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MGM Resorts International

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MGM MIRAGE
Company typePublic (NYSE: MGM)
ISINUS5529531015 Edit this on Wikidata
IndustryCasinos and hotels
Founded2000
HeadquartersLas Vegas, Nevada
Key people
Terrence Lanni (CEO)
ProductsHotels
Revenue$7.4 billion USD
1,439,372,000 United States dollar (2022) Edit this on Wikidata
1,473,093,000 United States dollar (2022) Edit this on Wikidata
Number of employees
over 70,000
Websitewww.mgmmirage.com

MGM Mirage (NYSE: MGM) is a Las Vegas, Nevada-based business engaged in the development, ownership and operation of hotels and casinos throughout the world. The company began operations on May 31, 2000 after the completion of a merger of MGM Grand Inc. and Mirage Resorts, Inc. It is currently the second largest gaming company in the world.[citation needed] Billionaire Kirk Kerkorian and his Tracinda Corporation are currently the majority owners of MGM Mirage. Kerkorian was also the former owner of the Metro-Goldwyn-Mayer movie studio, from which the predecessor corporation MGM Grand, Inc. derived its name.

As of 2005, the company owns 831 acres (3.4 km²) of property on the Las Vegas Strip. Its yearly revenue is around $7.4 billion USD.

History

The company began operations on May 31, 2000 after the completion of a US$6.4 billion merger, the largest ever in the industry. At the time of the merger, MGM Mirage was the largest gambling company in the world (although it was subsequently succeeded by Harrah's Entertainment). Before the merger, MGM Grand had been in operation since the 1960s and Mirage Resorts (formerly Golden Nugget Companies, Inc.) had been in operation since the 1970s.

On January 26, 2004, MGM Mirage completed the sale of its two Golden Nugget casinos -- the Golden Nugget Las Vegas and the Golden Nugget Laughlin. The former, in downtown Las Vegas, was the first casino owned by Steve Wynn, and was the foundation on which he built the MGM Mirage predecessor corporation Mirage Resorts. The Golden Nugget properties were purchased by the Las Vegas-based private investment firm Poster Financial Group, Inc. for approximately $215 million.

On June 4, 2004, MGM Mirage announced a bid to acquire one of its major competitors, Mandalay Resort Group, for $68 per share plus assumption of debt. The ensuing negotiations between the two companies included at one point an announcement that the Mandalay board was rejecting the offer because of antitrust concerns. On June 15, 2004, however, both companies' boards approved a revised offer of $71 per share. The agreement calls for MGM Mirage to pay $4.8 billion and to assume $2.5 billion in debt. The transaction was completed on April 26, 2005 for $7.9 billion.

On June 23, 2004 MGM Mirage completed its $140 million sale of the MGM Grand Darwin to SKYCITY Entertainment Group.

Announced on November 10, 2004, Project City Center on the Las Vegas Strip, is a 66 acre (600,000 m²), $7 billion, project on the site of the Boardwalk Hotel and Casino and adjoining land is planned as a multi use project. It will consist of hotel, casino, condo, retail and other uses. The first elements of this project are expected to be available in 2009.[1]

On May 31, 2005 MGM Mirage started construction on the MGM Grand Macau.

On April 25, 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.[2]

On October 16 2006, MGM Mirage announced that it planned to sell the Colorado Belle Hotel & Casino and Edgewater Hotel and Casino to a partnership of Anthony Marnell III and Sher Gaming. The sale price was $200 million.[3] The sale closed on June 01, 2007.

On October 31, 2006, MGM Mirage announced plans to sell Primm Valley Resorts to Herbst Gaming for $400 million. The proposed sale would not include the Primm Valley Golf Club.[4] The sale closed on April 10, 2007.

On April 19, 2007 the company announced that it planned to purchase a 7.6 acre site from Concord Wilshire Partners for $130 million and a 25.8 acre site from Gordon Gaming for $444 million. The two parcels give the company complete control of the southwest corner of the Sahara and Las Vegas Boulevard intersection. When combined with underused parts of the Circus Circus site, the company will have a 68 acre site for future development. The Concord site had been the proposed location for the Maxim Casino. [5]

MGM Mirage properties

All properties are wholly owned by MGM Mirage except where indicated.

Las Vegas, Nevada

File:StatueOfLiberty NYNY LasVegas.jpg
Statue of Liberty at New York-New York with the MGM Grand Las Vegas in the background.

Elsewhere in Nevada

Other properties

Subsidiaries

References

  1. ^ "MGM MIRAGE to Develop a Dramatic Urban Environment for the New Millennium". PRNewswire-FirstCall. 2004-11-10. Retrieved 2007-05-30. {{cite web}}: Cite has empty unknown parameter: |coauthors= (help); Unknown parameter |month= ignored (help)CS1 maint: date and year (link)
  2. ^ "MGM Grand hotel will open at Foxwoods as part of partnership". USA TODAY. Associated Press. 2006-04-25. Retrieved 2007-05-30. {{cite web}}: Cite has empty unknown parameter: |coauthors= (help); Unknown parameter |month= ignored (help)CS1 maint: date and year (link)
  3. ^ Howard, Stutz (2006-10-17). "MGM Mirage selling two Laughlin casinos". Las Vegas Gaming Wire. Retrieved 2007-05-06. {{cite web}}: Cite has empty unknown parameter: |coauthors= (help); Unknown parameter |month= ignored (help)CS1 maint: date and year (link)
  4. ^ Stutz, Howard (November 1, 2006). "Herbst Gaming to buy Primm properties". Gaming Wire. Las Vegas Review-Journal. Retrieved 2007-03-13. {{cite news}}: Check date values in: |date= (help); Cite has empty unknown parameter: |coauthors= (help); More than one of |author= and |last= specified (help)
  5. ^ Stutz, Howard (April 19, 2007). "MGM buys parcels for new center". Las Vegas Review-Journal. pp. A1+A8. {{cite news}}: |access-date= requires |url= (help); Check date values in: |date= (help); Cite has empty unknown parameter: |coauthors= (help); More than one of |author= and |last= specified (help)
  6. ^ "MGM Mirage forms hospitality subsidiary". Las Vegas Review-Journal. 2007-05-30. p. 2D. {{cite news}}: |access-date= requires |url= (help); Cite has empty unknown parameter: |coauthors= (help)
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