Validation enforces the company’s commitment to bold action for a lower carbon future
LAS VEGAS, April 27, 2023 /PRNewswire/ — MGM Resorts International (NYSE: MGM) (“MGM Resorts” or the “Company”) announced today that the Science Based Targets Initiative (SBTi) – the leading organization for third party guidance and independent validation of climate targets – has approved its climate targets as science-based and in line with the goals of the Paris Agreement. Approved scope 1 and 2 emissions targets were validated as being in line with the 1.5 °C pathway, currently the organization’s most ambitious designation.
“Climate change is real and action in line with climate science is critical to curbing emissions growth and preventing the worst effects of a warming planet,” said Michael Gulich, Vice President of Sustainability and ESG Reporting at MGM Resorts. “Approval of our targets is an important step in our ongoing journey to address climate change and is a testament to our fierce commitment to corporate climate leadership.”
MGM Resorts received validation for the following goals:
- Reduce absolute scope 1 and 2 GHG emissions by 50% by 2030, which is in line with a 1.5°C trajectory
- Reduce absolute scope 3 GHG emissions from purchased goods and services, fuel-and energy-related activities, waste generated in operations, and employee commuting by 30%
Recognizing that emissions extend to the global value chain, MGM Resorts set a scope 3 emissions reduction target, setting a precedent for an industry in which most emissions come from the value chain, including purchased goods and services.
For the combined scope 1 and 2 target, the Company aims to substantially reduce scope 2 emissions associated with electricity use in the U.S by pursuing a separate but related goal to source 100% renewable electricity in the U.S. by 2030. The MGM Resorts Mega Solar Array provides up to 90% of daytime electricity use at Las Vegas Strip resorts and approximately 30% of total Las Vegas resort electricity use (day and night). For the scope 3 target, progress toward the goal will be activated by applying multiple levers across significant categories, with an emphasis on reducing embodied emissions in purchased goods and services, particularly those related to food.
MGM Resorts strives to lead the hospitality industry in its response to a changing climate with transparency, accountability and actions informed by the latest climate science. In 2022, CDP placed MGM Resorts on its A-List for climate change and water security, making it one of only 57 companies worldwide to achieve this recognition. The Company was also the first gaming company to endorse the CEO Water Mandate, a UN Global Compact and coalition of major companies making bold commitments to address water crises and challenges. Click here to learn more about climate action at MGM Resorts.
The Science Based Targets initiative (SBTi) is a global body enabling businesses to set ambitious emissions reductions targets in line with the latest climate science. It is focused on accelerating companies across the world to halve emissions before 2030 and achieve net-zero emissions before 2050.
The initiative is a collaboration between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF) and one of the We Mean Business Coalition commitments. The SBTi defines and promotes best practice in science-based target setting, offers resources and guidance to reduce barriers to adoption, and independently assesses and approves companies’ targets. www.sciencebasedtargets.org @sciencetargets
MGM Resorts International (NYSE: MGM) is an S&P 500® global entertainment company with national and international locations featuring best-in-class hotels and casinos, state-of-the-art meetings and conference spaces, incredible live and theatrical entertainment experiences, and an extensive array of restaurant, nightlife and retail offerings. MGM Resorts creates immersive, iconic experiences through its suite of Las Vegas-inspired brands. The MGM Resorts portfolio encompasses 31 unique hotel and gaming destinations globally, including some of the most recognizable resort brands in the industry. The Company’s 50/50 venture, BetMGM, LLC, offers U.S. sports betting and online gaming through market-leading brands, including BetMGM and partypoker, and the Company’s subsidiary LeoVegas AB offers sports betting and online gaming through market-leading brands in several jurisdictions throughout Europe. The Company is currently pursuing targeted expansion in Asia through the integrated resort opportunity in Japan. Through its “Focused on What Matters: Embracing Humanity and Protecting the Planet” philosophy, MGM Resorts commits to creating a more sustainable future, while striving to make a bigger difference in the lives of its employees, guests, and in the communities where it operates. The global employees of MGM Resorts are proud of their company for being recognized as one of FORTUNE® Magazine’s World’s Most Admired Companies®.
Statements in this release that are not historical facts are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, and involve risks and/or uncertainties, including those described in MGM Resorts’ public filings with the Securities and Exchange Commission. Forward-looking statements can be identified by the use of forward-looking terminology such as “believes,” “expects,” “could,” “may,” “will,” “should,” “seeks,” “likely,” “intends,” “plans,” “pro forma,” “projects,” “estimates” or “anticipates” or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters. MGM Resorts has based forward-looking statements on management’s current expectations and assumptions and not on historical facts. Examples of these statements include, but are not limited to, the Company’s expectations regarding the ability to meet its environmental goals. These forward-looking statements involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated in such forward-looking statements include risks related the continued impact of the COVID-19 pandemic on MGM Resorts’ business, the effects of economic conditions and market conditions in the markets in which MGM Resorts operates and competition with other destination travel locations throughout the United States and the world, the design, timing and costs of expansion projects, risks relating to international operations, permits, licenses, financings, approvals and other contingencies in connection with growth in new or existing jurisdictions and additional risks and uncertainties described in MGM Resorts’ Form 10-K, Form 10-Q and Form 8-K reports (including all amendments to those reports). In providing forward-looking statements, MGM Resorts is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise, except as required by law. If MGM Resorts updates one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those other forward-looking statements.
Manager, Social Impact & Sustainability Communications
SOURCE MGM Resorts International
Originally published at https://www.prnewswire.com/news-releases/mgm-resorts-receives-approval-for-industry-leading-climate-targets-301809052.html
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