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MGM Resorts International is an American global hospitality and entertainment company operating destination resorts in Las Vegas, Massachusetts, Michigan, Mississippi, 9️⃣ Maryland, Ohio, and New Jersey, including Bellagio, Mandalay Bay, MGM Grand, and Park MGM.
The company began operations in 1987 as 9️⃣ MGM Grand, Inc. and became MGM Mirage in 2000, after acquiring Mirage Resorts. In the mid-2000s, growth of its non-gaming 9️⃣ (lodging, food, retail) revenue began to outpace gaming receipts and demand for high-rise condominiums was surging, with median property prices 9️⃣ in Las Vegas twice the national average.[2][3] The company shifted its focus from owning and operating resorts and casinos to 9️⃣ developing and building real estate in the leisure and gaming industry—launching the massive CityCenter mixed-use project,[4][5] which was at the 9️⃣ time of its construction the world's largest construction site and ranks as one of the most expensive real estate projects 9️⃣ in history.[6] City Center's development coincided with the global financial crisis, causing more thanR$1 billion in writedowns in its valuation.[7]
Billionaire 9️⃣ investor Kirk Kerkorian and his Tracinda Corporation were, until 2009, the majority shareholders of MGM Mirage; Kerkorian was the former 9️⃣ owner of the Metro-Goldwyn-Mayer movie studio, from which MGM Grand derived its name. Following aR$1 billion stock offering by MGM 9️⃣ Mirage amidst the global credit crunch, Tracinda's shares were diluted from 53.8 percent to 39 percent.[8][9] On June 15, 2010, 9️⃣ shareholders voted for MGM Mirage to change its name to "MGM Resorts International".[10]
In 2024, the company split into two forming 9️⃣ MGM Growth Properties, a real estate company, while MGM Resorts shifted to operating properties.[11][12]
History [ edit ]
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