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MGM Grand, Inc.

MGM Resorts International
Formerly called
Grand Name Co. (1986–1987)
MGM Grand Inc. (1987–2000)
MGM Mirage (2000–2010)
Traded as MGM
Industry Gaming
Hospitality
Tourism
Founded 1986; 31 years ago (1986)
Founder Kirk Kerkorian
Headquarters Paradise, Nevada, United States
Key people
James J. Murren
Chairman of the Board CEO
Products Casinos
Hotels
Entertainment
Resorts
Revenue Increase$9.810 billion (2013)
Increase $1.1 billion (2013)
Increase $3.114 billion (2013)
Total assets Decrease $26.1 billion (2013)
Total equity Decrease $7.9 billion (2013)
Owners Tracinda Corporation (16.1%)
T. Rowe Price (13.9%)
Number of employees
61,396 (December 2011)
Subsidiaries MGM Resorts Vacations
MGM HAKKASAN
Diaoyutai MGM Hospitality
Website www.mgmresorts.com

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.

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.


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