MGM Resorts International

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MGM Resorts International is an American multinational hospitality, sports and entertainment company. It operates resorts in Las Vegas, Massachusetts, Michigan, Mississippi, Maryland, Ohio, New Jersey, Macau, Shanghai, Chengdu, Hangzhou and Sanya, including the 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-gambling (lodging, food, retail) revenue began to outpace gambling receipts and demand for high-rise condominiums was surging, with median property prices in Las Vegas twice the national average.<ref name="nyt1">Template:Cite news</ref><ref name="houseloses">Template:Cite news</ref> The company shifted its focus from owning and operating resorts and casinos to developing and building real estate in the leisure and gambling industry—launching the massive CityCenter mixed-use project,<ref name="hbr1">Template:Cite journal</ref><ref name="hbr2">Template:Cite journal</ref> 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.<ref>Template:Cite web</ref> City Center's development coincided with the 2008 financial crisis, causing more than $1 billion in write-offs in its valuation.<ref name="writedownsvaluation">Template:Cite news</ref>

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 (MGM) 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% to 39%.<ref name="tracinda">Template:Cite news</ref><ref name="moneycnnnews">Template:Cite news</ref> On June 15, 2010, shareholders voted for MGM Mirage to change its name to "MGM Resorts International".<ref name="fnnegana">Template:Cite news</ref>

In 2015, the company split into two forming MGM Growth Properties, a real estate company, while MGM Resorts shifted to operating properties.<ref>Template:Cite web</ref><ref>Template:Cite press release</ref> Today, MGM Resorts is the largest casino company in the world by revenue, making $13.13 billion USD in revenue in 2022.<ref>Template:Cite web</ref>

History

Background and early ventures (1969–1988)

The company's background can be traced to 1969, when airline and casino tycoon Kirk Kerkorian bought a controlling stake in the Metro-Goldwyn-Mayer (MGM) film studio.<ref>Template:Cite news</ref> In 1970 and 1971, Kerkorian struggled with debt from his acquisitions of MGM and Western Airlines, and was forced to sell a majority of his casino company, International Leisure, to Hilton Hotels at a steep discount.<ref name=aarons>Template:Cite news Template:Subscription required</ref><ref>Template:Cite news Template:Subscription required</ref> When the Las Vegas Hilton, the casino he had built, subsequently became the most successful hotel in Las Vegas, Kerkorian was inspired to lead the studio into the gambling industry.<ref name=aarons /> It opened the original MGM Grand Hotel and Casino (now Horseshoe Las Vegas) in 1973.<ref>Template:Cite news Template:Subscription required</ref> The MGM Grand Reno followed in 1978.<ref>Template:Cite news Template:Subscription required</ref>

By 1979, the two hotel-casinos accounted for most of MGM's income, and the company announced a plan to split itself in two.<ref>Template:Cite news Template:Subscription required</ref> The next year, the film studio was spun off as a new company, while the original company, renamed as MGM Grand Hotels Inc., retained the two hotel-casinos.<ref name=hollie>Template:Cite news Template:Subscription required</ref> Kerkorian held a 47 percent stake in both companies.<ref name=hollie />

In 1985, Kerkorian began seeking a buyer for MGM Grand Hotels, to allow him to concentrate on running United Artists and on developing new properties under the MGM Grand name.<ref>Template:Cite newsTemplate:Subscription required</ref> A deal was reached for Bally Manufacturing to buy the company; the deal closed in April 1986,<ref>Template:Cite newsTemplate:Subscription required</ref> and the two casinos were renamed under the Bally's brand.<ref>Template:Cite newsTemplate:Subscription required</ref> The terms of the sale allowed Kerkorian to retain rights to the MGM Grand name, and plans were announced to offer the stockholders of MGM Grand Hotels shares in a new company that would hold the naming rights.<ref>Template:Cite newsTemplate:Subscription required</ref>

The company now known as MGM Resorts International was formed in 1986 as Grand Name Co.<ref name=edgar94>Template:Cite report</ref> as a subsidiary of Kerkorian's Tracinda Corporation.<ref>Template:Cite newsTemplate:Subscription required</ref> It was renamed in 1987 as MGM Grand, Inc.<ref name=edgar94 />

The company's first venture was MGM Grand Air, a luxury airline offering service between New York and Los Angeles, which launched in September 1987.<ref>Template:Cite news</ref> The company also made an offer to take over financially struggling Pan American World Airways, but this offer was rejected by Pan Am's board in November 1987.<ref>Template:Cite newsTemplate:Subscription required</ref>

In August 1987, MGM Grand bid $152 million for the bankrupt Dunes Hotel in Las Vegas, but was beat out by Japanese billionaire Masao Nangaku.<ref>Template:Cite news</ref> Instead, the company acquired the Desert Inn and Sands casinos in February 1988 from Summa Corporation for $167 million.<ref>Template:Cite newsTemplate:Subscription required</ref> The Sands was sold to Sheldon Adelson's Interface Group for $110 million in April 1989.<ref>Template:Cite newsTemplate:Subscription required</ref>

First casino developments (1989–1999)

In September 1989, the company announced plans for a $700-million Hollywood-themed complex, including a 4,000-room hotel and a theme park.<ref name=turner>Template:Cite newsTemplate:Subscription required</ref> The Desert Inn site was initially considered as a location for the project,<ref name=turner /> but within weeks the location was finalized as the Marina Hotel and Casino and the Tropicana Country Club,<ref>Template:Cite newsTemplate:Subscription required</ref> which MGM Grand acquired for $93 million plus $30 million in stock.<ref>Template:Cite newsTemplate:Subscription required</ref> The company put the Desert Inn up for sale to focus efforts on the new project,<ref>Template:Cite news</ref> but found no outside bidders, and agreed to sell it to Tracinda for $130 million.<ref>Template:Cite newsTemplate:Subscription required</ref> Construction on the MGM Grand Las Vegas and the MGM Grand Adventures theme park began in October 1991,<ref>Template:Cite newsTemplate:Subscription required</ref> and the property opened in December 1993 at a final cost of $1 billion.<ref>Template:Cite newsTemplate:Subscription required</ref> The park permanently closed in 2002 due to a lack of interest.<ref name=sun2012>Template:Cite web</ref>

The company moved its headquarters from Beverly Hills to Las Vegas in July 1992.<ref>Template:Cite newsTemplate:Subscription required</ref>

During construction of the MGM Grand, the company acquired an option to buy an 18-acre site across the street from the project.<ref>Template:Cite newsTemplate:Subscription required</ref> Gary Primm of Primadonna Resorts approached MGM president Bob Maxey in 1994 with an idea for the site: a casino recreating the New York skyline.<ref>Template:Cite newsTemplate:Subscription required</ref> A joint venture was formed between the two companies, and construction began in March 1995.<ref>Template:Cite newsTemplate:Subscription required</ref> Completed at a cost of $460 million, the New York-New York Hotel and Casino opened in January 1997.<ref>Template:Cite newsTemplate:Subscription required</ref>

With New York-New York under development, MGM Grand made moves to expand in several other markets. An exploratory agreement to develop two casinos on the Chinese island of Hainan was announced in August 1994,<ref>Template:Cite news</ref> but came to nothing. In Darwin, Australia, a lucrative market attracting high rollers from Pacific Rim countries,<ref>Template:Cite newsTemplate:Subscription required</ref> the company considered building a hotel,<ref>Template:Cite newsTemplate:Subscription required</ref> but instead bought the Diamond Beach Hotel and Casino,<ref>Template:Cite newsTemplate:Subscription required</ref> renaming it as the MGM Grand Darwin. MGM announced plans for an Atlantic City casino in July 1996.<ref>Template:Cite newsTemplate:Subscription required</ref> In Michigan, where voters approved casinos in November 1996, MGM made plans for a bid on one of the three available gambling licenses,<ref>Template:Cite newsTemplate:Subscription required</ref> which would eventually be approved and open in July 1999 as the MGM Grand Detroit.<ref>Template:Cite news</ref>

In South Africa, with casino gambling newly authorized, MGM announced plans in August 1996 to develop 15 properties in conjunction with Tsogo Sun.<ref>Template:Cite newsTemplate:Subscription required</ref> The first, a temporary casino in Johannesburg's Sundome, opened in October 1998.<ref>Template:Cite press release</ref> Three more casinos followed before MGM agreed to sell out its interest in the properties to Tsogo Sun in November 2001.<ref>Template:Cite newsTemplate:Subscription required</ref>

Since the initiation of New York-New York, analysts had speculated that MGM Grand or Primadonna would buy out the other's interest in the project.<ref>Template:Cite newsTemplate:Subscription required</ref> Instead of making such a cash-intensive purchase,<ref>Template:Cite news</ref> however, MGM agreed to buy Primadonna outright for $276 million in stock plus $336 million in assumed debt.<ref>Template:Cite news</ref> The merger closed in March 1999,<ref>Template:Cite newsTemplate:Subscription required</ref> giving MGM ownership of three casinos and two golf courses at the Nevada–California state line, in addition to full control of New York-New York.<ref>Template:Cite web</ref>

Mirage Resorts merger (2000)

In February 2000, MGM Grand made an unsolicited offer of $17 a share to buy Mirage Resorts, which had floundered due to disappointing results at its new Beau Rivage and Bellagio resorts.<ref>Template:Cite news</ref> Analysts expected a protracted battle, with Mirage founder Steve Wynn seen as unwilling to give up control but under pressure from institutional investors.<ref>Template:Cite news</ref><ref>Template:Cite newsTemplate:Subscription required</ref> Mirage rejected the offer,<ref>Template:Cite newsTemplate:Subscription required</ref> but Wynn met with Kerkorian the next day and named a price of $21 a share.<ref>Template:Cite newsTemplate:Subscription required</ref> The companies agreed on the higher price, for a total of $4.4 billion plus $2 billion in assumed debt.<ref>Template:Cite newsTemplate:Subscription required</ref> The merger closed in May 2000,<ref>Template:Cite newsTemplate:Subscription required</ref> giving MGM ownership of the Mirage, Treasure Island, Bellagio, Boardwalk, and Golden Nugget casinos in Las Vegas, the Golden Nugget in Laughlin, and the Beau Rivage in Mississippi, and a half share of the Monte Carlo. The company changed its name to MGM Mirage in August 2000.<ref>Template:Cite newsTemplate:Subscription required</ref> Mirage had also owned a half stake in the Borgata, a planned casino in Atlantic City, in a joint venture managed by Boyd Gaming.<ref>Template:Cite news</ref> Work on the Borgata continued apace, and it would open in July 2003.<ref>Template:Cite news</ref>

Stalled developments (2001–2004)

In 2001 and 2002, following the merger with Mirage, the company explored options for its next major development project, including in the Las Vegas, Atlantic City, Chicago, and Macau markets.<ref>Template:Cite newsTemplate:Subscription required</ref> The 55-acre site of the Boardwalk casino on the Las Vegas Strip was earmarked for a technologically advanced megaresort targeting a Generation X demographic.<ref>Template:Cite newsTemplate:Subscription required</ref> In Atlantic City, MGM shifted focus from its previously announced boardwalk site to a proposed billion-dollar hotel and casino on a 55-acre tract adjacent to the Borgata, where Wynn had planned to build the Le Jardin casino.<ref>Template:Cite newsTemplate:Subscription required</ref><ref>Template:Cite newsTemplate:Subscription required</ref> In the Chicago market, MGM agreed to pay $600 million to buy the unfinished Emerald Casino in Rosemont, Illinois, whose investors had been accused of ties to organized crime.<ref>Template:Cite newsTemplate:Subscription required</ref> The deal was rejected, however, by state gambling regulators,<ref>Template:Cite newsTemplate:Subscription required</ref> and MGM then backed off its effort, saying that Illinois's casino tax was too high.<ref>Template:Cite news</ref> In Macau, where Stanley Ho's 40-year government-granted monopoly on gambling was coming to an end, MGM submitted a bid for one of three available gambling concessions,<ref>Template:Cite newsTemplate:Subscription required</ref> but it was not selected, losing out to Ho, Las Vegas Sands, and Wynn Resorts.<ref>Template:Cite news</ref>

MGM made moves into the United Kingdom market after a 2001 government report called for loosening of the country's gambling regulations.<ref name=benston>Template:Cite newsTemplate:Subscription required</ref> It opened an online casino, playmgmmirage.com, licensed in the Isle of Man, a British dependency,<ref>Template:Cite newsTemplate:Subscription required</ref> and it applied for a license to run an online sports betting site in the U.K.<ref>Template:Cite newsTemplate:Subscription required</ref> It acquired a twenty-five percent stake in a company developing the small Triangle Casino in Bristol,<ref name=benston /> which went on to open its doors in February 2004.<ref>Template:Cite newsTemplate:Subscription required</ref> It inked deals to build casinos at the Olympia Exhibition Centre in London,<ref>Template:Cite newsTemplate:Subscription required</ref> St James' Park in Newcastle,<ref>Template:Cite newsTemplate:Subscription required</ref> Meadowhall Shopping Centre in Sheffield,<ref>Template:Cite news</ref> the National Exhibition Centre in Birmingham,<ref>Template:Cite newsTemplate:Subscription required</ref> Sportcity in Manchester, Glasgow Harbour, King's Waterfront in Liverpool, and at a proposed stadium in Salford.<ref>Template:Cite newsTemplate:Subscription required</ref> The company also signed a $490-million deal to acquire Wembley plc, owner of seven greyhound tracks in Britain and four in the United States.<ref>Template:Cite news</ref>

The British expansion plans ultimately amounted to nothing. MGM closed its online casino after less than two years, citing uncertainty in American regulations and competition from established British brands.<ref>Template:Cite newsTemplate:Subscription required</ref> The Wembley acquisition turned into a bidding war, with MGM finally losing out to an investors group including Kerzner International.<ref>Template:Cite newsTemplate:Subscription required</ref> The Triangle Casino was sold off to Stanley Leisure in 2006.<ref>Template:Cite newsTemplate:Subscription required</ref> The company's other development plans were scuttled as the government scaled down, and eventually abandoned, the plan to allow large "super-casinos".<ref>Template:Cite newsTemplate:Subscription required</ref><ref>Template:Cite newsTemplate:Subscription required</ref>

In 2004, the company disposed of some of its smaller properties, selling the two Golden Nugget casinos (Golden Nugget Las Vegas and Golden Nugget Laughlin) to Poster Financial Group for $215 million,<ref>Template:Cite news</ref> and the MGM Grand Darwin to Skycity Entertainment for $140 million.<ref>Template:Cite press release</ref>

Mandalay merger (2004–2005)

MGM entered into quiet merger talks with Mandalay Resort Group in early 2004.<ref name=mylchreest>Template:Cite newsTemplate:Subscription required</ref> The potential acquisition would give MGM control of more than half the hotel rooms on the Las Vegas Strip.<ref name=binkley>Template:Cite newsTemplate:Subscription required</ref> Mandalay assets attractive to MGM included low-end casinos like Excalibur and Circus Circus to broaden MGM's "high roller" appeal;<ref>Template:Cite newsTemplate:Subscription required</ref> the Mandalay Bay Convention Center, which would allow MGM to compete directly with the Sands Expo center in the convention market;<ref name=binkley /> and at least two prime developable sites on the Strip.<ref>Template:Cite news</ref> The talks went public in June, when MGM announced an offer worth $7.65 billion.<ref name=fizzle>Template:Cite newsTemplate:Subscription required</ref> Mandalay rejected that offer because of a clause allowing MGM to back out if antitrust regulators demanded the sale of any properties.<ref name=fizzle /> Analysts speculated that another bidder such as Harrah's or Boyd might enter, but none did,<ref name=mylchreest /> and MGM and Mandalay soon agreed on a $7.9 billion deal.<ref>Template:Cite newsTemplate:Subscription required</ref>

MGM executives were confident that antitrust regulators would not require the sale of any of the two companies' properties.<ref>Template:Cite news</ref> Michigan law, however, forbade one company from owning multiple casinos, requiring the sale of either the MGM Grand Detroit or Mandalay's 54 percent stake in the MotorCity Casino.<ref>Template:Cite newsTemplate:Subscription required</ref> After some vacillation about which property to sell,<ref>Template:Cite newsTemplate:Subscription required</ref> Mandalay accepted a $525-million offer for its interest in MotorCity from Marian Ilitch, the casino's second largest shareholder.<ref>Template:Cite newsTemplate:Subscription required</ref> Meanwhile, in Illinois, where MGM needed regulatory approval to take over Mandalay's 50 percent interest in the Grand Victoria Casino, a lack of quorum on the state Gaming Board threatened to delay the merger.<ref>Template:Cite news</ref> MGM considered a sale to the casino's other owner, the Pritzker family,<ref>Template:Cite news</ref> but ultimately gained approval for a plan to place the property under control of a trustee until completion of the licensing process.<ref>Template:Cite newsTemplate:Subscription required</ref> The FTC approved the merger as predicted,<ref>Template:Cite news</ref> and MGM obtained a $7 billion line of credit to finance it.<ref>Template:Cite newsTemplate:Subscription required</ref> The sale closed on April 25, 2005 for a total of $7.9 billion, including $3 billion in assumed debt.<ref name=smith>Template:Cite newsTemplate:Subscription required</ref>

The Mandalay acquisition made MGM Mirage the largest gambling company in the world,<ref name=smith /> but it was surpassed just two months later when Harrah's Entertainment acquired Caesars Entertainment<ref>Template:Cite newsTemplate:Subscription required</ref> in a deal that had been spurred on by news of the MGM-Mandalay merger.<ref>Template:Cite newsTemplate:Subscription required</ref>

Later developments (2004–2006)

File:MGM Mirage Corporate Support Center.jpg
MGM Mirage's Corporate Support Center in Paradise, Nevada

Despite MGM's initial failure to win a gambling concession in Macau, the company had remained interested in the burgeoning gambling market. Rumors of a possible partnership with Stanley Ho were reported in 2003,<ref>Template:Cite newsTemplate:Subscription required</ref> but Nevada gambling regulators informally vetoed the idea because of the alleged involvement of organized crime triads in his casinos.<ref>Template:Cite newsTemplate:Subscription required</ref> Another possibility emerged when the government allowed the three gaming concessionaires to each sell a sub-concession.<ref>Template:Cite journal</ref> In June 2004, MGM formed a joint venture with Pansy Ho, Stanley's daughter, to develop a casino-hotel under a sub-concession from Stanley.<ref>Template:Cite news</ref> Despite initial concerns about whether Pansy Ho was subject to her father's influence, the Nevada Gaming Commission eventually approved the partnership.<ref>Template:Cite newsTemplate:Subscription required</ref> Construction of the MGM Grand Macau began in June 2005.<ref>Template:Cite newsTemplate:Subscription required</ref> The property opened in December 2007, completed at a cost of $1.25 billion.<ref>Template:Cite news</ref>

In 2004, MGM solidified its plans for the Boardwalk site on the Strip, announcing Project CityCenter, an $8-billion high-density project including hotels, condominiums, a casino, and a shopping mall.<ref>Template:Cite news</ref><ref>Template:Cite newsTemplate:Subscription required</ref> The Boardwalk was closed in January 2006 to make way for the redevelopment,<ref>Template:Cite newsTemplate:Subscription required</ref> and CityCenter construction began the following June.<ref>Template:Cite newsTemplate:Subscription required</ref>

Singapore emerged in 2004 as the next major new Asian gambling market, calling for proposals to build two "integrated resort" casinos at Marina Bay and the island of Sentosa.<ref name=mihailovich>Template:Cite newsTemplate:Subscription required</ref> MGM partnered with CapitaLand in an estimated $3 billion<ref>Template:Cite newsTemplate:Subscription required</ref> bid for the Marina Bay site.<ref name=mihailovich /> Their bid advanced to the final stage against three competitors, and was seen as the favorite to win.<ref>Template:Cite newsTemplate:Subscription required</ref> The government awarded the license, however, to Las Vegas Sands, citing its strength in the meetings and conventions sector.<ref>Template:Cite newsTemplate:Subscription required</ref>

In 2007, MGM Mirage disposed of some outlying properties in Southern Nevada. The two Laughlin casinos (the Colorado Belle and Edgewater) were sold for $200 million,<ref>Template:Cite web</ref> the Primm Valley Resorts were sold for $400 million,<ref>Template:Cite news</ref> and the Nevada Landing Hotel and Casino was closed.<ref>Template:Cite web</ref>

Dubai World investment (2007–2009)

On April 19, 2007 the company announced that it planned to purchase a Template:Convert site from Concord Wilshire Partners for $130 million and a Template:Convert 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 Template:Convert site for future development. The Concord site had been the proposed location for the Maxim Casino.<ref>Template:Cite news</ref>

On August 22, 2007, Dubai World said it would buy a 9.5 percent stake in MGM for about $2.4 billion. It would also invest about $2.7 billion to acquire a 50 percent stake in MGM's CityCenter project. Dubai World would pay MGM Mirage an additional $100 million if the project opened on time and on budget. The investment firm would buy 14.2 million shares from MGM Mirage. The firm would also issue a public tender for an additional 14.2 million shares at the same price.<ref>Template:Cite news Template:Dead link</ref>

File:MGM Mirage Logo.svg
Old MGM Mirage logo

In October 2008, MGM Mirage halted a $5 billion Atlantic City project on land next to the Borgata.

At about the same time, New Jersey gambling regulators were evaluating MGM Mirage's suitability to operate casinos in New Jersey, and were unconvinced that MGM Mirage's Macau partner, Pansy Ho, could operate independently from influence of her father, Stanley Ho. The latter was 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 gambling regulations, MGM Mirage decided to divest the highly profitable Borgata in order to continue pursuing the even more lucrative Chinese market.<ref name="AOL1">Asian casino magnate denies organized crime ties Template:Webarchive (AOL)</ref> MGM Mirage subsequently transferred its 50% share in the Borgata to a divestiture trust through which it received all benefit of the ownership. The trust was responsible for selling MGM's interest within 30 months, although MGM had the right to direct the trustee during the first 18 months.<ref>MGM's plan to exit Borgata is approved Philadelphia Inquirer</ref><ref>Template:Cite web</ref><ref>Template:Cite news</ref>

In December 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 for $600 million in cash plus a $175 million promissory note.<ref>Template:Cite news</ref>

In March 2009, Dubai World and Infinity World announced that they had filed a lawsuit in the Delaware Chancery Court seeking to be released from their CityCenter joint venture agreement with MGM Mirage after the company filed its annual report stating that "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."<ref>Template:Cite web</ref><ref>Dubai World Says Unit Files Lawsuit Against MGM Mirage Template:Webarchive (Wall Street Journal)</ref><ref>Template:Cite webTemplate:Dead link</ref>

Starting in April 2009, news reports surfaced that MGM Mirage had hired investment firm Morgan Stanley to assist the company in finding possible buyers for the MGM Grand Detroit and the Beau Rivage.<ref>MGM Mirage Said to Hire Morgan Stanley to Evaluate Casino Bids Template:Webarchive (bloomberg.com)</ref><ref>With Casino Stocks, Traders Know When to Fold 'Em Template:Webarchive (Wall Street Journal)</ref>

Name change and recent years (2010–present)

In June 2010, MGM Mirage changed its name to "MGM Resorts International", to emphasize the brand's global scope and increased non-gambling strategy.<ref name="lvrj1">Template:Cite news</ref><ref>Template:Cite news Template:Dead link</ref>

In May 2011, an initial public offering was held for the MGM Macau property through a new holding company, MGM China. MGM retained a 51 percent interest in the company, with Pansy Ho holding a 29 percent stake, and 20 percent sold to public investors for $1.5 billion.<ref>Template:Cite web</ref> In January 2013, MGM China received government approval to build its second resort in Macau.<ref>Template:Cite news</ref>

In 2013, MGM won state licenses to build a $1-billion resort in National Harbor, Maryland<ref>Template:Cite news</ref><ref>Template:Cite news</ref> and a $950-million resort in downtown Springfield, Massachusetts.<ref name="togetstates">Template:Cite news</ref><ref name="selectswhiting">Template:Cite news</ref><ref name="stutzhoward">Stutz, Howard. "Massachusetts voters approve MGM Resorts' casino plan" Template:Webarchive, "The Las Vegas Review-Journal", Las Vegas, NV. 18 July 2013. Retrieved on 22 May 2014.</ref>

In May 2014, the company broke ground on the $375-million T-Mobile Arena located behind New-New York Hotel and Casino, in partnership with AEG Live.<ref>Rindels, Michelle. "MGM, AEG break ground on Las Vegas Strip arena" Template:Webarchive, "Associated Press", Las Vegas, May 1, 2014. Retrieved 23 May 2014.</ref><ref name="snellalana">Snell, Alan. "Shovels in the ground, confetti in the air" Template:Webarchive, "The Las Vegas Review-Journal", Las Vegas, NV. 1 May 2014. Retrieved on 22 May 2014.</ref> The arena opened on April 6, 2016.<ref name="T Moblie Arena Opening">Template:Cite web</ref>

MGM sold several properties in 2015, including the Railroad Pass Casino,<ref>Template:Cite report</ref><ref>Template:Cite news</ref><ref>Template:Cite news</ref> the Gold Strike,<ref>Template:Cite report</ref><ref>Template:Cite news</ref><ref>Template:Cite news</ref> and properties in Reno (Circus Circus Reno and a 50 percent stake in the Silver Legacy) were sold to Eldorado Resorts for $72.5 million.<ref>Template:Cite news</ref><ref>Template:Cite news</ref>

In April 2016, MGM sold The Shops at Crystals, the high-end mall in CityCenter, to Invesco Real Estate and Simon Property Group for $1.1 billion.<ref>Template:Cite web</ref>

In April 2016, MGM held an initial public offering for MGM Growth Properties (MGP), a new real estate investment trust (REIT) with ownership of ten of the company's casinos; the parent company would continue to operate the casinos under a lease agreement.<ref>Template:Cite news</ref><ref name="hirsch">Template:Cite news</ref> The offering raised $1.05 billion, and left MGM Resorts with 76 percent ownership of the REIT.<ref name="hirsch" /> In June 2016, MGM announced a joint venture with Sydell Group to renovate and rebrand the Monte Carlo as the Park MGM, named after the adjacent dining and entertainment district, The Park, that opened in April 2016.<ref>Template:Cite web</ref> In August 2016, MGM bought out Boyd Gaming's interest in the Borgata for $900 million, and then sold the property to MGP for $1.2 billion and leased it back for $100 million per year.<ref>Template:Cite news</ref><ref>Template:Cite press release</ref>

In 2017, MGM launched two online ventures under the PlayMGM brand: an online sportsbook in Nevada, and an online casino in New Jersey.<ref>Template:Cite news</ref><ref>Template:Cite press release</ref><ref>Template:Cite news</ref> In October 2017, MGM purchased the San Antonio Stars of the Women's National Basketball Association.<ref>Template:Cite news</ref> The team was moved to Mandalay Bay Events Center and began play as the Las Vegas Aces in 2018.<ref>Template:Cite news</ref> In August 2018, MGM and Hyatt sold the Grand Victoria Casino to Eldorado Resorts for $328 million.<ref>Template:Cite news</ref><ref>Template:Cite press release</ref> In January 2019, MGM bought Yonkers Raceway and Empire City Casino in New York from the Rooney family for $850 million, and then immediately sold the land and buildings to MGP for $625 million, and leased them back for $50 million per year.<ref>Template:Cite news</ref><ref name="mgm2019">Template:Cite press release</ref> MGM Resorts is bidding to secure a full casino license for their Empire City Casino which would allow for table games. If awarded a casino license, they will also expand the casino and add new amenities. The community advisory committee voted 5-0 in favor of the proposed development on September 25, 2025. This vote advances MGM’s bid to be considered for a full casino license in New York.<ref>Template:Cite news</ref>

In 2019, MGM sold two resorts on the Las Vegas strip: Bellagio and Circus Circus. They sold their real estate assets of Bellagio to Blackstone Group while selling Circus Circus to Phil Ruffin.<ref>Template:Cite web</ref> In 2020, they sold their real estate assets of MGM Grand and Mandalay Bay to a joint venture between Blackstone and MGP.<ref>Template:Cite web</ref>

In 2021, MGM bought 50% of Dubai World's share of CityCenter and sold the real estate assets of Aria and Vdara to Blackstone<ref>Template:Cite web</ref> and later purchased the operating assets of Cosmopolitan of Las Vegas and later sold the Mirage to Hard Rock International.<ref>Template:Cite web</ref><ref>Template:Cite web</ref> Also in 2021, MGM would sell the Las Vegas Aces to Mark Davis, owner of the Las Vegas Raiders.<ref>Template:Cite web</ref>

MGM is looking to secure a casino license in the United Arab Emirates in order to operate a casino at their upcoming property in Dubai which is set to open in 2028. So far, only Wynn Resorts has secured a gambling license in the country.<ref>MGM CEO Hornbuckle Surprised Company Hasn’t Won UAE Casino License</ref>

Response to the COVID-19 pandemic

In August 2020, MGM cut 18,000 job positions as a result of the effects of the COVID-19 pandemic. The job cuts represent one fourth of its workforce, which before the start of the pandemic was 68,000.<ref>Template:Cite news</ref>

Attempts to block tribal casino developments

MGM lobbied the Trump administration against giving federal approval for a casino operated by two native tribes in East Windsor, Connecticut.<ref name=":0">Template:Cite news</ref> The casino would have provided competition to a MGM casino across the border in Massachusetts.<ref name=":0" />

Marriott partnership

In July 2023, MGM Resorts announced an agreement with Marriott International to bring its 17 properties within Marriott's global reservations system and its Bonvoy loyalty program, creating the MGM Collection With Marriott Bonvoy.<ref>Template:Cite web</ref> The new partnership will see four of MGM's properties fully affiliated with Marriott brands beginning in late 2023.<ref>Template:Cite web</ref> The Bellagio will join The Luxury Collection division of Marriott, the Park MGM will join Marriott's Tribute Portfolio, and the Aria will join Marriott's Autograph Collection, which The Cosmopolitan has been a member of since its opening.<ref>Template:Cite web</ref>

Cybersecurity attack

Template:See also In September 2023, MGM's hotel and casino operations were disrupted for several days during a cybersecurity attack by the hacking group Scattered Spider.<ref>Template:Cite news</ref> The company refused to pay a ransom to the hackers, and stated that its losses of $100 million would be covered by cyber insurance.<ref>Template:Cite news</ref> As a result of the cyberattack, multiple class action lawsuits were filed against MGM Resorts as well as Caesars Entertainment, which Scattered Spider had hacked into during the same month, with all stating that the failure for both of the casino operators to adequately secure their data constituted breach of contract.<ref>Template:Cite web</ref><ref>Template:Cite web</ref>

Escape Solar + Storage

In September 2024, the company contracted with Escape Solar for the Escape Solar + Storage project, to be operated by Estuary Power.<ref>Template:Cite web</ref> The $340 million solar facility will help power Las Vegas Strip casinos, with more than 60% of its battery energy storage planned for MGM Resorts International casinos.<ref>Template:Cite web</ref>

MGM Osaka

In April 2025, MGM Resorts broke ground on MGM Osaka, which will be the first integrated resort and casino in Japan. It is set to open in 2030.<ref>MGM Osaka Breaks Ground on $8.9 Billion Resort, Japan's First Casino</ref>

NGCB fine

Nevada Gaming Control Board (NGCB) unanimously voted, on April 24, 2025, to levy a fine of $8.5 million on the company for having allowed two illegal bookmakers to gamble at MGM Grand and The Cosmopolitan. The investigation implicated former MGM Grand president Scott Sibella, as facilitating the fraud, between 2017 and 2020.<ref>Template:Cite web</ref> Sibella's gambling license was revoked by the Nevada Gaming Commission on December 19, 2024.<ref>Template:Cite web</ref>

MGM Hospitality

In 2007, MGM Hospitality was established to operate hotels, resorts and residences in key destinations around the globe using the brands of Bellagio, MGM Grand and Skylofts.<ref>Milligan, Michael, "MGM Mirage forms subsidiary to develop luxury hotels" Template:Webarchive, "Travel Weekly", May 29, 2007. Retrieved 14 May 2014.</ref>

In 2009, the company formed Diaoyutai MGM Hospitality, a joint venture with Diaoyutai State Guesthouse of China (the Chinese Foreign Ministry's venue for VIPs) which develops and operates 5-star hotels and resorts in China.<ref>Ti, Zhuan. "Diaoyutai MGM Hospitality Expands Presence in China" Template:Webarchive, "China Daily", July 22, 2013. Retrieved 14 May 2014.</ref>

In April 2013, Hakkasan Las Vegas at the MGM Grand opened its 80,000-square-foot venue on five levels.<ref>Template:Cite news</ref> In 2014, MGM and Hakkasan Group announced the formation of a joint venture named MGM Hakkasan Hospitality, which would develop non-gambling hotels around the world.<ref>Mac, Ryan. "MGM Joins Venture with Hakkasan to Build Non-Gaming Hotels Worldwide" Template:Webarchive "Forbes", April 15, 2014. Retrieved 14 May 2014.</ref> The partnership was terminated a year later.<ref>Template:Cite report</ref>

BetMGM

File:Bet MGM advertisement at Chicago Union Station - June 2022 - Sarah Stierch.jpg
BetMGM advertising at Chicago Union Station in June 2022.

Following the U.S. Supreme Court's May 2018 ruling that struck down the PASPA sports betting ban, in July 2018, MGM announced a 50/50 joint venture with UK gambling operator GVC Holdings (now known as Entain) to create a sports betting and online gambling platform targeting the U.S. market in states where such activities are legal.<ref>Template:Cite press release</ref> In January 2019, the joint venture was named Roar Digital.<ref>Template:Cite web</ref>

In September 2019, the company announced a partnership with sports bar chain restaurant Buffalo Wild Wings. The partnership will involve Buffalo Wild Wings sports bars across the country showcasing custom sportsbook content on TV screens inside the bars, featuring live odds provided by BetMGM, as well as the establishment of three new Buffalo Wild Wings sports bars within MGM properties or in partnership with BetMGM as additional states come online. At the end of October 2019, the company established a betting partnership with Yahoo Sports to connect its sports betting online platform to the popular sports website.<ref>Template:Cite web</ref><ref name="BusinessWire">Template:Cite web</ref>

In late 2018, BetMGM signed official partnerships with several North American professional sports leagues, including the National Basketball Association,<ref>Template:Cite web</ref> the National Hockey League,<ref>Template:Cite web</ref> and Major League Baseball.<ref>Template:Cite web</ref> In July 2020, BetMGM announced a partnership with the Denver Broncos of the National Football League.<ref>Template:Cite web</ref> BetMGM would follow this deal with multiple betting partnerships with other NFL teams, including the Detroit Lions,<ref>Template:Cite web</ref> Las Vegas Raiders,<ref>Template:Cite news</ref> Tennessee Titans,<ref>Template:Cite web</ref> and Pittsburgh Steelers.<ref>Template:Cite web</ref> In late 2020 through early 2021, BetMGM continued to develop its partnership library with other teams in other leagues, including the Detroit Red Wings of the NHL,<ref>Template:Cite web</ref> Washington Nationals of MLB,<ref>Template:Cite web</ref> and Philadelphia 76ers of the NBA,<ref>Template:Cite web</ref> as well as with other business ventures like TopGolf<ref>Template:Cite web</ref> to extend the company's brand image to new bettors in operating markets. In May 2021, BetMGM signed a deal with the Baltimore Ravens to become the official gaming partner of the NFL team.<ref>Template:Cite web</ref>

In November 2021, BetMGM, along with 8 other sports gambling operators, were awarded sports betting licenses by the New York State Gaming Commission. New York will be the largest sports gambling market in the United States when operators launch their applications in 2022.<ref>Template:Cite web</ref> Additionally, on the same day, BetMGM agreed to a multi-year marketing partnership with Madison Square Garden Sports and will become an official sports gambling sponsor for both the New York Knicks of the NBA and New York Rangers of the NHL.<ref>Template:Cite web</ref>

In 2021, BetMGM became a sponsor for the NASCAR Cup Series team Richard Childress Racing, serving as the main sponsor for the No.8 car of Kyle Busch for select races.<ref>Template:Cite web</ref> In 2024, BetMGM and RCR announced that they had renewed their agreement.<ref>Template:Cite web</ref> Also in 2024, BetMGM became the title sponsor of the NASCAR Xfinity Series spring race at Charlotte Motor Speedway.<ref>Template:Cite web</ref>

In September 2022, BetMGM entered into a naming rights agreement with NJ Transit to becoming the naming sponsor of the Meadowlands Rail Line for $3 million over the next 3 years.<ref>Template:Cite web</ref> The rail line is a special event shuttle train that offers rail service to and from MetLife Stadium only during New York Giants and New York Jets home football games, as well as major concerts and other sporting events.

In January 2024, it was announced that BetMGM would become the new title sponsor of the PDC Premier League Darts for the 2024 season.<ref>Template:Cite web</ref>

In January 2024, BetMGM became a partner for X (formerly Twitter), this partnership would bring gambling features to the platform.<ref>Template:Cite web</ref>

In July 2024, BetMGM announced they were partnering with English Premier League football club Tottenham Hotspur to become the sponsor for their training kit starting with the 2024-25 season.<ref>Template:Cite web</ref>

MGM Resorts International properties

All U.S. properties (excluding golf courses and where otherwise indicated) are fully owned by Vici Properties and operated by MGM through a long-term triple net lease agreement.<ref>Template:Cite press release</ref>

Las Vegas Strip

Other properties in the U.S.

China

Japan

United Arab Emirates

Former properties

MGM International Aviation

File:N730MM MGM Mirage Embraer Lineage 1000 (ERJ-190-100 ECJ) serial 19000632 (27357157631).jpg
An MGM Embraer Lineage 1000

The MGM Resorts International Aviation fleet comprises five aircraft (as of March 2020):<ref>Template:Cite web</ref>

MGM Mirage Aviation Fleet
Aircraft In fleet Orders Notes
Cessna Citation Sovereign 1 – Acquired through MGM's remaining 50% ownership of Borgata
Embraer Legacy 500 2 –
Embraer Lineage 1000 2 –
Gulfstream G650 1 –
Total 6

Staff and management

The company's top executives include: James Murren, chairman and chief executive officer; Bill Hornbuckle, president of global casino marketing; Brian Sandoval, president of global gambling development; Corey I. Sanders, chief operating officer; and John McManus, executive vice president, general counsel and secretary.<ref>Template:Cite web</ref><ref>Template:Cite web</ref><ref>Template:Cite web</ref><ref>Template:Cite web</ref>

As of 2015, according to the company, among the company's management ranks, more than 38 percent are minorities and nearly 43 percent are women.<ref>Template:Cite press release</ref> The company has received wide recognition for its diversity and inclusion initiatives, such as: 40 Best Companies for Diversity (Black Enterprise Magazine),<ref name="blacenterpirse"/> Top 10 Companies for Latinos (DiversityInc Magazine),<ref name="latinsdiveristyinc"/> Best Places to Work for LGBT Equality (Human Rights Campaign Foundation),<ref name="hrcresources"/> Top 10 Regional Companies(DiversityInc)<ref name="diversityimain"/> and Top Corporation for Women's Business Enterprises (Women's Business Enterprise National Council).<ref name="WBENC">Template:Cite web</ref> Fortune magazine named MGM Resorts one of the World's Most Admired Companies in 2017.<ref name="fortunemagazine"/>

Controversy

MGM Resorts International received criticism for filing a lawsuit on July 18, 2018, against survivors and relatives of victims slain in the October 1, 2017 Las Vegas shooting.<ref>Template:Cite news</ref> MGM has claimed that, because it utilized the security services of Contemporary Services Corporation, a vendor certified by the Department of Homeland Security at the time of the October 1 shooting, any proceedings should be held in federal court where MGM is shielded from liability by the Support Anti-Terrorism by Fostering Effective Technologies Act, also known as the Safety Act.<ref>Template:Cite news</ref> MGM said they are insured for $751 million towards the settlement of the lawsuit which MGM believes will be settled in May 2020.<ref>Template:Cite web</ref> Robert Englet, an attorney to some of the survivors, describes the countersuit as an attempt to get a more favorable judge.<ref>Template:Cite news</ref> Brian Claypool, another attorney of the survivors', called the lawsuits a "public relations nightmare".<ref>Template:Cite web</ref> MGM's controversial action prompted a public outcry from survivors of the shooting, family members of the victims, lawmakers, and media members in New York State urging the New York State Gaming Commission to block MGM from completing its $850 million deal to purchase Empire City Casino and Yonkers Raceway in Yonkers, New York, which deal had been scheduled to close in January 2019.<ref>Template:Cite news</ref><ref>Template:Cite news</ref> In October 2019, MGM agreed to pay victims and survivors up to $800 million.<ref>Template:Cite news</ref>

Awards and recognition

The company continues to receive wide recognition for its diversity and inclusion initiatives, such as: 40 Best Companies for Diversity (Black Enterprise Magazine) in 2012,<ref name="blacenterpirse">Template:Cite web</ref> Best Places to Work for LGBT Equality (Human Rights Campaign Foundation) in 2013,<ref name="hrcresources">Template:Cite web "Human Rights Campaign". Retrieved 23 January 2014.</ref> Top 10 Regional Companies (DiversityInc) in 2014,<ref name="diversityimain">Template:Cite web</ref> Top 10 Companies for Latinos (DiversityInc Magazine),<ref name="latinsdiveristyinc">Template:Cite web</ref> and top 100 Companies for MBA Students (Universum Global) in 2014.<ref name="cnnmoney">Template:Cite web</ref> Fortune has named MGM Resorts one of the World's Most Admired Companies.<ref name="fortunemagazine">Template:Cite web</ref>

See also

References

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