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MGM Resorts International

MGM Resorts International
Formerly
  • Grand Name Co. (1986–1987)
  • MGM Grand Inc. (1987–2000)
  • MGM Mirage (2000–2010)
Company typePublic
ISINUS5529531015 Edit this on Wikidata
Founded1986 (1986)
FounderKirk Kerkorian
HeadquartersParadise, Nevada, U.S.
Key people
ProductsCasinos
Hotels
Entertainment
Resorts
Revenue$12.899 billion (2019)[1]
1,439,372,000 United States dollar (2022) Edit this on Wikidata
1,473,093,000 United States dollar (2022) Edit this on Wikidata
Total assetsIncrease $33.9 billion (2019)[1]
Total equityIncrease $7.7 billion (2019)[1]
Number of employees
74,500 (2020)
SubsidiariesMGM Resorts Vacations
Diaoyutai MGM Hospitality
BetMGM
LeoVegas
Websitewww.mgmresorts.com

MGM Resorts International is an American global hospitality and entertainment company operating destination resorts in Las Vegas, Massachusetts, Michigan, Mississippi, Maryland, Ohio, and New Jersey, including Bellagio, Mandalay Bay, MGM Grand, and Park MGM.

The company began operations in 1987 as MGM Grand, Inc. and became MGM Mirage in 2000, after acquiring Mirage Resorts. 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.[2][3] The company shifted its focus from owning and operating resorts and casinos to developing and building real estate in the leisure and gaming industry—launching the massive CityCenter mixed-use project,[4][5] which was at the time of its construction the world's largest construction site and ranks as one of the most expensive real estate projects in history.[6] City Center's development coincided with the global financial crisis, causing more than $1 billion in writedowns in its valuation.[7]

Billionaire investor Kirk Kerkorian and his Tracinda Corporation were, until 2009, the majority shareholders of MGM Mirage; Kerkorian was the former owner of the Metro-Goldwyn-Mayer movie studio, from which MGM Grand derived its name. Following a $1 billion stock offering by MGM Mirage amidst the global credit crunch, Tracinda's shares were diluted from 53.8 percent to 39 percent.[8][9] On June 15, 2010, shareholders voted for MGM Mirage to change its name to "MGM Resorts International".[10]

In 2015, the company split into two forming MGM Growth Properties, a real estate company, while MGM Resorts shifted to operating properties.[11][12] Today, MGM Resorts is the largest casino company in the world by revenue, making $13.13 billion USD in revenue in 2022.[13]

  1. ^ a b c "U.S. Securities Exchange Commission Form 10-K - February 27, 2020" (PDF). Archived (PDF) from the original on 2020-07-06. Retrieved 2020-07-06.
  2. ^ Rodkin, Dennis (2004-04-02). "HAVENS; Condo Hotels Move Beyond Resort Towns". The New York Times. Archived from the original on 2016-01-05. Retrieved 2017-02-10.
  3. ^ Walshe, Sadhbh (2009-07-29). "In Las Vegas, the house loses". Guardian. London. Archived from the original on 2016-03-06. Retrieved 2016-12-12.
  4. ^ A. Eugene Kohn; John D. Macomber; Ben Creo (2009-01-12). "CityCenter (A): Vision and Design". Harvard Business Review: 3–4.
  5. ^ A. Eugene Kohn; John D. Macomber; Ben Creo (2009-01-13). "CityCenter (B): Economics and Delivery". Harvard Business Review: 2.
  6. ^ "World's Biggest Construction Site" (PDF). 2.citycenter.com. Archived (PDF) from the original on 2 February 2017. Retrieved 10 September 2017.
  7. ^ "MGM Mirage to Take More Than $1 Billion in Write-Downs". Wall Street Journal. Archived from the original on 2017-08-12. Retrieved 2017-08-12.
  8. ^ "Kerkorian Stake in MGM Mirage Shrinks". Wall Street Journal. Archived from the original on 2017-08-12. Retrieved 2017-08-12.
  9. ^ "MGM To Pay Back $825.6 Million In Debt Following Stock, Note Sales". CNN Money. 2009-05-19. Archived from the original on 2009-05-22.
  10. ^ Finnegan, Amanda (15 June 2010). "MGM Mirage changes name, now MGM Resorts International". Las Vegas Sun. Las Vegas. Archived from the original on 26 April 2014. Retrieved 22 May 2014.
  11. ^ "Inline XBRL Viewer". www.sec.gov. Archived from the original on 2021-12-24. Retrieved 2021-12-24.
  12. ^ "MGM Resorts International Announces Plan to Create a REIT" (Press release). Archived from the original on 2021-12-24. Retrieved 2021-12-24.
  13. ^ "Leading selected casino companies by revenue 2022". Statista. Retrieved 2024-03-01.

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