MGM Mirage
Encyclopedia
Not to be confused with the Las Vegas, Nevada based casino/resort operator Resorts International Holdings
.
MGM Resorts International is a Paradise
, Nevada
based corporation that brands itself as a global hospitality company. It is the second largest gaming
company in the world by revenue - about US$6 billion in 2009. It owns and operates 15 properties in Nevada, Mississippi
and Michigan
, and has 50% investments in four other properties in Nevada, Illinois
and Macau
, China.
The company began as MGM Mirage on May 31, 2000, with the merger of MGM Grand Inc.
and Mirage Resorts Inc.
In the mid-2000s, growth of its non-gaming (lodging, food, retail) revenue began to outpace gaming receipts and demand for high-rise condominiums was surging, with median property prices in Las Vegas twice the national average. The company shifted its business model from fully owning and operating resorts and casinos, to being more real estate focused - launching the massive Citycenter mixed-use project. Unfortunately, the latter's development coincided with vast overbuilding on the Strip
and a global financial crisis, causing large losses and writedowns in valuation.
In June 2010, the company changed to its present name, to reflect its latest strategy of expanding worldwide, including licensing its brand and expertise to develop non-gaming hotels and residences. Through 6 global offices of its subsidiary, MGM Resorts Hospitality, it has agreements to develop and manage nongaming Bellagio, MGM Grand and Skylofts hotels in countries such as Dubai, Abu Dhabi, India, Vietnam, Egypt and China by 2013.
Billionaire investor Kirk Kerkorian
and his Tracinda Corporation were, until May 2009, the majority shareholders of MGM Mirage; Kerkorian was the former owner of the Metro-Goldwyn-Mayer
movie studio, from which the predecessor corporation, MGM Grand Inc. derived its name. Following a one-billion-dollar stock offering by MGM Mirage amidst the global credit crutch, Tracinda's shares were diluted from 53.8 percent to 39 percent. In May 2010, hedge fund Paulson & Co acquired 40 million shares (about 9%) to become MGM Resorts’s second-largest shareholder.
. 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 downtown Las Vegas location is notably the first casino owned by Steve Wynn, and was the foundation on which he built the MGM Mirage predecessor, Mirage Resorts. The Golden Nugget properties were initially purchased by Poster Financial Group, Inc. for approximately $215 million, and ultimately acquired by Tilman Fertitta's Landry's Restaurants
.
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 called 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 CityCenter on the Las Vegas Strip
, is a 76 acre (30.8 ha), $7 billion, project on the site of the Boardwalk Hotel and Casino
and adjoining land is planned as a multi use project. It consists of hotels, casino, condominiums, retail, entertainment and other uses. The development was officially opened in December 2009.
As of 2005, the company owned 831 acre (336.3 ha) of property on the Las Vegas Strip
.
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.
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. The sale closed on June 1, 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. The sale closed on April 10, 2007.
On April 19, 2007 the company announced that it planned to purchase a 7.6 acres (30,756.1 m²) site from Concord Wilshire Partners for $130 million and a 25.8 acres (104,409 m²) 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 acres (275,186.5 m²) site for future development. The Concord site had been the proposed location for the Maxim Casino.
On August 22, 2007, Dubai World
said it will buy a 9.5 percent stake in MGM for about $2.4 billion. It will also invest about $2.7 billion to acquire a 50 percent stake in MGM's CityCenter project, a $7.4 billion, 76 acre (30.8 ha) Las Vegas development of hotels, condos and retail outlets due to open in 2009. Dubai World will pay MGM Mirage an additional $100 million if the project opens on time and on budget. The investment firm will buy 14.2 million shares from MGM Mirage at $84 each, a premium of about 13 percent over Tuesday's closing price. The firm will also issue a public tender for an additional 14.2 million shares at the same price. The public tender is due to begin during the week of August 27, 2007.
In December 2007, it opened MGM Grand Macau
, its first overseas property, owned and operated through a 50/50 partnership with Pansy Ho, the daughter of Macau's gambling tycoon Stanley Ho
.
On October 29, 2008, MGM Mirage halted a $5 billion Atlantic City project on land next to the Borgata
Hotel and Casino, which it shared effective half-ownership with Boyd Gaming at that time. The announcement came on the same day MGM Mirage reported a 67 percent plunge in third-quarter earnings, largely because of sluggish revenue from its properties on the Las Vegas Strip.
At about the same time, New Jersey gambling regulators were set to deny MGM Mirage's suitability to operate casinos in New Jersey, as they were unconvinced that MGM Mirage's Macau partner, Pansy Ho, could operate independently from influence of her father, Stanley Ho. The latter is often accused of ties with Chinese organized crime and letting the gangs operate in his casinos' VIP rooms. Faced with not complying with New Jersey gaming regulations, MGM Mirage decided to sell its highly profitable Borgata hotel casino in Atlantic City in order to continue pursuing the even more lucrative Chinese market. MGM Mirage subsequently transferred its 50% share in the Borgata to a divestiture trust through which it receives all benefit of the ownership. The trust will be responsible for selling MGM's interest within 30 months, although MGM will have the right to direct the trustee during the first 18 months.
On December 16, 2008, MGM Mirage announced the sale of its Las Vegas Treasure Island
resort and casino to billionaire Phil Ruffin
. The sale was completed on March 20, 2009, where Ruffin took possession of the property and its operations. $600 million in cash was wired to MGM Mirage with a $175 million secured note bearing interest at 10% payable not later than 36 months after closing, for a total sale price of $775 million.
On March 23, 2009 Dubai World the United Arab Emirates
domestic and international investment arm of the Dubai emirate government announced that it and a wholly owned subsidiary Infinity World have filed a lawsuit in the Delaware Chancery Court claiming that MGM Mirage breached its CityCenter joint venture agreement after the company filed its 10-K report with the U.S. Securities and Exchange Commission which states in part "There is substantial doubt about our ability to continue as a going concern." and "it cannot provide assurance that its business would generate sufficient cash flow from operation." Dubai World through Infinity World owns 9.5% of MGM Mirage's stock and has invested a significant amount of funding into CityCenter giving it part ownership of the project are asking the court to relieve it of any obligations under the agreement.
Starting on April 6, 2009 news reports began to surface that MGM Mirage hired investment firm Morgan Stanley
to assist the company in finding possible buyers for the MGM Grand
in Detroit, Michigan
and the Beau Rivage in Biloxi, Mississippi
.
On June 15, 2010, shareholders voted for MGM Mirage to change its name to "MGM Resorts International", which emphasize the brand's global scope and increased non-gaming strategy. Chief Executive Officer Jim Murren said that hedge fund Paulson & Co had acquired 40 million shares (about 9%) to become MGM Resorts’s second-largest shareholder.
On April 18, 2011 an Initial Public Offering was announced for the MGM Macau property. Under the agreement, Pansy Ho Chiu-king, would receive a 29 percent stake in the company, MGM China Holdings Ltd, which has been created as a listing vehicle for the IPO. MGM Resorts would hold 51 percent and the public would receive 20 percent. MGM Macau casino operator raised $1.5 billion from its Initial Public Offering
on the Hong Kong Stock Exchange.
Resorts International Holdings
Not to be confused with the Las Vegas, Nevada based casino/resort operator MGM Resorts International.Resorts International Holdings, LLC , also known as Colony Resorts Holdings is an affiliate of Colony Capital, LLC based in Las Vegas, Nevada. RIH was created by Colony Capital in 2000 after it...
.
MGM Resorts International is a Paradise
Paradise, Nevada
Paradise is an unincorporated town in the Las Vegas metropolitan area in Clark County, Nevada, United States. The population was 223,167 at the 2010 census...
, Nevada
Nevada
Nevada is a state in the western, mountain west, and southwestern regions of the United States. With an area of and a population of about 2.7 million, it is the 7th-largest and 35th-most populous state. Over two-thirds of Nevada's people live in the Las Vegas metropolitan area, which contains its...
based corporation that brands itself as a global hospitality company. It is the second largest gaming
Gambling
Gambling is the wagering of money or something of material value on an event with an uncertain outcome with the primary intent of winning additional money and/or material goods...
company in the world by revenue - about US$6 billion in 2009. It owns and operates 15 properties in Nevada, Mississippi
Mississippi
Mississippi is a U.S. state located in the Southern United States. Jackson is the state capital and largest city. The name of the state derives from the Mississippi River, which flows along its western boundary, whose name comes from the Ojibwe word misi-ziibi...
and Michigan
Michigan
Michigan is a U.S. state located in the Great Lakes Region of the United States of America. The name Michigan is the French form of the Ojibwa word mishigamaa, meaning "large water" or "large lake"....
, and has 50% investments in four other properties in Nevada, Illinois
Illinois
Illinois is the fifth-most populous state of the United States of America, and is often noted for being a microcosm of the entire country. With Chicago in the northeast, small industrial cities and great agricultural productivity in central and northern Illinois, and natural resources like coal,...
and Macau
Macau
Macau , also spelled Macao , is, along with Hong Kong, one of the two special administrative regions of the People's Republic of China...
, China.
The company began as MGM Mirage on May 31, 2000, with the merger of MGM Grand Inc.
MGM Grand Inc.
MGM Grand Inc. was formed by Kirk Kerkorian as a casino owner and operator.- History :On October 1, 1998 the company opened a temporary casino in Johannesburg, South Africa. It announced a plan to acquire Primadonna Resorts, Inc. on November 9, 1999...
and Mirage Resorts Inc.
Mirage Resorts
Mirage Resorts was an American corporation that owned and operated hotel-casinos. It was created in 1989, having previously been called Golden Nugget Companies...
In the mid-2000s, growth of its non-gaming (lodging, food, retail) revenue began to outpace gaming receipts and demand for high-rise condominiums was surging, with median property prices in Las Vegas twice the national average. The company shifted its business model from fully owning and operating resorts and casinos, to being more real estate focused - launching the massive Citycenter mixed-use project. Unfortunately, the latter's development coincided with vast overbuilding on the Strip
Las Vegas Strip
The Las Vegas Strip is an approximately stretch of Las Vegas Boulevard in Clark County, Nevada; adjacent to, but outside the city limits of Las Vegas proper. The Strip lies within the unincorporated townships of Paradise and Winchester...
and a global financial crisis, causing large losses and writedowns in valuation.
In June 2010, the company changed to its present name, to reflect its latest strategy of expanding worldwide, including licensing its brand and expertise to develop non-gaming hotels and residences. Through 6 global offices of its subsidiary, MGM Resorts Hospitality, it has agreements to develop and manage nongaming Bellagio, MGM Grand and Skylofts hotels in countries such as Dubai, Abu Dhabi, India, Vietnam, Egypt and China by 2013.
Billionaire investor Kirk Kerkorian
Kirk Kerkorian
Kerkor "Kirk" Kerkorian is an American businessman who is the president/CEO of Tracinda Corporation, his private holding company based in Beverly Hills, California. Kerkorian is known as one of the important figures in shaping Las Vegas and, with architect Martin Stern, Jr...
and his Tracinda Corporation were, until May 2009, the majority shareholders of MGM Mirage; Kerkorian was the former owner of the Metro-Goldwyn-Mayer
Metro-Goldwyn-Mayer
Metro-Goldwyn-Mayer Inc. is an American media company, involved primarily in the production and distribution of films and television programs. MGM was founded in 1924 when the entertainment entrepreneur Marcus Loew gained control of Metro Pictures, Goldwyn Pictures Corporation and Louis B. Mayer...
movie studio, from which the predecessor corporation, MGM Grand Inc. derived its name. Following a one-billion-dollar stock offering by MGM Mirage amidst the global credit crutch, Tracinda's shares were diluted from 53.8 percent to 39 percent. In May 2010, hedge fund Paulson & Co acquired 40 million shares (about 9%) to become MGM Resorts’s second-largest shareholder.
History
The company began operations as MGM Mirage 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; it was subsequently succeeded by Harrah's EntertainmentHarrah's Entertainment
Caesars Entertainment Corporation is a private gaming corporation that owns and operates over 50 casinos, hotels, and seven golf courses under several brands. The company, based in Paradise, Nevada, is the largest gaming company in the world, with yearly revenues $8.9 billion...
. Before the merger, MGM Grand had been in operation since the 1960s and Mirage Resorts
Mirage Resorts
Mirage Resorts was an American corporation that owned and operated hotel-casinos. It was created in 1989, having previously been called Golden Nugget Companies...
(formerly Golden Nugget Companies, Inc.
Golden Nugget Companies
Golden Nugget Companies Inc. was formed by Steve Wynn in 1973. The company was created after Wynn acquired majority control of the Golden Nugget in Las Vegas, Nevada...
) 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
Golden Nugget Las Vegas
The Golden Nugget Las Vegas is a luxury casino-hotel located in Las Vegas, Nevada on the Fremont Street Experience. The property is owned and operated by Landry's Restaurants....
and the Golden Nugget Laughlin
Golden Nugget Laughlin
The Golden Nugget Laughlin is a casino and hotel located in Laughlin, Nevada and is owned and operated by Landry's Restaurants.The Golden Nugget Laughlin property is the smallest in Laughlin, with only 300 rooms. It is a tropical themed, three-story hotel...
. The downtown Las Vegas location is notably the first casino owned by Steve Wynn, and was the foundation on which he built the MGM Mirage predecessor, Mirage Resorts. The Golden Nugget properties were initially purchased by Poster Financial Group, Inc. for approximately $215 million, and ultimately acquired by Tilman Fertitta's Landry's Restaurants
Landry's Restaurants
-External links:*...
.
On June 4, 2004, MGM Mirage announced a bid to acquire one of its major competitors, Mandalay Resort Group
Mandalay Resort Group
Mandalay Resort Group was a hotel-casino operator based in Las Vegas, Nevada. Its major properties included Mandalay Bay, Luxor, Excalibur and Circus Circus, as well as half of the Monte Carlo. In terms of market capitalization, it was one of the largest casino operators in the world. It was...
, 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 called 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
SKYCITY Entertainment Group
Skycity Entertainment Group is a New Zealand corporation whose core business is owning and operating casinos in Australasia. It is the smallest of four major players operating in the market....
.
Announced on November 10, 2004, Project CityCenter on the Las Vegas Strip
Las Vegas Strip
The Las Vegas Strip is an approximately stretch of Las Vegas Boulevard in Clark County, Nevada; adjacent to, but outside the city limits of Las Vegas proper. The Strip lies within the unincorporated townships of Paradise and Winchester...
, is a 76 acre (30.8 ha), $7 billion, project on the site of the Boardwalk Hotel and Casino
Boardwalk Hotel and Casino
The Boardwalk Hotel and Casino was a Coney Island style hotel located on the Las Vegas Strip. It was owned and operated by MGM Mirage. It was part of the Holiday Inn hotel chain but left after being acquired by Mirage Resorts...
and adjoining land is planned as a multi use project. It consists of hotels, casino, condominiums, retail, entertainment and other uses. The development was officially opened in December 2009.
As of 2005, the company owned 831 acre (336.3 ha) of property on the Las Vegas Strip
Las Vegas Strip
The Las Vegas Strip is an approximately stretch of Las Vegas Boulevard in Clark County, Nevada; adjacent to, but outside the city limits of Las Vegas proper. The Strip lies within the unincorporated townships of Paradise and Winchester...
.
On May 31, 2005 MGM Mirage started construction on the MGM Grand Macau
MGM Grand Macau
MGM Macau is a 35-story, 600-room casino resort in Macau which officially opened on 18 December 2007. Under a sub concession approved by the Macau government, the project is owned and operated as a 50-50 joint venture between MGM Resorts International and Pansy Ho Chiu-king, daughter of Macau...
.
On April 25, 2006, MGM Mirage announced with Foxwoods Resort and Casino
Foxwoods Resort Casino
Foxwoods Resort Casino is a hotel-casino in Mashantucket, Connecticut, United States. Together with the MGM Grand at Foxwoods, it is one of the largest casino complexes in the world in terms of floor space for gaming. The entire resort comprises of space. The casino has over 380 gaming tables...
a joint partnership in developing an expansion plan at Foxwoods that will include a casino using the MGM Grand brand.
On October 16, 2006, MGM Mirage announced that it planned to sell the Colorado Belle Hotel & Casino
Colorado Belle Hotel & Casino
The Colorado Belle Hotel & Casino is a resort on the banks of the Colorado River in Laughlin, Nevada. The Colorado Belle is a fixed building made to look like a six-deck replica of a 19th century Mississippi paddle wheel riverboat, and has 1,168 recently remodeled rooms in two seven story towers...
and Edgewater Hotel and Casino
Edgewater Hotel and Casino
The Edgewater Hotel and Casino is a resort in Laughlin, Nevada, on the banks of the Colorado River. The hotel has 1,450 rooms in a large 26 story tower, and has a casino with more than of gaming space. It has the largest race and sports book in Laughlin, poker, and a keno lounge...
to a partnership of Anthony Marnell III and Sher Gaming. The sale price was $200 million. The sale closed on June 1, 2007.
On October 31, 2006, MGM Mirage announced plans to sell Primm Valley Resorts
Primadonna Resorts
Terrible's Primm Valley Casino Resorts is a hospitality company based in Nevada. The company owns three hotel/casinos along I-15 at the California state line in Primm, Nevada...
to Herbst Gaming
Herbst Gaming
Affinity Gaming, formerly known as Herbst Gaming, is a casino and slot route operator based in Paradise, Nevada, United States that operates under the name Terrible's...
for $400 million. The proposed sale would not include the Primm Valley Golf Club. The sale closed on April 10, 2007.
On April 19, 2007 the company announced that it planned to purchase a 7.6 acres (30,756.1 m²) site from Concord Wilshire Partners for $130 million and a 25.8 acres (104,409 m²) 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
Circus Circus Las Vegas
Circus Circus Las Vegas is a hotel and casino located on the Las Vegas Strip in Las Vegas, Nevada. It is owned and operated by MGM Resorts International. Circus Circus features circus acts and carnival type games daily on the Midway...
site, the company will have a 68 acres (275,186.5 m²) site for future development. The Concord site had been the proposed location for the Maxim Casino.
On August 22, 2007, Dubai World
Dubai World
Dubai World is an investment company that manages and supervises a portfolio of businesses and projects for the Dubai government across a wide range of industry segments and projects that promote Dubai as a hub for commerce and trading. It is the emirate's flag bearer in global investments and has...
said it will buy a 9.5 percent stake in MGM for about $2.4 billion. It will also invest about $2.7 billion to acquire a 50 percent stake in MGM's CityCenter project, a $7.4 billion, 76 acre (30.8 ha) Las Vegas development of hotels, condos and retail outlets due to open in 2009. Dubai World will pay MGM Mirage an additional $100 million if the project opens on time and on budget. The investment firm will buy 14.2 million shares from MGM Mirage at $84 each, a premium of about 13 percent over Tuesday's closing price. The firm will also issue a public tender for an additional 14.2 million shares at the same price. The public tender is due to begin during the week of August 27, 2007.
In December 2007, it opened MGM Grand Macau
MGM Grand Macau
MGM Macau is a 35-story, 600-room casino resort in Macau which officially opened on 18 December 2007. Under a sub concession approved by the Macau government, the project is owned and operated as a 50-50 joint venture between MGM Resorts International and Pansy Ho Chiu-king, daughter of Macau...
, its first overseas property, owned and operated through a 50/50 partnership with Pansy Ho, the daughter of Macau's gambling tycoon Stanley Ho
Stanley Ho
Stanley Ho, GBM, GLM, GBS, GML, OBE , also known as Ho Hung Sun, Stanley Ho Hung Sun, is an entrepreneur in Hong Kong and Macau. Ho is sometimes nicknamed "The King of Gambling", reflecting the government-granted monopoly he held of the Macau gambling industry for 40 years...
.
On October 29, 2008, MGM Mirage halted a $5 billion Atlantic City project on land next to the Borgata
Borgata
The Borgata Hotel Casino and Spa is a luxury hotel, casino, and spa in Atlantic City, New Jersey, United States. It is owned by Marina District Development, a joint venture between Boyd Gaming and a divesture trust established by MGM Resorts International...
Hotel and Casino, which it shared effective half-ownership with Boyd Gaming at that time. The announcement came on the same day MGM Mirage reported a 67 percent plunge in third-quarter earnings, largely because of sluggish revenue from its properties on the Las Vegas Strip.
At about the same time, New Jersey gambling regulators were set to deny MGM Mirage's suitability to operate casinos in New Jersey, as they were unconvinced that MGM Mirage's Macau partner, Pansy Ho, could operate independently from influence of her father, Stanley Ho. The latter is often accused of ties with Chinese organized crime and letting the gangs operate in his casinos' VIP rooms. Faced with not complying with New Jersey gaming regulations, MGM Mirage decided to sell its highly profitable Borgata hotel casino in Atlantic City in order to continue pursuing the even more lucrative Chinese market. MGM Mirage subsequently transferred its 50% share in the Borgata to a divestiture trust through which it receives all benefit of the ownership. The trust will be responsible for selling MGM's interest within 30 months, although MGM will have the right to direct the trustee during the first 18 months.
On December 16, 2008, MGM Mirage announced the sale of its Las Vegas Treasure Island
Treasure Island Hotel and Casino
Treasure Island Hotel & Casino is a hotel and casino located on the Las Vegas Strip in Paradise, Nevada, USA with 2,664 rooms and 220 suites, and is connected by tram to The Mirage as well as pedestrian bridge to the Fashion Show Mall shopping center...
resort and casino to billionaire Phil Ruffin
Phil Ruffin
Phillip G. Ruffin is an American businessman. His business interests lie largely in casinos, greyhound racing tracks, oil production, convenience stores, and real estate. Ruffin lives in Las Vegas, Nevada....
. The sale was completed on March 20, 2009, where Ruffin took possession of the property and its operations. $600 million in cash was wired to MGM Mirage with a $175 million secured note bearing interest at 10% payable not later than 36 months after closing, for a total sale price of $775 million.
On March 23, 2009 Dubai World the United Arab Emirates
United Arab Emirates
The United Arab Emirates, abbreviated as the UAE, or shortened to "the Emirates", is a state situated in the southeast of the Arabian Peninsula in Western Asia on the Persian Gulf, bordering Oman, and Saudi Arabia, and sharing sea borders with Iraq, Kuwait, Bahrain, Qatar, and Iran.The UAE is a...
domestic and international investment arm of the Dubai emirate government announced that it and a wholly owned subsidiary Infinity World have filed a lawsuit in the Delaware Chancery Court claiming that MGM Mirage breached its CityCenter joint venture agreement after the company filed its 10-K report with the U.S. Securities and Exchange Commission which states in part "There is substantial doubt about our ability to continue as a going concern." and "it cannot provide assurance that its business would generate sufficient cash flow from operation." Dubai World through Infinity World owns 9.5% of MGM Mirage's stock and has invested a significant amount of funding into CityCenter giving it part ownership of the project are asking the court to relieve it of any obligations under the agreement.
Morgan Stanley
Morgan Stanley is a global financial services firm headquartered in New York City serving a diversified group of corporations, governments, financial institutions, and individuals. Morgan Stanley also operates in 36 countries around the world, with over 600 offices and a workforce of over 60,000....
to assist the company in finding possible buyers for the MGM Grand
MGM Grand Detroit
The MGM Grand Detroit in Detroit, Michigan is one of three casino resort hotels in the city, and one of four in the Detroit–Windsor area. The luxury resort hotel opened on October 3, 2007 with a grand event which included models and celebrities including Ashanti, Kid Rock, male model Cameron...
in Detroit, Michigan
Detroit, Michigan
Detroit is the major city among the primary cultural, financial, and transportation centers in the Metro Detroit area, a region of 5.2 million people. As the seat of Wayne County, the city of Detroit is the largest city in the U.S. state of Michigan and serves as a major port on the Detroit River...
and the Beau Rivage in Biloxi, Mississippi
Biloxi, Mississippi
Biloxi is a city in Harrison County, Mississippi, in the United States. The 2010 census recorded the population as 44,054. Along with Gulfport, Biloxi is a county seat of Harrison County....
.
On June 15, 2010, shareholders voted for MGM Mirage to change its name to "MGM Resorts International", which emphasize the brand's global scope and increased non-gaming strategy. Chief Executive Officer Jim Murren said that hedge fund Paulson & Co had acquired 40 million shares (about 9%) to become MGM Resorts’s second-largest shareholder.
On April 18, 2011 an Initial Public Offering was announced for the MGM Macau property. Under the agreement, Pansy Ho Chiu-king, would receive a 29 percent stake in the company, MGM China Holdings Ltd, which has been created as a listing vehicle for the IPO. MGM Resorts would hold 51 percent and the public would receive 20 percent. MGM Macau casino operator raised $1.5 billion from its Initial Public Offering
Initial public offering
An initial public offering or stock market launch, is the first sale of stock by a private company to the public. It can be used by either small or large companies to raise expansion capital and become publicly traded enterprises...
on the Hong Kong Stock Exchange.
MGM Resorts International properties
All properties are wholly owned by MGM Resorts International except where indicated.Las Vegas, Nevada
- BellagioBellagio (hotel and casino)Bellagio is a hotel and casino located on the Las Vegas Strip in the Paradise area of unincorporated Clark County, Nevada, USA and a member of The Leading Hotels of the World. It is owned by MGM Resorts International and was built on the site of the demolished Dunes hotel and casino.Inspired by the...
- CityCenter (50% joint ventureJoint ventureA joint venture is a business agreement in which parties agree to develop, for a finite time, a new entity and new assets by contributing equity. They exercise control over the enterprise and consequently share revenues, expenses and assets...
with Dubai WorldDubai WorldDubai World is an investment company that manages and supervises a portfolio of businesses and projects for the Dubai government across a wide range of industry segments and projects that promote Dubai as a hub for commerce and trading. It is the emirate's flag bearer in global investments and has...
)- Aria Resort & CasinoARIA Resort & CasinoAria Resort & Casino is a luxury resort and casino located within the CityCenter complex on the Las Vegas Strip. Aria consists of two curved glass and steel highrise towers adjoined at the center. It opened on December 16, 2009 as a joint venture between MGM Resorts International and Infinity World...
- Harmon Hotel and Spa
- Veer TowersVeer TowersVeer Towers are twin 37-story, , towers, located on the Las Vegas Strip in Paradise, Nevada, each housing 337 luxury condominium units ranging in size from . The two towers lean in opposite directions adjacent to the Crystals, Retail and Entertainment District, and across the street from the...
- The CrystalsThe Crystals (Las Vegas)The Crystals, also known as Crystals at CityCenter and Crystals Retail District, is CityCenter's retail and entertainment district that features fashionable clubs, gourmet restaurants, retailers, galleries, incidental offices and support areas...
- VdaraVdaraVdara Hotel & Spa, sometimes called the Vdara, is a condo-hotel and spa located within the CityCenter complex across from Aria Resort & Casino on the Las Vegas Strip...
- Mandarin OrientalMandarin Oriental, Las VegasMandarin Oriental, Las Vegas is a luxury five-star hotel located within CityCenter and is operated by Mandarin Oriental Hotel Group. Living spaces are characterized by an Eastern approach to design...
- Aria Resort & Casino
- The MirageThe MirageThe Mirage is a 3,044 room hotel and casino resort located on the Las Vegas Strip in Paradise, Nevada, United States.The Mirage is connected by a free tram to Treasure Island. The marquee in front of the Mirage is the largest free standing marquee in the world.-History:The Mirage was built by...
- LuxorLuxor HotelLuxor Las Vegas is a hotel and casino located on the Las Vegas Strip in Paradise, Nevada. The 30-story hotel, which is operated by MGM Resorts International, features a casino floor that includes over 2,000 slot machines and 87 table games....
- Mandalay BayMandalay Bay Resort and CasinoMandalay Bay Resort and Casino is a 44-story luxury hotel casino on the Las Vegas Strip in Paradise, Nevada. It is owned by MGM Resorts International. Five floors of the main hotel building are occupied by the five-star and AAA Five-Diamond Four Seasons Hotel Las Vegas...
- THEhotel at Mandalay BayTHEhotel at Mandalay BayThe Hotel is a 43-story 1,117 luxury suite hotel owned and operated by MGM Resorts International. It is located in Paradise, Nevada on the Las Vegas Strip within the Mandalay Bay complex....
- THEhotel at Mandalay Bay
- MGM Grand Las VegasMGM Grand Las VegasThe MGM Grand Las Vegas is a hotel casino located on the Las Vegas Strip in Paradise, Nevada. The MGM Grand is the third largest hotel in the world and largest hotel resort complex in the United States in front of The Venetian. The MGM Grand was the largest hotel in the world when it opened in...
- The Signature at MGM GrandThe Signature at MGM GrandThe Signature at MGM Grand is a condo-hotel built by a partnership between MGM Mirage and Turnberry Associates on the location of MGM Grand's closed theme park. It features three identical 38-story towers consisting of 576 fully furnished units each. Most of the condo units will be privately owned....
- Skylofts at MGM Grand
- The Signature at MGM Grand
- Monte CarloMonte Carlo Resort and CasinoThe Monte Carlo Resort and Casino is a megaresort hotel and casino located on the Las Vegas Strip in Paradise, Nevada, USA. The hotel is 32 stories, featuring a casino floor with over 2,200 slot and video poker machines and 95 table games. It is operated by MGM Resorts International...
- Hotel 32
- New York-New YorkNew York-New York Hotel & CasinoNew York-New York Hotel & Casino is a hotel and casino located on the Las Vegas Strip at 3790 Las Vegas Boulevard South, in Paradise, Nevada. It is owned and operated by MGM Resorts International.-Description:...
- ExcaliburExcalibur Hotel and CasinoThe Excalibur Hotel and Casino is a hotel and casino located on the Las Vegas Strip in Paradise, Nevada, in the United States. It is owned and operated by MGM Resorts International....
- Circus CircusCircus Circus Las VegasCircus Circus Las Vegas is a hotel and casino located on the Las Vegas Strip in Las Vegas, Nevada. It is owned and operated by MGM Resorts International. Circus Circus features circus acts and carnival type games daily on the Midway...
- Slots-A-Fun CasinoSlots-A-Fun CasinoThe Slots-A-Fun Casino is a small casino located on the Las Vegas Strip, owned by MGM Resorts International. It is adjacent to Circus Circus....
Elsewhere in Nevada
- Circus Circus RenoCircus Circus RenoCircus Circus is a circus-themed hotel and casino located in Reno, Nevada, owned by MGM Resorts International. Circus Circus includes a 1,572 room hotel and a casino which features free circus acts on a regular basis throughout the day over the midway which also offers 33 carnival games.Circus...
, Reno, NevadaReno, NevadaReno is the county seat of Washoe County, Nevada, United States. The city has a population of about 220,500 and is the most populous Nevada city outside of the Las Vegas metropolitan area... - Silver Legacy Resort CasinoSilver Legacy Resort CasinoThe Silver Legacy Resort & Casino is a land based hotel and casino in Downtown Reno, Nevada, it opened on July 28, 1995. It anchors a network of connected hotel-casinos in the downtown Reno core that included jointly owned properties Eldorado Hotel-Casino and Circus Circus Reno...
, Reno, Nevada (50% owner in partnership with Eldorado Hotel Casino) - Railroad Pass, Henderson, NevadaHenderson, Nevada-Demographics:According to the 2000 census, there were 175,381 people, 66,331 households, and 47,095 families residing in the city. The population density was 2,200.8 people per square mile . There were 71,149 housing units at an average density of 892.8 per square mile...
- Nevada Landing Hotel and CasinoNevada Landing Hotel and CasinoThe Nevada Landing was a hotel and casino designed to resemble two riverboats. It was located in Jean, Nevada, near the California state line, within sight of Interstate 15. The hotel, owned by MGM Resorts International, had 303 rooms, four restaurants, over 800 slot machines , live keno, table...
, Jean, Nevada (Closed March 20, 2007) - Gold Strike Hotel and Gambling HallGold Strike Hotel and Gambling HallOpened in 1990, the Gold Strike is a hotel and casino located in Jean, Nevada, approximately from the California state line, and about from downtown Las Vegas. The hotel, owned by MGM Resorts International, has 811 rooms and several different places to eat...
, Jean, NevadaJean, NevadaJean is a small commercial town in Clark County, Nevada, located approximately north of the Nevada-California state line along Interstate 15. Las Vegas is located about to the north... - Primm Valley Golf Club (Actually just over the state line in California)
- Shadow Creek Golf CourseShadow Creek Golf CourseShadow Creek is an 18-hole golf course in North Las Vegas, Nevada, designed by Tom Fazio and built by Las Vegas casino magnate Steve Wynn in 1989. Built from empty desert flatland on a site, it cost a reported sixty million dollars...
, North Las Vegas, Nevada
Other properties
- Gold Strike Resort and CasinoGold Strike Resort and CasinoGold Strike Resort and Casino in Tunica Resorts, Mississippi is an MGM Resorts International resort located 20 minutes south of Memphis, Tennessee. In 2008, MGM Mirage made a large investment in Gold Strike Casino Resort and a commitment to the Tunica market with a multi-million dollar renovation...
, Tunica Resorts, MississippiTunica Resorts, MississippiTunica Resorts is an unincorporated community located in northern Tunica County, Mississippi, United States, north of the county seat of Tunica. The community was originally named Robinsonville, but the name was changed in 2003. Locals still refer to the town by this name. The community is situated... - Grand VictoriaGrand Victoria Casino ElginThe Grand Victoria Casino Elgin is a riverboat casino in Elgin, Illinois, located about west of Chicago. It is 50% owned and operated by RBG, LLP, a subsidiary of Hyatt, and 50% by a subsidiary of MGM Resorts International, which acquired Mandalay Resort Group, the former 50% partner company, in...
, Elgin, IllinoisElgin, IllinoisElgin is a city in northern Illinois located roughly northwest of Chicago on the Fox River. Most of Elgin lies within Kane County, Illinois, with a portion in Cook County, Illinois...
(50% owned and operated by RBG, LLP, a subsidiary of Hyatt) - MGM Grand DetroitMGM Grand DetroitThe MGM Grand Detroit in Detroit, Michigan is one of three casino resort hotels in the city, and one of four in the Detroit–Windsor area. The luxury resort hotel opened on October 3, 2007 with a grand event which included models and celebrities including Ashanti, Kid Rock, male model Cameron...
, Detroit Michigan (98% owner in partnership with Partners Detroit, L.L.C.) - Beau Rivage Hotel and Casino, Biloxi, Mississippi (Designer Steve Wynn)
- MGM Grand MacauMGM Grand MacauMGM Macau is a 35-story, 600-room casino resort in Macau which officially opened on 18 December 2007. Under a sub concession approved by the Macau government, the project is owned and operated as a 50-50 joint venture between MGM Resorts International and Pansy Ho Chiu-king, daughter of Macau...
, Macau, China (50% joint venture with Pansy HoPansy HoPansy Catalina Ho Chiu-king is the daughter of Hong Kong and Macau-based businessman Stanley Ho, and the managing director of various companies he founded, including Shun Tak Holdings and the Sociedade de Turismo e Diversões de Macau....
, opened 2007) (51% after IPO) - MGM Grand at Foxwoods (joint venture with the Mashantucket Pequot TribeMashantucket Pequot TribeThe Mashantucket Pequot are a small Native American tribal nation of the Algonquian language community in the state of Connecticut. Within the tribe's Reservation, in Ledyard, New London County, Connecticut, the Mashantucket Pequot operate Foxwoods Resort Casino, the world's largest resort...
owners of the Foxwoods resort in ConnecticutConnecticutConnecticut is a state in the New England region of the northeastern United States. It is bordered by Rhode Island to the east, Massachusetts to the north, and the state of New York to the west and the south .Connecticut is named for the Connecticut River, the major U.S. river that approximately...
) - BorgataBorgataThe Borgata Hotel Casino and Spa is a luxury hotel, casino, and spa in Atlantic City, New Jersey, United States. It is owned by Marina District Development, a joint venture between Boyd Gaming and a divesture trust established by MGM Resorts International...
, Atlantic City, New JerseyAtlantic City, New JerseyAtlantic City is a city in Atlantic County, New Jersey, United States, and a nationally renowned resort city for gambling, shopping and fine dining. The city also served as the inspiration for the American version of the board game Monopoly. Atlantic City is located on Absecon Island on the coast...
(owned by Marina District Development in which MGM has a 50% interest) - MGM Grand Abu Dhabi, Abu DhabiAbu DhabiAbu Dhabi , literally Father of Gazelle, is the capital and the second largest city of the United Arab Emirates in terms of population and the largest of the seven member emirates of the United Arab Emirates. Abu Dhabi lies on a T-shaped island jutting into the Persian Gulf from the central western...
, United Arab EmiratesUnited Arab EmiratesThe United Arab Emirates, abbreviated as the UAE, or shortened to "the Emirates", is a state situated in the southeast of the Arabian Peninsula in Western Asia on the Persian Gulf, bordering Oman, and Saudi Arabia, and sharing sea borders with Iraq, Kuwait, Bahrain, Qatar, and Iran.The UAE is a...
- a recently announced development that will be entirely non-gaming - The Bellagio Dubai, DubaiDubaiDubai is a city and emirate in the United Arab Emirates . The emirate is located south of the Persian Gulf on the Arabian Peninsula and has the largest population with the second-largest land territory by area of all the emirates, after Abu Dhabi...
, United Arab EmiratesUnited Arab EmiratesThe United Arab Emirates, abbreviated as the UAE, or shortened to "the Emirates", is a state situated in the southeast of the Arabian Peninsula in Western Asia on the Persian Gulf, bordering Oman, and Saudi Arabia, and sharing sea borders with Iraq, Kuwait, Bahrain, Qatar, and Iran.The UAE is a...
- a 250-room hotel forming a part of the upcoming Dubai Pearl development at the foot of the Palm Jumeirah - MGM Grand Dubai, DubaiDubaiDubai is a city and emirate in the United Arab Emirates . The emirate is located south of the Persian Gulf on the Arabian Peninsula and has the largest population with the second-largest land territory by area of all the emirates, after Abu Dhabi...
, United Arab EmiratesUnited Arab EmiratesThe United Arab Emirates, abbreviated as the UAE, or shortened to "the Emirates", is a state situated in the southeast of the Arabian Peninsula in Western Asia on the Persian Gulf, bordering Oman, and Saudi Arabia, and sharing sea borders with Iraq, Kuwait, Bahrain, Qatar, and Iran.The UAE is a...
- a 350-room hotel forming a part of the upcoming Dubai Pearl development at the foot of the Palm Jumeirah - Skylofts Dubai, DubaiDubaiDubai is a city and emirate in the United Arab Emirates . The emirate is located south of the Persian Gulf on the Arabian Peninsula and has the largest population with the second-largest land territory by area of all the emirates, after Abu Dhabi...
, United Arab EmiratesUnited Arab EmiratesThe United Arab Emirates, abbreviated as the UAE, or shortened to "the Emirates", is a state situated in the southeast of the Arabian Peninsula in Western Asia on the Persian Gulf, bordering Oman, and Saudi Arabia, and sharing sea borders with Iraq, Kuwait, Bahrain, Qatar, and Iran.The UAE is a...
- a 30-suite hotel forming a part of the upcoming Dubai Pearl development at the foot of the Palm Jumeirah
Subsidiaries
- MGM Mirage Vacations http://www.mgmmiragevacations.com/, Milwaukee, Wisconsin
- MGM Mirage Hospitality http://www.mgmmiragehospitality.com
- Joint venture in the United Arab Emirates
- Joint venture in the United Kingdom
- Joint venture in China