Mandalay Resort Group
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Formerly called
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Circus Circus Enterprises (1974–1999) |
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| Public | |
| Industry | Entertainment & Hospitality |
| Fate | Merged with MGM Mirage |
| Successor | MGM Mirage |
| Founded | Winchester, Nevada, U.S. (1974) |
| Founders |
William Bennett William Pennington |
| Defunct | April 26, 2005 |
| Headquarters | Paradise, Nevada, U.S. |
| Owner | MGM Resorts International |
| Website | www |
Mandalay Resort Group (formerly Circus Circus Enterprises) was a hotel-casino operator based in Paradise, 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. Its stock traded on the with the ticker symbol "CIR" and "MBG".
The Group was originally known as Circus Circus Enterprises and originated with Jay Sarno's 1968 opening of the Circus Circus as well as a Circus Circus in Reno, which opened in 1978.
The Group incorporated as Circus Circus Enterprises (CCE) in 1974 to purchase Circus Circus from Sarno at a time when the casino was experiencing financial difficulties.
Circus Circus Enterprises purchased the Silver City Casino and Slots-A-Fun Casino in 1979 for $30 million, then refurbished both the interior and exterior.
The company went public in 1983 and traded on the New York Stock Exchange. The original majority owners of CCE were William Pennington, a former oil lease speculator and William Bennett, a former furniture salesman and the manager of The Mint Las Vegas casino. The Group's properties found success in the 1980s offering a Las Vegas experience to families subsequently experimented upon by its competitors. Its converted Circus Circus (originally developed for the upmarket) and later Excalibur properties offered gaming opportunities for adults and separate non-gambling games and theme-park-style experiences for underage visitors under the same roof.
The Colorado Belle, described as unprofitable, was sold in 1984 to Circus Circus Enterprises for $4 million by Advanced Patent Technology and John Fulton, a Southern California restaurateur, and made plans to move it to make room for an expansion of its neighboring Edgewater Hotel & Casino.
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Wikipedia