The MGM Resorts Foundation has demonstrated its commitment to supporting communities by awarding donations totaling nearly $2 million. These funds, generated from contributions by both MGM Resorts employees and guests, have been distributed through 82 grants to nonprofit organizations across various regions of the United States. The recipients of these grants, located in Southern Nevada, Michigan, Mississippi, New Jersey, New York, Northeast Ohio, the DC Metropolitan area, and Western Massachusetts, offer vital services to residents, addressing their basic needs.
Origins and Purpose of the MGM Resorts Foundation:
In 2002, the MGM Resorts Foundation was established as a platform for employees of MGM Resorts to contribute to charitable causes. Since its inception, this foundation has raised an impressive sum of over $100 million, providing support to more than 1,500 charitable organizations. The foundation’s aim is to enhance the well-being and resilience of communities, foster sustainable institutions, promote employment opportunities, facilitate skill development, and collaborate with public sectors, policymakers, educators, and nonprofits.
Impactful Grants to US Nonprofits:
The recent donations made by the MGM Resorts Foundation highlight the remarkable generosity of both employees and guests. The foundation allocated funds to 82 nonprofit organizations, all of which play a significant role in serving the communities where MGM Resorts operates. These grants have facilitated essential services such as medical care, mental health counseling, provision of food, and shelter. By targeting institutions that address fundamental needs, the MGM Resorts Foundation aims to make a meaningful impact on the lives of individuals and families in these regions.
The Decision-Making Process:
The allocation of grants is overseen by the Community Grant Councils, voluntary committees comprised of MGM Resorts employees who represent their respective regions. These dedicated individuals are responsible for reviewing grant applications and selecting the recipients based on their alignment with the foundation’s mission and their potential to effect positive change within the communities. The involvement of employees in the decision-making process ensures a deep understanding of the local needs and enables the foundation to support organizations that are best positioned to address those needs effectively.
Financial Success and Growth of MGM Resorts International:
MGM Resorts International, the parent company of the MGM Resorts Foundation, has reported a substantial year-on-year revenue increase for the second quarter of the year. The operator recorded a revenue of $3.3 billion, marking a 44% growth compared to the previous year’s $2.3 billion. Notably, the Las Vegas operations contributed $2.1 billion, comprising 64% of the total revenue and experiencing an impressive 113% year-on-year growth. The Las Vegas Strip’s adjusted property earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs (EBITDAR) reached $920 million, reflecting the company’s strong performance in the market.
The MGM Resorts Foundation’s commitment to supporting communities in the areas where MGM Resorts operates is commendable. Through the dedicated efforts of its employees and the generous contributions of its guests, the foundation has been able to make a substantial impact, providing funding to nonprofit organizations that address essential needs. By focusing on medical care, mental health counseling, food, and shelter, the foundation aims to uplift communities and contribute to their well-being. With a successful financial performance, MGM Resorts International continues to reinforce its dedication to corporate social responsibility, strengthening its position as a leading company in the hospitality and entertainment industry.