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Tuesday, Dec. 18, 2012 | 4:26 p.m.
Felix Rappaport resigned today as president and chief operating officer of the Mirage, after 21 years with MGM Resorts International.
Rappaport is the second casino chief to leave MGM this month. Bill McBeath, president and COO of CityCenter announced his resignation on Dec. 3.
MGM Chief Executive Jim Murren said the company would immediately begin looking for a replacement. Corey Sanders, COO for MGM, would be assigned to work with the Mirage during the transition, Murren said.
"Felix has been the epitome of a hospitality leader," Murren said in a statement. "We thank him for his many years of dedicated service and successful leadership to the company and extend every best wish for success."
Rappaport, 60, did not announce his plans.
Growing up in Philadelphia, Rappaport took his first job at age 14 working in a men's clothing store making $25 a week. He eventually went into hotel management and moved to Las Vegas in the early 1990s. He has spent most of his career with MGM, where he worked in the executive offices of the MGM Grand, Luxor, Excalibur and New York-New York before moving to the Mirage.
He oversaw a massive renovation at the Luxor, while serving as president of that casino and the Excalibur, in early 2000s. Rappaport took over as president of the Mirage in September 2010, during a move of casino leadership that also sent Scott Sibella to the MGM Grand, Renee West to run the Luxor and Excalibur and promoted Chuck Bowling to president of Mandalay Bay.
Rappaport is a well-known foodie who oversaw the development of new nightclubs and restaurants at the Mirage.
It's a bloodbath. Why is it happening? Who is orchestrating these firings?
MGM is losing more than $2 million each and every day. Gone. Money lost. No amount of reshuffling of executives is going to change that. In order for them to turn this around there has to be a MONUMENTAL increase in big gamblers. That simply is not going to happen. You can be positive all you want about Las Vegas making a comeback but I contend that no comeback is going to turn that $2 million lost per day into profit. Debt restructure/bankruptcy is the only solution. In the meantime MGM executives continue to rake in enormous pay and option packages.
My names not Rappaport.
Maybe the guy aged out. Like it or not, 60 is getting kind of old in a town like Vegas. Especially for a man in his position. A more youthful 40 something year old will probably take his place
tomd is exactly right--when your paying 13% interest on 14 billion in debt---thats 276 million every three months---INTEREST ONLY!!!!!
they have spent tons of money buying and building properties in a stagnant market. These properties are 50% underwater--or more in the case of city center. They had a moment where they could have sold second tier properties and held the top 3 or four in las vegas and been in good shape---but they totally ignored all the warning signs and shoved city center down everyones throat to appease murren and baldwins egos---and now your stuck with 14billion and counting.
The fact that they are paying 13% interest in this low interest rate environment shows you how precarious their situation is. If we all have to pay 13% interest on our own homes--we would all walk away or declare bankruptcy---a move that they should have taken years ago already. Now they are trying to nickel and dime the workers and the payroll to compensate for their bad "management" decisions---if you can call this management---more like dysfunctional unaccountable mismanagement.
amazingly, even though mgm bought out mirage and circus circus, the group that ran mirage corp to the brink of bankruptcy has taken control over the financially sound mgm and brought all the same bad decision making to what was a fiscally sound business. This will eventually end bad, no doubt, no matter how many executives you cut and shuffle around--the rats have no where to go on the sinking ship.
What fails to be discussed is why the gaming board has allowed these corporations to control so many casinos in one market--for decades they would never let anyone own more that three or four casinos in this market. Now mgm controls 11, harrahs ? , stations?, why would you let these corporations destroy your main business--they could care less about nevada--they will rip a tear and then cash out their golden parachutes and move on. Worst and weakest gaming board in history for sure.
Pilfering company funds. Soothsayer, "How about Sibella?"
He should of not messed with the BB King group
Have Fun.....