Dene Stratton is leaving MGM nearly four years after he became its CFO, turning the position over to Kenneth Kay who in 2013 co-founded Las Vegas-based investment and advisory service firm Raven LLC.
The new CFO held the same title at Universal Studios’ Consumer Products Group before leaving in 1999 to become CFO of Dole Food Co. Raven serves small- and medium-sized businesses including Wonderland Bakery, Illuminate – Face & Body Bar, and Tropical Smoothie Cafes. Earlier, Kay was CFO of Las Vegas Sands Corp. and real estate firm CB Richard Ellis Group.
MGM CEO Gary Barber says that Kay “brings to MGM a wealth of strategic experience and expertise.” He also lauded Stratton, who was “one of the first hires I made when we took over MGM.”
The departing CFO says he’s “honored” to have been “involved in the re-building of this great company.”
MGM generated net income in Q1 of $56.8 million, up 27.4% compared with the period last year, on revenues of $364.5 million, up 8.3%.