Jim Murren, CFO of MGM Grand, Guests on Casino Journal's Radio
Show
FORT LEE, N.J., June 16 /PRNewswire/ -- Jim Murren, Chief Financial Officer of MGM Grand (NYSE: MGG -
news) was the featured guest on Casino Journal Publishing Group's (OTC Bulletin Board: CJPG - news) ''Gambling
on Wall Street'' radio show on June 15th.
Prior to becoming CFO of MGM Grand, Murren was one of the top gaining analysts in the country at Deutsche Morgan
Grenfell in New York. In his first public interview since the recent drop in MGM Grand and other casino stocks,
Murren gave his views on the current financial market climate for MGM Grand as well as for the other gaming stocks.
He also detailed the current activity at MGM Grand, including a 98% occupancy rate this month at the hotel and the
current level of activity at the gaming tables and slot machines.
Despite views by Wall Street that the Asian crisis is behind the drop in earnings and stock price for MGM Grand,
Murren pointed out that baccarat drop is up for the year but the win percentage is down, reducing the baccarat hold.
Murren attributed the higher baccarat drop to MGM's marketing strategies to European players, saying that the
successful strategy combined with their recently opened convention center, has offset the decline in Asian high rollers to
the casino.
Other discussions included the timetable and development of MGM Grand's current expansion in Las Vegas, their start
up in Detroit as well as a progress update on their planned entry into the Atlantic City gaming market. During the
interview, Murren admitted that they are frustrated in Atlantic City but are still working towards clearing up the
remaining obstacles. He confirmed that if New York legalized casino gambling, their plans in Atlantic City would
change.
Other topics discussed on the show included, Kirk Kerkorian's views on the casino industry and MGM Grand, a
discussion on whether MGM Grand's build instead of buy strategy has changed due to the drop in valuations of casino
stocks and other markets that MGM Grand may be interested in.
The interview with Jim Murren of MGM Grand as well as interviews with Jack Gallaway, President of Casino America
(Nasdaq: CSNO - news), Nick Greenwood, head of marketing at Innovative Gaming Corp. (Nasdaq: IGCA - news),
Jack Pilger, CEO of Casino Resource Corp. (Nasdaq: CSNR - news), Mark Bradley, CEO of Players Network (OTC
Bulletin Board: PNTV - news) and Bill Westerman, Chairman of Riviera Holdings (Amex: RIV - news) can be accessed
in Real Audio at dnaproductions.com.
Casino Journal Publishing Group publishes Casino Journal, a leading trade magazine for the Gaming Industry; Casino
Player, the leading consumer publication for the Gaming Industry with total circulation of over 400,000; Nevada
Hospitality, the official magazine of the Nevada Hotel/Motel & Restaurant Association; The National Gaming Summary,
The Gaming Industry Weekly Report, The Gaming Industry Daily Report, The Daily Lodging Report and The Atlantic
City Insider newsletters. The Company also produces the American Gaming and Lodging Summit in conjunction with
Bear Stearns and Co. and the law firm of Lionel Sawyer and Collins; The Southern Gaming Summit with the
Mississippi Casino Operators Association; The Atlantic City Chamber of Commerce Business Expo and UNLV's
Casino Ops trade shows and acts as a consultant to various companies involved in the gaming and leisure industries.
Casino Journal Publishing Group is traded on the OTC Bulletin Board under the symbol CJPG.
For Information on the Gambling On Wall Street Radio Show or for information on Casino Journal Publishing Group:
Contact: Alan R. Woinski of Casino Journal Publishing Group, 201-947-4642. |
