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.
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. 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, 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. City Center's development coincided with global financial crisis, causing writedowns in its valuation.
Subject ID: 11570
MoreIn 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.
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. 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, 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. City Center's development coincided with global financial crisis, causing writedowns in its valuation.
MGM Resorts International is a global hospitality and entertainment company operating destination resorts in Las Vegas, Mississippi, New Jersey and Detroit, including Bellagio, MGM Grand, Mandalay Bay and The Mirage. The company recently opened MGM National Harbor in Maryland and is developing MGM Springfield in Massachusetts. It has a majority interest in MGM China Holdings Limited, which owns the MGM Macau resort and casino and is developing a gaming resort in Cotai. MGM Resorts owns 50 percent of CityCenter in Las Vegas, which features ARIA Resort & Casino. It has a majority controlling interest in MGM Growth Properties, a real estate investment trust.
Subject ID: 11570
Subject ID: 11570