In 2019 MGM Resorts established an ESG taskforce comprised of executives from strategy, investor relations, risk, finance, purchasing and other functions. The taskforce’s mandate was to understand the ESG landscape and strengthen our Company’s ESG disclosures. The taskforce focused on understanding how the Company performed on various ESG ranking platforms, including CDP, ISS and others and initiated a strategy to increase transparency and improve scores. Subsequently, the taskforce initiated a formal materiality assessment to obtain internal and external stakeholder input on priority ESG issues. The findings from the assessment, completed in Q1 2020 helped us refine and augment our strategy and triggered a significant increase in the scope and scale of metrics disclosed in our Social Impact & Sustainability Reports.
Climate Change: In our 2020 Materiality Assessment, Climate Change was deemed the highest priority ESG issue by internal and external stakeholders. The company has reported scope 1 and 2 emissions for over a decade and has made significant investments in energy efficiency and major commitments to renewable energy. In 2015 we partnered with NRG to develop one of America’s largest contiguous rooftop solar arrays at Mandalay Bay, and in 2018 we announced a partnership with Invenergy to develop a 100MW solar array which will provide up to 90% of the daytime power needs of our Las Vegas properties once production begins mid 2021. As a result of the materiality assessment, we are developing a more comprehensive climate strategy, including new Science Based Targets (currently being reviewed for approval by the Science-Based Targets Initiative), quantifying our climate risks, disclosing Scope 3 emissions, and engaging our supply chain and customers on climate. Learn More
Human Capital Management (HCM) and Diversity & Inclusion (D&I) were assessed as the most material social issues by stakeholders. In 2020 we refreshed our HCM and D&I strategies with new priorities and workforce diversity dashboards. These take a data-driven approach to assessing diverse talent, in support of our goal to ensure all employees have equal access to leadership opportunities. We continue to invest significant resources to develop talent and are committed to a culture of continuous learning. We also expanded our long-standing focus on supplier diversity by enhancing our diversity tracking systems and committing to increase utilization of diverse suppliers across regions. Learn More
Governance and Ethics were deemed high priorities from internal and external stakeholders. Corporate Governance documents and committee charters for our five standing committees are provided here. Our commitment to ethical business practices is summarized in our Code of Conduct.
Circularity of Food and Plastics: How we manage these high visibility materials was deemed a high priority. We have had a leading program to manage food waste and are increasingly focused on environmentally preferable purchasing in priority categories, including plastics. Learn More
The COVID-19 pandemic of 2020 revealed health, safety and well-being as even more material issue than implied in our assessment. We created a Health and Safety Center of Excellence, established a Seven Point Health & Safety Plan; launched new initiatives to help convention clients ‘Convene with Confidence’; and ramped up giving focused on COVID-19. Learn More
MGM Resorts International’s Vision is To be the World’s Premier Gaming Entertainment Company. We aim to be highly customer centric in our approach, and deliver globally leading gaming and experiences that captivate our audiences and “entertain the human race”. People and Planet form the foundation of this enterprise-wide strategy, underpinning the centrality of environmental and social sustainability to our company’s success.
ESG-related risks are assessed as part of MGM’s overall formal Enterprise Risk Management Process. This process, which is managed by MGM’s SVP of Internal Audit, includes a broad assessment of risks faced by MGM Resorts. The outcome of this process is a risk register which includes:
Climate Change and other ESG risks have been officially recorded in the Enterprise Risk Management Risk Register. The following summary statement is provided in the Risk Register that is reviewed and approved by the Audit Committee of the Board of Directors:
"Some of the Company's properties face increased physical risk associated with severe weather events exacerbated by climate change. This is especially true for properties in close proximity to rivers and oceans. Severe weather events related to climate change have already and are likely to continue increasing supply chain shocks and related price spikes. This is driven by potential impacts on the flow of goods, as well as production constraints of agricultural commodities triggered by drought, flood or fire."