Corey I. Sanders
About Corey I. Sanders
Corey I. Sanders (age 61) is MGM Resorts International’s Chief Operating Officer, a role he resumed in December 2020 after previously serving as COO from 2010–2019 and CFO/Treasurer from 2019–2021; he plans to retire as COO on December 31, 2025 and then serve as Senior Advisor to the CEO through December 31, 2026 . He has over 30 years at MGM with leadership across operations, finance, and property integration, overseeing Las Vegas and regional properties and corporate functions including Hospitality, Gaming, HR, and Strategic Initiatives . Company performance context: 2024 TSR ranked 8th percentile versus S&P 500 constituents, following stronger 2023 relative TSR (78th percentile); a $100 investment in MGM equated to $105.11 by year-end 2024 (peer group $75.79) .
Company financial performance (USD):
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($) | 13,127,485,000 | 16,164,249,000* | 17,240,545,000* |
| EBITDA ($) | 1,766,891,000* | 2,397,216,000 | 2,493,522,000* |
Values with an asterisk were retrieved from S&P Global.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| MGM Resorts International | Chief Operating Officer | Dec 2020–present (COO through Dec 31, 2025; then Senior Advisor) | Oversight of Las Vegas and regional operations and corporate functions; integration and performance initiatives |
| MGM Resorts International | Chief Financial Officer & Treasurer | Mar 2019–Jan 2021 | Led finance during portfolio and capital allocation shifts |
| MGM Resorts International | Chief Operating Officer | Sep 2010–Feb 2019 | Drove operational excellence across core brands |
| MGM Resorts International | EVP—Operations | Aug 2007–Aug 2009 | Enterprise operations leadership |
| MGM Grand Resorts | EVP & Chief Financial Officer | Apr 2005–Aug 2007 | Property-level financial leadership |
| MGM Grand / MGM Grand Resorts | CFO; Assistant VP Corporate Finance; Tax Director | Various prior years | Finance and tax leadership underpinning growth and acquisitions |
External Roles
No external public company directorships or roles disclosed for Mr. Sanders in company filings or releases .
Fixed Compensation
| Year | Base Salary ($) | Target Bonus % | Target Bonus ($) | Actual Bonus Paid ($) | Notes |
|---|---|---|---|---|---|
| 2024 | 1,250,000 | 175% | 2,187,500 | 2,008,329 | Actual funded 91.8% of target |
| 2023 | 1,250,000 | 175% | n/a | 2,611,280 | Non-equity incentive comp |
| 2022 | 1,083,562 | 175% | n/a | 2,423,189 | Non-equity incentive comp |
Other 2024 compensation components: Stock awards $3,750,000; other compensation $19,344 (401k match $9,900; insurance premiums/benefits $6,791; other perqs $2,653) .
Performance Compensation
Annual bonus framework (2024) for Mr. Sanders:
| Metric | Weighting | Threshold | Target | Maximum | Actual | Funding (% Target) |
|---|---|---|---|---|---|---|
| Compensation Adjusted EBITDAR ($MM) | 70% | 3,575 | 4,469 | 5,139 | 4,260 | 88.3% |
| Execution of Strategic Plan | 20% | n/a | n/a | n/a | Achieved | 100% |
| Social Impact & Sustainability | 10% | n/a | n/a | n/a | Achieved | 100% |
| Total funding: 91.8% of target . |
Long-Term Incentives (granted Oct 7, 2024):
| Award Type | Grant Date | Units | Grant-Date Fair Value ($) | Vesting |
|---|---|---|---|---|
| RSU | 10/07/2024 | 36,497 | 1,500,000 | 1/3 annually on 10/7/2025, 10/7/2026, 10/7/2027 |
| Absolute TSR PSU | 10/07/2024 | 25,985 | 1,125,000 | Cliff on 10/7/2027, payout 0–160% based on 3-yr TSR (target at ≥25% TSR) |
| Relative TSR PSU | 10/07/2024 | 24,727 | 1,125,000 | Cliff on 10/7/2027, payout by percentile vs S&P 500 (capped at 100% if absolute TSR negative unless >75th pct.) |
Design notes and governance:
- Bonus design includes Compensation Adjusted EBITDAR plus strategic/sustainability goals; dRSUs used for bonus payouts >150% of target (none >150% in 2024) .
- RSU vesting horizon shortened from 4 to 3 years for grants after Sep 2024 to enhance retention and market alignment .
- Clawback policy per NYSE; no single-trigger CoC; no tax gross-ups; anti-hedging/pledging .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership | 321,595 common shares (includes 36,465 in trust); <1% of class |
| Stock ownership guidelines | Executives other than CEO: 3x base salary; all NEOs compliant as of Dec 31, 2024 |
| Pledging/Hedging | Prohibited for NEOs/Section 16 officers/directors |
| Options | No outstanding options as of Dec 31, 2024 |
Unvested/Outstanding equity at 12/31/2024 (select):
| Award | Units | Indicative Value ($) | Key Vesting Date(s) |
|---|---|---|---|
| RSU (10/07/24 grant) | 36,497 | 1,264,621 | 10/7/2025, 10/7/2026, 10/7/2027 |
| RSU (10/02/24 grant) | 30,579 | 1,059,562 | 10/2/2025, 10/2/2026, 10/2/2027 |
| RSU (10/03/23 grant) | 24,503 | 849,029 | 10/3/2025, 10/3/2026 |
| RSU (10/04/22 grant) | 8,843 | 306,410 | 10/4/2025 |
| Absolute TSR PSU (cliff) | 35,129 | 1,062,092 | 10/3/2025 |
| Relative TSR PSU (cliff) | 33,018 | 790,678 | 10/3/2025 |
| Absolute TSR PSU (cliff) | 33,070 | 797,400 | 10/2/2026 |
| Relative TSR PSU (cliff) | 30,935 | — | 10/2/2026 |
| Absolute TSR PSU (cliff) | 25,985 | 696,015 | 10/7/2027 |
| Relative TSR PSU (cliff) | 24,727 | 300,831 | 10/7/2027 |
Note: RSU/PSU values above are reported values at 12/31/2024; PSUs vest subject to performance conditions; price reference $34.65 used for certain termination valuations in proxy tables .
Employment Terms
| Term | Detail |
|---|---|
| Employment agreement | Effective Sep 1, 2022; term to Aug 31, 2025; minimum base salary $1,250,000; target bonus 175% of base; annual equity eligibility $3,750,000 (40% RSUs/60% PSUs) |
| Extension & transition | Term extended to Dec 31, 2025; then Senior Advisor to CEO through Dec 31, 2026 ($25,000/month; bonus opportunity up to $200,000) |
| Severance (no CoC) | Uniform policy: 1.0x (base salary + target bonus) paid over 12 months; one year continued vesting on unvested equity; 12 months benefits (1.5x COBRA cost) |
| Change-of-control | Double trigger; other NEOs receive 1.5x (base + target bonus) and full vesting of time-based awards (performance awards continue subject to conditions) |
| Non-compete/solicit | Post-termination restrictions generally 12 months; confidentiality survives termination |
| Clawback | NYSE-compliant clawback of erroneously awarded incentive comp |
| Anti-hedging/pledging | Prohibited |
Estimated benefits upon termination for Mr. Sanders (as of 12/31/2024):
| Scenario | Severance ($) | RSU Vesting ($) | PSU Vesting ($) | Other ($) | Total ($) |
|---|---|---|---|---|---|
| Company terminates without good cause | 3,437,500 | 2,636,542 | 3,059,832 | 11,552 | 9,145,426 |
| Good cause by executive | 3,437,500 | 2,636,542 | 3,059,832 | 11,552 | 9,145,426 |
| Change of control (double trigger) | 7,343,750 | 3,479,622 | 3,647,016 | 15,403 | 14,485,791 |
| Retirement (eligible) | — | 2,215,001 | 2,650,170 | — | 4,865,171 |
Investment Implications
- Pay-for-performance alignment remains intact: 2024 bonus funding tied 70% to Compensation Adjusted EBITDAR and 30% to execution goals, with LTI mix emphasizing PSUs (60%) and RSUs (40%); governance best practices (no single-trigger CoC, no tax gross-ups, anti-hedging/pledging) reduce agency risk .
- Upcoming vesting cadence (RSUs annually 2025–2027; PSUs cliffing in 2025/2026/2027) could create periodic Form 4 activity for tax withholding but does not indicate pledging/hedging risk; beneficial ownership is <1% with compliance to 3x salary ownership guidelines .
- Transition risk is mitigated by the planned advisory role through 2026 and consistent 2025 compensation structure (bonus and equity eligibility unchanged during COO term); however, change-of-control policy participation ends after the specified term per amendment (reducing parachute exposure post-2025) .
- Shareholder sentiment supportive: 2024 say-on-pay passed with ~95.6% approval; compensation peer benchmarking and independent consultant (F.W. Cook) provide external calibration .