User profile: BretHumphries

One further thought for all you out there who own MGM-Mirage stock.

In 1999 MGM was worth about 3 billion dollars. In 2001 they bought Mirage resorts for about 6 billion, of which they borrowed money to do so. They also inherited about 4 billion in debt from Mirage resorts, or so said the Review Journal at the time.
In 2004 they bought Mandalay resort group for something like 6 billion dollars, of which they again borrowed money to do. They also inherited about 6.1 billion in debt from Mandalay Bay. How do I know that number, because in one of the top executives of Mandalay Bay, he had books with all the notes and when they were do behind his desk, on the spine of the books was list the amount in the book, and if you added them up, and I did, you got a total of 6.1 billion.

Then they started building in Macao, City Center, purchased the Primm properties ect. Finally it got so bad they could not borrow any more money from the banks, and put Mandalay bay up for sale, the only offer, as reported in the RJ was by station casinos for 2.1 billion, which is way under value. Which forced them to sell half of City Center, a 9 billion dollar project, to Dubai world for 2.5 Billion, with Dubai world also agreeing to purchase 2.5 billion in stock. Saving MGM from a probable banckruptcy.

MGM's debt has got to be close to the value of the stock. I would not want to own any of that stock. I hope nothing happens to MGM which may prevent them from paying the interest on their loans. Can anyone say RECCESSION.

As one of the Mandalay Bay 300, I am not afraid to post my real name. Here's a few facts for you.

Bill Hornbuckle, the COO and President of Mandalay, has already lied and misrepresented things he has said in the past. Just 2 weeks ago at a meeting I attended he admited to saying "If you don't like it, leave" stating he has regreted saying it and if he could he would take it back.

Just a few days ago, at a pre-shift, or in graveyards case, a post-shift meeting, he not only denied saying that, but played a video, which he said had been misrepresented by people saying he said it.

The Fact is at a manditory meeting for all employees at the end of 2006, Mr. Hornbuckle stated at the BEGINING of the meeting and I quote "If you don't like it leave".

Fact: the video he showed was at the end of the same meeting where he went over a survey all MGM-Mirage employees took, MGM was trying to be one of the Best 100 companies to work for. The employees of Mandalay Bay shot that down overwhelmingly, which prompted his opening statement.

Later at the same pre-shift meeting a lawyer for MGM corporate issued an implied treat, stating even if we vote in the union, MGM could, and implied it would, contest everything, including taking it to the courts, and it would be years, if ever, any contract is agreed to.

All I have to say to Bill Hornbuckle and MGM as a whole is, just wait till we have ALL MGM-Mirage properties, security departments organized!

And it will happen, because there are to many of us who remember how things where before MGM took over, and how totaly screwed up things are now, and not just in Security but in all departments.

Every property MGM took over from Mirage resorts and Mandalay Resort groups is suffering now from MGM's mismanagement. The Stockholders love Terri Lanni because Mr. Lanni is satisfing them at the expense of the workers.

Vote Union YES