benefits.