Caesars And MGM Boards Lose Cybersecurity Gambles [Forbes]
MGM Resorts International (MGM)
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Source: Forbes
Two recent cyberattacks on prominent casino chains, MGM Resorts and Caesars, offer clear and compelling examples of the risks of poor boardroom digital era readiness and why proxy statement governance disclosures warrant a closer read. As widely reported, Caesars paid $15 million in a ransomware attack. Just days later, in a “vishing” (voice phishing) scheme, hackers impersonated an employee using LinkedIn information to fool MGM's IT help desk for systems access. The breach disrupted MGM casino operations, reduced daily revenue and cash flow by an estimated 10-20% and dented its market cap by nearly $2 billion. Notably, both casinos seated boards without credible IT experience. That reality was tucked in their 2023 proxy statements — either by disclosure or sleight of hand. Use Your Illusion Many companies talk a good game about digital technology. But is their commitment real, lacking or just for show? A first clue is in the proxy statement. MGM took the antiquated route. O
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News
- Vegas feels chill as Canadians cut back on travel [Yahoo! Finance Canada]Yahoo! Finance Canada
- MGM Resorts International (NYSE:MGM) was upgraded by analysts at Zacks Research from a "strong sell" rating to a "hold" rating.MarketBeat
- MGM RESORTS INTERNATIONAL ANNOUNCES NEW LONG TERM BRANDING AGREEMENT WITH MGM CHINAPR Newswire
- MGM Resorts International (NYSE:MGM) was given a new $38.00 price target on by analysts at Barclays PLC. They now have a "negative" rating on the stock.MarketBeat
- MGM RESORTS REACHES RESPONSIBLE GAMING MILESTONE BY SURPASSING 2,000 GAMESENSE ADVISORSPR Newswire
MGM
Earnings
- 10/29/25 - Miss
MGM
Sec Filings
- 12/9/25 - Form 4
- 12/9/25 - Form SCHEDULE
- 12/3/25 - Form 4
- MGM's page on the SEC website