MGM Resorts International said Chief Financial Officer Dan D’Arrigo is stepping down as the company seeks to trim labor costs.
D’Arrigo, who has worked more than 23 years at the company, will also give up his board seat at MGM China, the company said in a statement.
“D’Arrigo has chosen to take advantage of the voluntary resignation program offered as part of MGM 2020 and will be resigning from the Company and the Board of Directors of MGM China,” the statement said.
MGM Resorts last month announced a new program to increase cash flow by $300 million that included $100 million in labor savings. The company did not state D’Arrigo’s compensation. But according to Equilar, D’Arrigo earned an average of $4 million per year over the past three years.
MGM Resorts also hired former Gov. Brian Sandoval last month.
Corey Sanders will give up his role as chief operating officer to replace D’Arrigo, the company said. Sanders previously worked as a chief financial officer of MGM Grand Resorts.
“Corey’s expertise and intimate knowledge of both the operational and financial structures of MGM Resorts make him uniquely positioned to integrate those operational and financial activities in order to drive efficiency and execute our strategic priorities,” CEO Jim Murren said in the statement.
MGM President Bill Hornbuckle will take on the additional role of chief operating officer and oversee operations at all properties. The changes take effect March 1.