MGM Resorts International named a former Caesars Entertainment executive as the casino operator’s new chief financial officer.
Jonathan Halkyard, who spent 13 years with Caesars and most recently was CEO of hotel operator Extended Stay America, will join MGM Resorts as the company focuses on recovering from the COVID-19 pandemic, which continues to slow operations throughout its portfolio.
Halkyard replaces Corey Sanders, who was appointed MGM Resorts’ chief operating officer last year.
MGM Resorts CFO Jonathan Halkyard
In a statement, MGM Resorts CEO Bill Hornbuckle said Halkyard’s experience as Caesars’ CFO and recent work in the lodging chain would complement the company’s evolving leadership team. Hornbuckle became CEO last year when longtime CEO Jim Murren retired.
MGM Resorts has more than two dozen gaming and resort operations in six states, including 10 properties on the Las Vegas Strip.
“Jonathan brings the right mix of financial discipline, investor acumen, operating experience, and seasoned corporate leadership to MGM Resorts at a vital time in our evolution,” Hornbuckle said.
The ongoing pandemic caused MGM Resorts to reduce operations at several of its Las Vegas Strip properties, including closing The Mirage and Park MGM during midweek due to lack of visitation.
MGM Chairman Paul Salem said Halkyard would “drive continued focus on disciplined execution of our strategic business plan, our long-term recovery from the COVID-19 pandemic and future growth and development.”
Halkyard will be a member of the company’s senior management team and have responsibility for all financial activities across MGM Resorts’ portfolio.
“After a career largely spent in hospitality and gaming, I am excited and proud to become part of the senior leadership team at one of the world’s most iconic gaming, hospitality and entertainment destination brands,” Halkyard said. “We face the greatest challenges to corporate management in recent history and I am eager to get to work.”
Macquarie Securities gaming analyst Chad Beynon said Halkyard come to MGM Resorts with experience in leading companies undergoing “strategic transformations.” Beynon said Halkyard advanced Extended Stay’s “bold refranchising strategy” and oversaw many shareholder-friendly initiatives, including streamlining operations and improving the corporate structure.
“We expect his time across a range of senior management positions at Caesars will bring a valuable perspective as he joins another gaming behemoth during a period of great change,” Beynon said.
Halkyard joined Caesars when the company was known as Harrah’s Entertainment in a finance role at Harrah’s Lake Tahoe. He held various finance and operating positions with Caesars and became the company’s CFO in 2006.
Halkyard led some of the company’s largest acquisitions, including Horseshoe Gaming, the World Series of Poker, London Clubs International, and the $9 billion merger with the former Caesars Entertainment. He was part of the leadership team that oversaw the $30 billion sale of Caesars Entertainment to private equity firms TPG and Apollo.
He left Caesars in 2012 and spent a year as CFO of NV Energy, which provides electronic services in Nevada.
Halkyard joined Charlotte, North Carolina-based Extended Stay America, which has 680 properties, in 2013 as chief operating officer. He became CFO in 2015 and was appointed CEO in 2017. Halkyard left Extended Stay in 2019.
Shares of MGM Resorts closed at $31.19 on the New York Stock Exchange, up 83 cents or 2.73%.
Howard Stutz is the executive editor of CDC Gaming. He can be reached at hstutz@cdcgaming.com. Follow @howardstutz on Twitter.
