MGM Resorts International (NYSE: MGM) was established in 1986, formerly known as MGM MIRAGE, and changed to its current name in June 2010. It is headquartered in Las Vegas, Nevada, and has 50,500 full-time employees. , Is a casino operator that provides tourists with multi-level services such as gambling, accommodation, catering, entertainment, and retail. At present, MGM’s non-gambling business revenue has exceeded half.
MGM Resorts International is a global hotel and entertainment company and the second largest gaming company in the world. It operates resorts in Las Vegas, Mississippi, New Jersey and Detroit, including Bellagio ), MGM Grand, Mandalay Bay and The Mirage. MGM Resorts International recently opened MGM National Harbor (MGM National Harbor) in Maryland and developed MGM Springfield (MGM Springfield) in Massachusetts. MGM Resorts International owns a majority stake in MGM China Holdings Limited (MGM China Holdings Limited), which owns the MGM Macau Resort and Casino and is developing a casino resort in Cotai. MGM Resorts owns 50% of Las Vegas CityCenter, including ARIA Resort & Casino (which owns a majority interest in the real estate investment trust MGM Growth Properties).
MGM Resorts International operates in two parts: wholly-owned domestic resort hotels and MGM China. The company entertainment resort provides casinos, hotels, conferences, catering, entertainment, retail and other resort facilities. Its casino business includes slot games, competitions and sports betting. The company operates 15 wholly-owned resorts in the United States and MGM Macau Resort and Casino in China, as well as a gaming resort developed in Cotai, Macau. It owns Shadow Creek Golf Course, Primo Valley Golf Club and Fallen Oak Golf Course. The company serves top gaming users, leisure travel and travel agency customers, business travellers, and group customers from open meetings, trade associations and small meetings.
History of MGM Resorts:
- In 1969, airline and casino tycoon Kirk Kerkorian acquired a controlling interest in the film studio Metro-Goldwyn-Mayer;
- In 1970 and 1971, Kerkorian got into debt problems due to the acquisition of MGM and Western Airlines, and eventually had to sell its casino company, International Leisure, to Hilton at a significant discount . Later, Kerkorian designed Las Vegas Hilton to become the most successful casino in the region;
- In 1973, Kerkorian led the Metro-Goldwyn-Mayer studio to transform into a casino hotel and opened the MGM Grand Hotel and Casino (now Bally’s Las Vegas);
- In 1978, MGM Grand Reno was opened;
- In 1980, the film studio was spun off to establish an independent company, and the casino business was renamed MGM Grand Hotels Inc., Kerkorian held 47% of the shares in each of the two companies;
- In May 1986, Kerkorian sold MGM Grand Hotels Inc. to Bally Manufacturing ;
- The current MGM Resorts International (the company described in this article) is Grand Name Co. established in 1986 (renamed MGM Grand, Inc. in 1987), a subsidiary of Tracinda Corporation controlled by Kerkorian;
- In February 1988, MGM Grand acquired Desert Inn and Sands casinos from Summa Corporation for US$167 million;
- In April 1989, MGM Grand sold Sands casinos to Sheldon Adelson’s Interface Group for US$110 million;
- In October 1991, the MGM Grand Las Vegas and MGM Grand Adventures theme parks were opened, and they were opened in December 1993, with a total investment of 1 billion US dollars. Later, the park was permanently closed in 2002 because it did not create profits;
- In July 1992, the company headquarters moved from Beverly Hills to Las Vegas;
- In January 1997, New York-New York Hotel and Casino opened at a cost of US$460 million;
- In February 2000, MGM Group announced the acquisition of Mirage Resorts at a price of $17 per share. The company failed due to the disappointing results of its new Beau Rivage and Bellagio Resorts. Mirage rejected the deal. Second Today, Wynn found MGM and matched the two parties to complete the transaction with $21 per share and a total amount of $4.4 billion plus $2 billion in debt. The final transaction was completed in May of the same year. MGM acquired Las Vegas Mirage, Treasure Island, Bellagio, Boardwalk, and Golden Nugget casinos as the ownership, as well as Laughlin’s Golden Nugget and Mississippi’s Beau Rivage, plus a 50% interest in Monte Carlo; the company was renamed MGM Mirage (US Gaomei Dream);
- In 2004, MGM Mirage began to sell some small assets, including the sale of two Golden Nugget casinos to Poster Financial Group for US$215 million, and the sale of MGM Grand Darwin to Skycity Entertainment (ASX:SKC, NZX:SKC) for US$140 million;
- In June 2004, MGM Mirage announced the acquisition of Mandalay Resort Group for US$7.65 billion. The latter rejected the deal. After that, the two parties reached a US$7.9 billion acquisition agreement. The transaction was finally completed on April 25, 2005, with a transaction value of 7.9 billion. US dollars, including 3 billion debts;
- In 2006, MGM Mirage successively sold Laughlin’s assets (including Colorado Belle Hotel & Casino and Edgewater Hotel and Casino for US$200 million) to Anthony Marnell III and Sher Gaming. The transaction was completed on June 1, 2007; the sale of Primm Valley Resorts To Herbst Gaming (400 million US dollars, excluding Primm Valley Golf Club), the transaction was completed on April 10, 2007;
- On March 20, 2007, Nevada Landing Hotel and Casino was closed;
- On August 22, 2007, Dubai World announced that it would acquire 9.5% of MGM shares for US$2.4 billion and invest US$2.7 billion to acquire 50% of the shares in MGM’s CityCenter project. Dubai World will also pay MGM Mirage US$100 million if the construction schedule can be on time. 、Complete within budget;
- On December 16, 2008, MGM Mirage announced the sale of its Las Vegas Treasure Island resort and casino to billionaire Phil Ruffin for US$175 million. The transaction was completed on March 20, 2009;
- Starting from April 6, 2009, MGM Mirage hired investment company Morgan Stanley to help the company find potential buyers for MGM Grand Detroit and Beau Rivage;
- On June 15, 2010, shareholders voted to change the company name from MGM Mirage to MGM Resorts International;
- In April 2011, MGM Resorts International IPO of MGM Macau (MGM Macau) in Hong Kong, raised US$1.5 billion through the IPO. After the listing, MGM Resorts International still holds 51% of MGM China and Pansy Ho holds 29%. Shares, the public holds 20% of the shares;
- In September 2014, MGM Resorts International agreed to sell Railroad Pass Casino to Joseph DeSimone, and the transaction was completed in April 2015;
- On October 16, 2014, MGM agreed to sell its Gold Strike to Jett Gaming controlled by the Herbst family for US$12 million. The transaction was completed on May 4, 2015;
- In July 2015, MGM agreed to sell its Reno assets (including Circus Circus Reno and 50% interest in Silver Legacy) to Eldorado Resorts for US$72.5 million;
- In April 2016, MGM Growth Properties LLC, a real estate investment trust (REIT) under MGM Resorts International, conducted an IPO. The latter has real estate interests in ten casinos and raised US$1.05 billion. MGM Resorts owns 76% of the REIT;
- In May 2016, MGM Resorts International and MGM Growth Properties LLC acquired Borgata Hotel Casino & Spa for US$900 million;
- In June 2016, MGM announced a joint venture with Sydell Group (Sydell Group) to renovate Monte Carlo and rebuild it as a new brand-Park MGM. NoMad Hotel will occupy the top floor.
For more company information, please refer to: MGM Resorts International