MGM Resorts International has made significant moves to secure leadership continuity by extending the employment terms of two pivotal executives, Chief Financial Officer Jonathan Halkyard and Chief Commercial Officer Gary Fritz. These changes come in anticipation of the company’s highest-ranking executive’s departure at the end of 2028.
The Las Vegas-based gaming giant has filed new employment agreements for Halkyard and Fritz, effective Oct. 1. Under his new arrangement, Halkyard will remain at MGM Resorts through September 2029 with a base salary of $1.25 million. He will also have an annual target bonus set at 150 percent of his salary, along with annual equity awards valued at $3.1 million. These awards will be equally split between performance share units and restricted stock units.
In a separate filing with the U.S. Securities and Exchange Commission, it was disclosed that Halkyard has recently received 46,065 restricted stock units, worth approximately $1.5 million at current market prices. This marks the first part of his new incentive plan. Following these developments, Halkyard directly owns about 114,000 shares of MGM stock, which is valued at around $3.6 million based on a recent closing price of $31.57.
Fritz has also secured a lucrative three-year contract that extends through 2028. His compensation package includes a base salary of $1.5 million, a target bonus of 175 percent, and annual equity grants worth $4.5 million. Additionally, his agreement contains performance incentives explicitly tied to the profitability of BetMGM and the rollout of new digital services.
MGM Resorts President and CEO Bill Hornbuckle is confirmed to remain with the company until 2028. At 67 years old, Hornbuckle has been extended an advisory role post-2028 to aid in the launch of MGM’s new casino resort in Osaka, Japan. Insiders from the company suggest that Halkyard may be among the internal candidates considered to succeed Hornbuckle in the company’s upcoming leadership transition.
The recent appointments do not stop at the executive level. MGM Resorts has also announced the promotion of four new general managers for five of its Las Vegas properties, all of whom have been promoted from within the organization.
Mark Czerniak has been appointed as the general manager of the iconic Bellagio. Previously, he served as CFO for both Bellagio and Park MGM and has held various financial leadership positions at other MGM Resorts properties since joining in 2016.
Doug Sandoval is set to oversee Aria and Vdara, leveraging over two decades of financial expertise acquired while working at premier Las Vegas resorts.
Mark Lefever, who joined MGM Resorts in 2015, has been designated as the general manager of The Cosmopolitan. Lefever has held CFO roles at a number of notable MGM properties, including Luxor and MGM Grand.
Andy Meese will take the helm at Park MGM after spending more than 25 years in hospitality strategy and operations across multiple venues including Mandalay Bay and Luxor.
Czerniak’s reporting structure will involve Ayesha Molino, who is set to step into the role of chief operating officer on Jan. 1, succeeding retiring Corey Sanders. Meanwhile, Sandoval, Lefever, and Meese will report to Sean Lanni, president and COO of The Cosmopolitan, who has recently broadened his responsibilities to include oversight over Aria, Vdara, and Park MGM.
In legal matters, high-stakes gambler Robert “R.J.” Cipriani has made headlines as he continues his legal battle against Resorts World Las Vegas. Cipriani’s attorney has urged a Ninth Circuit panel in Las Vegas to revive his lawsuit, which claims that Resorts World allowed another gambler to harass him for weeks.
Cipriani, known by his social media handle “RobinHood 702,” believes that the lower court wrongly dismissed his case based on judicial estoppel. His attorney argued that Cipriani did not change his claims in essence, but rather that Resorts World failed to address the harassment until it escalated.
The attorney for Resorts World countered that Cipriani’s narrative has shifted over time, further complicating the case. The defense for Scott Sibella, former president of Resorts World, asserted that he could not be held personally liable under established legal standards.
U.S. Circuit Judge Gabriel Sanchez raised questions about whether Cipriani actually benefited in an unfair manner from his changing pleadings. The three-judge panel did not announce a decision following the arguments, choosing instead to take the matter under submission.
In statewide legislative news, California has recently passed a significant bill which will make sweepstakes casinos illegal starting Jan. 1, after Governor Gavin Newsom signed AB 831 into law. The passage of this bill comes after unanimous approval from the state Legislature.
This measure has garnered support from the California Nations Indian Gaming Association, which maintains that sweepstakes casinos infringe on the exclusive rights of tribal nations to provide gaming within the state.
With California being the nation’s most populous state, this move is poised to have a substantial impact on the sweepstakes industry, setting it apart from other states like New York and Florida, where similar legislation has either stalled or failed.
Industry groups expressing concern urged the governor to veto the bill, arguing it could remove $1 billion from the state’s economy and stifle innovations in digital gaming. Executive Director Jeff Duncan of the Social Gaming Leadership Alliance reported that a majority of Californians favor the regulation and taxation of sweepstakes operators.
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