Alan Feldman, who has been one of MGM’s top executives for nearly 30 years, many of them as corporate spokesman, announced last week that he will be taking an advisory roll beginning June 1.
Feldman is executive vice president of global industry affairs for MGM. Through a statement by email and Facebook he said would continue to be involved with the company, but noted that his new role was part of the company’s MGM 2020 cost reduction and margin improvement plan that it unveiled in January.
The statement said, “As I begin the next chapter of my career, I will continue to advise MGM Resorts in its bid to secure a license in Japan as well as further developing the company’s global responsible gaming initiatives, both projects I am very passionate about.”
He added, “The past 29 years in Las Vegas—11 with Mirage Resorts and 18 with MGM Resorts International—have been rewarding and challenging and have given me the opportunity to do work on projects that have had worldwide impact.”
His statement concluded, “I also will now be in a position to pursue new opportunities, as well as enjoy the most exciting adventure so far—becoming a first-time grandfather.”
The company is offering its top executives sort of a “golden handshake,” and Feldman is the second prominent longtime executive to take them up on it. The first was CFO Dan D’Arrigo, who left the company earlier this month.
Feldman has worked for MGM since 2000. For many year’s he was the company’s corporate spokesman before moving into development. Born in Southern California, he entered the gaming industry in 1989 when he moved to Las Vegas to work for Mirage Resorts, whose chief executive officer was Steve Wynn.
Under the program that claimed Feldman’s job, MGM will reduce costs and adopt efficiency measures. The cost cutting goals include $100 million in payroll cuts. These measures will produce an additional $300 million in cash flow by 2021, says the company.
Feldman will continue in his role as chairman of the National Center for Responsible Gaming and the Nevada Advisory Committee on Problem Gambling and to work with the British Columbia Lottery Corporation on its GameSense software.
