MGM Resorts International Company Profile
MGM Resorts Interantional (NYSE: MGM ), is one of the world's leading global hospitality companies, operating a peerless portfolio of destination resort brands, including Bellagio, MGM Grand, Mandalay Bay and The Mirage. The Company has significant holdings in gaming, hospitality and entertainment, owns and operates 15 properties located in Nevada, Mississippi and Michigan, and has 50% investments in four other properties in Nevada, Illinois and Macau.
One of those investments is CityCenter, an unprecedented urban resort destination on the Las Vegas Strip featuring its centerpiece ARIA Resort & Casino. Through its hospitality management subsidiary, the Company holds a growing number of development and management agreements for casino and non-casino resort projects around the world. MGM Resorts International supports responsible gaming and has implemented the American Gaming Association's Code of Conduct for Responsible Gaming at its gaming properties. The Company has been honored with numerous awards and recognitions for its industry-leading Diversity Initiative, its community philanthropy programs and the Company's commitment to sustainable development and operations. For more information about MGM Resorts International, visit the Company's Web site at www.mgmresorts.com.
The company's corporate headquarters are in Las Vegas.
MGM Resorts International and the MGM Grand casinos are not directly affiliated with MGM Studios, though Kirk Kerkorian, majority shareholder in MGM MIRAGE, owned MGM Studios from 1969 to 1990 and 1996-2005. MGM MIRAGE does not make films or own a film library, and MGM Studios is owned by entertainment/media giant Sony.
|MGM Resorts International history|
1967: Kirk Kerkorian buys the Flamingo and begins construction of the International, under the umbrella of his International Leisure Company
1969: On July 2, the International opens on Paradise Road, near the Las Vegas convention center; with 1500 rooms, it is the world's largest hotel
1971: Hilton buys the International Leisure Company, whose chief assets are the International and Flamingo casinos; they become the Las Vegas Hilton and Flamingo Hilton, respectively
1973: Kirk Kerkorian opens MGM Grand at the corner of Flamingo and Las Vegas Boulevard; with 2100 rooms, it is the world's largest hotel
1978: MGM Grand Reno opens
1979: MGM Grand Atlantic City proposed (blueprints, etc exist) but never built
1980: One of the worst high-rise fires in United States history claims 87 lives at the MGM Grand Las Vegas
1986: Kerkorian sells the MGM Grand Las Vegas and MGM Grand Reno to Bally manufacturing; the Las Vegas hotel became Bally's, and the Reno one eventually becomes the Reno Hilton
1986: MGM Grand, Inc., organized as a corporation
1986: Kerkorian buys the Desert Inn in Las Vegas
1987: MGM Grand Air, a charter airline, begins operation
1988: Kirk Kerkorian purchases and quickly sells the Sands in Las Vegas
1989: Kirk Kerkorian buys the Marina at Tropicana and the Strip
1991: Construction begins on a new MGM Grand, incorporating the existing Marina casino hotel, at Tropicana and the Strip
1993: Kerkorian sells the Desert Inn to ITT-Sheraton
1993: The new MGM Grand opens at the corner of Tropicana and Las Vegas Boulevard; with 5005 rooms, it is the world's largest hotel. The property also includes MGM Grand Adventures, a seasonal outdoor theme park.
1994: MGM Grand Air sold, becomes Champion Air
1995: MGM Grand purchases the Diamond Beach Hotel and Casino in Darwin, Australia, which becomes MGM Grand Australia
1996: MGM Grand inks agreement to develop and manage casinos in South Africa; it soon has four properties there.
1997: New York-New York, a joint venture with Primadonna Resorts, opens across the Strip from MGM Grand
1999: MGM Grand acquires Primadonna Resorts, whose portfolio include a 50% stake in New York-New York and the Primm Valley Resorts on the I-15 at the California/Nevada state line
1999: MGM Grand Detroit opens in a temporary facility
1999: The Mansions, a series of ultra-luxury suites, opens at MGM Grand Las Vegas
2000: MGM Grand pays $6.4 billion for Steve Wynn's Mirage Resorts, acquring the Golden Nugget in downtown Las Vegas, Monte Carlo (50% stake), Boardwalk, Mirage, Treasure Island, and Bellagio casinos on the Strip, the Golden Nugget Laughlin, and Beau Rivage in Biloxi. The company's name becomes MGM MIRAGE
2000: MGM Grand Adventures theme park (adjacent to MGM Grand Las Vegas) closes
2001: MGM Mirage sells its operations in the Republic of South Africa to Tsogo Investment Holding Company Limited and Southern Sun Gaming Investments Limited
2001: Isle of Man awards MGM Mirage license to operate a licensed Internet casino
2003: The Borgata Casino, Resort, and Spa, managed by Boyd Gaming, opens in Atlantic City. MGM Mirage holds a 50% stake in the venture
2003: MGM MIRAGE's Isle of Man online casino ceases operations
2004: MGM Mirage sells the Golden Nugget Las Vegas and Golden Nugget Laughlin
2004: MGM Mirage sells MGM Grand Darwin to SKYCITY
2004: Spa tower expansion opens at Bellagio
2004: Treasure Island remodeled, re-branded as "TI"
2005: MGM Mirage buys Mandalay Resort Group for $7.9 billion. It acquires a full ownership of the Monte Carlo on the Strip, several parcels of real estate on the Strip, and the following casinos: Mandalay Bay; Luxor, Excalibur, Circus Circus, Slots-a-Fun (Las Vegas); Railroad Pass (Henderson); Nevada Landing, Gold Strike (Jean); Colorado Belle, Eldorado (Laughlin); Circus Circus, Silver Legacy (50% stake) (Reno);Motor City Casino (Detroit; sold to avoid undue concentration in market); Gold Strike (Tunica, Mississippi), and the Grand Victoria (Elgin, Illinois).
2005: Construction begins on MGM Grand Macau, a joint venture with Pansy Ho
2006: The Boardwalk Hotel-Casino on the Strip closes to make way from Project City Center; City Center begins construction
2006: First phase of the Signature at MGM Grand, a condo hotel project on the former MGM Grand Adventures site, opens
2006: MGM Mirage announced with Foxwoods Resort and Casino a joint partnership in developing an expansion plan at Foxwoods that will include a casino using the MGM Grand brand.
2006: MGM Mirage announced plans to sell Primm Valley Resorts to Herbst Gaming for $400 million.
2007: Colorado Belle Hotel & Casino and Edgewater Hotel and Casino (Laughlin) sold to a partnership of Anthony Marnell III and Sher Gaming
2007: Dubai World said it will buy a 9.5 percent stake in MGM . It will also invest about $2.7 billion to acquire a 50 percent stake in MGM's CityCenter project
2008: MGM Mirage halts a $5 billion Atlantic City project, which would have risen on land next to the Borgata
2008: MGM Mirage sells its Las Vegas Treasure Island resort and casino to billionaire Phil Ruffin for approximately $775 million
2009: The M resort, in which MGM Mirage owns a share, opens on Las Vegas Boulevard South
2009: The chief components of CityCenter, including the Vdara non-gaming hotel, Crystals shopping mall, Mandarin Oriental hotel and residences, and Aria casino hotel open in December.
2010: The company officially changes its name to MGM Resort International (June 15)
2012: MGM Resorts International and Ameristar announce strategic marketing partnership
|MGM Resorts International: Financial Info online|
Annual reports (2000-present)
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Last modified Tuesday, 24-Jul-2012 16:18:45 PDT