MGM Resorts Enters Bloomberg Gender-Equality Index

Posted on: January 31, 2023, 03:38h. 

Last updated on: January 31, 2023, 04:07h.

Todd Shriber @etfgodfather Read More
Expertise: Financial, Gaming Business, Mergers and Acquisitions.

In another sign of the casino behemoth’s ongoing environmental, social, and governance (ESG) efforts paying dividends, MGM Resorts International (NYSE: MGM) Tuesday announced its inclusion in the Bloomberg Gender-Equality Index.

Bloomberg Gender-Equality Index.
Bellagio on the Las Vegas Strip. Operator MGM Resorts is now part of the Bloomberg Gender-Equality Index. (Image: YouTube)

The benchmark is a basket of 483 companies that score well in terms of workplace gender equality. Development, representation, and transparency are among the factors taken into consideration, according to Bloomberg.

MGM Resorts is among 483 organizations included in this year’s GEI, reflecting a high level of disclosure and overall performance across several pillars. These include establishing a leadership & talent pipeline, equal pay & gender pay parity, inclusive culture, and sexual harassment policies,” said the Las Vegas-based gaming company in a statement.

The Bloomberg Gender-Equality Index’s components hail from 45 countries and all 11 global industry classification standard (GICS) sectors, while sporting a combined market capitalization of $16 trillion, notes the issuer.

MGM Resorts ESG Credentials

Gaming companies are increasingly looking to bolster their ESG resumes, and MGM is an active participant in that trend.

Last month, the Bellagio operator won praise from global environmental nonprofit CDP for its water security plans and efforts to fight climate change. MGM is no stranger to credible climate change efforts. Last year, the company unveiled its 100-megawatt solar park, the largest of its kind in the hospitality space. It’s expected the solar farm will provide as much as 90% of the power needs for the company’s Strip venues, which include 36K total guest rooms.

While ESG is an increasingly prominent investing style, market observers are demanding that companies boasting of such credentials do more than excel at environmental goals. One way of doing that is to prioritize gender-related initiatives, which MGM has done.

“Programs highlighting MGM Resorts’ year-long efforts in achieving gender equity include the Accelerated Leadership Program, Professional Women Employee Network Group, and Mentorship Program. The Company is also a founding sponsor of the annual Women’s Leadership Conference, bringing together a diverse community of professionals seeking to improve their leadership competencies,” noted the casino operator.

MGM in Exclusive Company

While the 2023 Bloomberg Gender-Equality Index is a broad collection of global companies, MGM is in rarefied territory in terms of gaming companies. The Mandalay Bay operator is one of just two gaming firms in the benchmark, with Genting Singapore being the other.

Of the seven highest-ranking positions listed on MGM’s website, two are occupied by women. Jyoti Chopra is senior vice president and Chief People, Inclusion and Sustainability Officer, while Ayesha Milano is senior vice president of public affairs.

Four of MGM’s 11 board seats are occupied by women. In alphabetical order, they are Alexis Herman, Rose McKinney-James, Mary Chris Jammet, and Jan Swartz. Herman and McKinney-James are the only minorities on the gaming company’s board of directors.