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MGM Resorts International

May 19, 2023

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.

MGM Resorts International
MGM Grand hotel on the Las Vegas strip
Formerly
  • Grand Name Co. (1986–1987)
  • MGM Grand Inc. (1987–2000)
  • MGM Mirage (2000–2010)
TypePublic
ISINUS5529531015 
Founded1986; 37 years ago (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) 
1,473,093,000 United States dollar (2022) 
Total assets $33.9 billion (2019)[1]
Total equity $7.7 billion (2019)[1]
Number of employees
74,500 (2020)
SubsidiariesMGM Resorts Vacations
Diaoyutai MGM Hospitality
BetMGM
LeoVegas
Websitewww.mgmresorts.com

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]

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.[13] 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.[14][15] 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.[14] It opened the original MGM Grand Hotel and Casino (now Horseshoe Las Vegas) in 1973.[16] The MGM Grand Reno followed in 1978.[17]

By 1979, the two hotel-casinos accounted for most of MGM's income, and the company announced a plan to split itself in two.[18] 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.[19] Kerkorian held a 47 percent stake in both companies.[19]

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.[20] A deal was reached for Bally Manufacturing to buy the company; the deal closed in April 1986,[21] and the two casinos were renamed under the Bally's brand.[22] 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.[23]

The company now known as MGM Resorts International was formed in 1986 as Grand Name Co.[24] as a subsidiary of Kerkorian's Tracinda Corporation.[25] It was renamed in 1987 as MGM Grand, Inc.[24]

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.[26] 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.[27]

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.[28] Instead, the company acquired the Desert Inn and Sands casinos in February 1988 from Summa Corporation for $167 million.[29] The Sands was sold to Sheldon Adelson's Interface Group for $110 million in April 1989.[30]

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.[31] The Desert Inn site was initially considered as a location for the project,[31] but within weeks the location was finalized as the Marina Hotel and Casino and the Tropicana Country Club,[32] which MGM Grand acquired for $93 million plus $30 million in stock.[33] The company put the Desert Inn up for sale to focus efforts on the new project,[34] but found no outside bidders, and agreed to sell it to Tracinda for $130 million.[35] Construction on the MGM Grand Las Vegas and the MGM Grand Adventures theme park began in October 1991,[36] and the property opened in December 1993 at a final cost of $1 billion.[37] The park permanently closed in 2002 due to a lack of interest.[38]

The company moved its headquarters from Beverly Hills to Las Vegas in July 1992.[39]

During construction of the MGM Grand, the company acquired an option to buy an 18-acre site across the street from the project.[40] 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.[41] A joint venture was formed between the two companies, and construction began in March 1995.[42] Completed at a cost of $460 million, the New York-New York Hotel and Casino opened in January 1997.[43]

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,[44] but came to nothing. In Darwin, Australia, a lucrative market attracting high rollers from Pacific Rim countries,[45] the company considered building a hotel,[46] but instead bought the Diamond Beach Hotel and Casino,[47] renaming it as the MGM Grand Darwin. MGM announced plans for an Atlantic City casino in July 1996.[48] In Michigan, where voters approved casinos in November 1996, MGM made plans for a bid on one of the three available gaming licenses,[49] which would eventually be approved and open in July 1999 as the MGM Grand Detroit.[50]

In South Africa, with casino gambling newly authorized, MGM announced plans in August 1996 to develop 15 properties in conjunction with Tsogo Sun.[51] The first, a temporary casino in Johannesburg's Sundome, opened in October 1998.[52] Three more casinos followed before MGM agreed to sell out its interest in the properties to Tsogo Sun in November 2001.[53]

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.[54] Instead of making such a cash-intensive purchase,[55] however, MGM agreed to buy Primadonna outright for $276 million in stock plus $336 million in assumed debt.[56] The merger closed in March 1999,[57] 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.[58]

Mirage Resorts merger (2000)

In February 2000, MGM Grand made an unsolicited offer of $17 a share to buy Mirage Resorts, which had foundered due to disappointing results at its new Beau Rivage and Bellagio resorts.[59] Analysts expected a protracted battle, with Mirage founder Steve Wynn seen as unwilling to give up control but under pressure from institutional investors.[60][61] Mirage rejected the offer,[62] but Wynn met with Kerkorian the next day and named a price of $21 a share.[63] The companies agreed on the higher price, for a total of $4.4 billion plus $2 billion in assumed debt.[64] The merger closed in May 2000,[65] 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.[66] Mirage had also owned a half stake in the Borgata, a planned casino in Atlantic City, in a joint venture managed by Boyd Gaming.[67] Work on the Borgata continued apace, and it would open in July 2003.[68]

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.[69] 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.[70] 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.[71][72] 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.[73] The deal was rejected, however, by state gaming regulators,[74] and MGM then backed off its effort, saying that Illinois's casino tax was too high.[75] 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 gaming concessions,[76] but it was not selected, losing out to Ho, Las Vegas Sands, and Wynn Resorts.[77]

MGM made moves into the United Kingdom market after a 2001 government report called for loosening of the country's gambling regulations.[78] It opened an online casino, playmgmmirage.com, licensed in the Isle of Man, a British dependency,[79] and it applied for a license to run an online sports betting site in the U.K.[80] It acquired a twenty-five percent stake in a company developing the small Triangle Casino in Bristol,[78] which went on to open its doors in February 2004.[81] It inked deals to build casinos at the Olympia Exhibition Centre in London,[82] St James' Park in Newcastle,[83] Meadowhall Shopping Centre in Sheffield,[84] the National Exhibition Centre in Birmingham,[85] Sportcity in Manchester, Glasgow Harbour, King's Waterfront in Liverpool, and at a proposed stadium in Salford.[86] 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.[87]

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.[88] The Wembley acquisition turned into a bidding war, with MGM finally losing out to an investors group including Kerzner International.[89] The Triangle Casino was sold off to Stanley Leisure in 2006.[90] The company's other development plans were scuttled as the government scaled down, and eventually abandoned, the plan to allow large "super-casinos".[91][92]

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,[93] and the MGM Grand Darwin to Skycity Entertainment for $140 million.[94]

Mandalay merger (2004–2005)

MGM entered into quiet merger talks with Mandalay Resort Group in early 2004.[95] The potential acquisition would give MGM control of more than half the hotel rooms on the Las Vegas Strip.[96] Mandalay assets attractive to MGM included low-end casinos like Excalibur and Circus Circus to broaden MGM's "high roller" appeal;[97] the Mandalay Bay Convention Center, which would allow MGM to compete directly with the Sands Expo center in the convention market;[96] and at least two prime developable sites on the Strip.[98] The talks went public in June, when MGM announced an offer worth $7.65 billion.[99] Mandalay rejected that offer because of a clause allowing MGM to back out if antitrust regulators demanded the sale of any properties.[99] Analysts speculated that another bidder such as Harrah's or Boyd might enter, but none did,[95] and MGM and Mandalay soon agreed on a $7.9 billion deal.[100]

MGM executives were confident that antitrust regulators would not require the sale of any of the two companies' properties.[101] 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.[102] After some vacillation about which property to sell,[103] Mandalay accepted a $525-million offer for its interest in MotorCity from Marian Ilitch, the casino's second largest shareholder.[104] 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.[105] MGM considered a sale to the casino's other owner, the Pritzker family,[106] but ultimately gained approval for a plan to place the property under control of a trustee until completion of the licensing process.[107] The FTC approved the merger as predicted,[108] and MGM obtained a $7 billion line of credit to finance it.[109] The sale closed on April 25, 2005 for a total of $7.9 billion, including $3 billion in assumed debt.[110]

The Mandalay acquisition made MGM Mirage the largest gaming company in the world,[110] but it was surpassed just two months later when Harrah's Entertainment acquired Caesars Entertainment[111] in a deal that had been spurred on by news of the MGM-Mandalay merger.[112]

Later developments (2004–2006)

 
MGM Mirage's Corporate Support Center in Paradise, Nevada

Despite MGM's initial failure to win a gaming concession in Macau, the company had remained interested in the burgeoning gaming market. Rumors of a possible partnership with Stanley Ho were reported in 2003,[113] but Nevada gaming regulators informally vetoed the idea because of the alleged involvement of organized crime triads in his casinos.[114] Another possibility emerged when the government allowed the three gaming concessionaires to each sell a sub-concession.[115] 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.[116] Despite initial concerns about whether Pansy Ho was subject to her father's influence, the Nevada Gaming Commission eventually approved the partnership.[117] Construction of the MGM Grand Macau began in June 2005.[118] The property opened in December 2007, completed at a cost of $1.25 billion.[119]

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.[120][121] The Boardwalk was closed in January 2006 to make way for the redevelopment,[122] and CityCenter construction began the following June.[123]

Singapore emerged in 2004 as the next major new Asian gaming market, calling for proposals to build two "integrated resort" casinos at Marina Bay and the island of Sentosa.[124] MGM partnered with CapitaLand in an estimated $3 billion[125] bid for the Marina Bay site.[124] Their bid advanced to the final stage against three competitors, and was seen as the favorite to win.[126] The government awarded the license, however, to Las Vegas Sands, citing its strength in the meetings and conventions sector.[127]

On April 25, 2006, MGM Mirage announced with Foxwoods Resort and Casino a joint partnership in developing an expansion plan at Foxwoods that will include a casino using the MGM Grand brand.[128] On October 16, 2006, MGM Mirage announced that it planned to sell its properties in Laughlin (Colorado Belle Hotel & Casino and Edgewater Hotel and Casino) to a partnership of Anthony Marnell III and Sher Gaming. The sale price was $200 million.[129] The sale closed on June 1, 2007.[citation needed] On October 31, 2006, MGM Mirage announced plans to sell Primm Valley Resorts to Herbst Gaming for $400 million. The proposed sale would not include the Primm Valley Golf Club.[130] The sale closed on April 10, 2007.[citation needed]

The Nevada Landing Hotel and Casino closed a month earlier than planned on March 20, 2007.[131]

Dubai World investment (2007–2009)

On April 19, 2007 the company announced that it planned to purchase a 7.6-acre (31,000 m2) site from Concord Wilshire Partners for $130 million and a 25.8-acre (104,000 m2) 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 68-acre (280,000 m2) site for future development. The Concord site had been the proposed location for the Maxim Casino.[132]

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.[133]

 
Old MGM Mirage logo

On October 29, 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 gaming regulations, MGM Mirage decided to divest the highly profitable Borgata in order to continue pursuing the even more lucrative Chinese market.[134] 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.[135][136][137]

On December 16, 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.[138]

On March 23, 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."[139][140][141]

Starting on April 6, 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.[142][143]

Name change and recent years (2010–present)

On June 15, 2010, shareholders approved a name change from MGM Mirage to "MGM Resorts International", to emphasize the brand's global scope and increased non-gaming strategy.[144][145]

In April 2011 an initial public offering was announced for the MGM Macau property. Under the agreement, Pansy Ho would receive a 29 percent stake in the company, MGM China Holdings Ltd, which was created as a listing vehicle for the IPO. MGM Resorts would hold 51 percent and the public would receive 20 percent. MGM China raised $1.5 billion from its IPO on the Hong Kong Stock Exchange.[146] In January 2013, MGM China received government approval to build its second resort in Macau.[147] In 2013, MGM won state licenses to build a $1-billion resort in National Harbor, Maryland[148][149] and a $950-million resort in downtown Springfield, Massachusetts.[150][151][152] In May 2014, MGM broke ground on a $375-million arena on the Las Vegas Strip with sports and entertainment company AEG.[153]

In 2013, Foxwoods and MGM ended their relationship, and the MGM Grand at Foxwoods was renamed the Fox Tower.[154] On May 1, 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.[155] The arena opened on April 6, 2016.[156] In September 2014, MGM purchased the naming rights for a new baseball stadium in Biloxi, resulting in MGM Park.[157] That same year, the Massachusetts Gaming Commission approved a license for MGM Springfield, an $800-million project.[158]

MGM sold several properties in 2015, including the Railroad Pass Casino,[159][160][161] the Gold Strike,[162][163][164] 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.[165][166]

In April 2016, MGM sold The Shops at Crystals, a high-end mall attached to CityCenter. MGM sold the mall to Invesco Real Estate and Simon Property Group for $1.1B. Notable tentants included Louis Vuitton, Gucci, Dolce & Gabbana, Tom Ford, Prada, Fendi and Tiffany & Co.[167]

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.[168][169] The offering raised $1.05 billion, and left MGM Resorts with 76 percent ownership of the REIT.[169] 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.[170] 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.[171][172]

In 2017, MGM launched two online ventures under the PlayMGM brand: an online sportsbook in Nevada, and an online casino in New Jersey.[173][174][175] In October 2017, MGM purchased the San Antonio Stars of the Women's National Basketball Association.[176] The team was moved to Mandalay Bay Events Center and began play as the Las Vegas Aces in 2018.[177] In August 2018, MGM and Hyatt sold the Grand Victoria Casino to Eldorado Resorts for $328 million.[178][179] 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.[180][181]

In 2018, MGM Resorts signed a gaming partnership with NFL team the New York Jets.[182]

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.[183] In 2020, they sold their real estate assets of MGM Grand and Mandalay Bay to a joint venture between Blackstone and mgm growth properties.[184]

in 2021, they bought 50% of Dubai world’s share of city center and sold the real estate assets of Aria and Vdara to Blackstone[185] and later purchased the operating assets of Cosmopolitan of Las Vegas and later sold the Mirage to Hard Rock International.[186][187]

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.[188]

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.[189] The casino would have provided competition to a MGM casino across the border in Massachusetts.[189]

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.[190]

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.[191]

In 2014, MGM and Hakkasan Group announced the formation of a joint venture named MGM Hakkasan Hospitality, which would develop non-gaming hotels around the world.[192] The partnership was terminated a year later.[193]

BetMGM

 
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 gaming platform targeting the U.S. market in states where such activities are legal.[194] In January 2019, the joint venture was named Roar Digital.[195] Additionally with the move into sports betting MGM announced official partnerships with several North American professional sports leagues, including the National Basketball Association,[196] the National Hockey League,[197] and Major League Baseball.[198]

In September of the same year, 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.[199] 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 fantasy sports platform.[200]

In addition to the company's partnerships with leagues, on July 9, 2020, BetMGM announced an exclusive betting partnership with the Denver Broncos of the National Football League.[201] BetMGM would follow this deal with multiple betting partnerships with other NFL teams, including the Detroit Lions,[202] Las Vegas Raiders,[203] Tennessee Titans,[204] and Pittsburgh Steelers.[205] 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,[206] Washington Nationals of MLB,[207] and Philadelphia 76ers of the NBA,[208] as well as with other business ventures like TopGolf[209] 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.[210]

On November 8, 2021, BetMGM, along with 8 other sports gaming operators, were awarded sports betting licenses by the New York State Gaming Commission. New York will be the largest sports gaming market in the United States when operators launch their applications in 2022.[211] Additionally, on the same day, BetMGM agreed to a multi-year marketing partnership with Madison Square Garden Sports and will become an official sports gaming sponsor for both the New York Knicks of the NBA and New York Rangers of the NHL.[212]

On September 14, 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.[213] 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.

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.[214]

Las Vegas Strip

China

Other properties

Golf courses

Former properties

MGM International Aviation

The MGM Resorts International Aviation fleet comprises five aircraft (as of March 2020):[221]

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 5

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.[222][223][224][225]

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.[226] The company has received wide recognition for its diversity and inclusion initiatives, such as: 40 Best Companies for Diversity (Black Enterprise Magazine),[227] Top 10 Companies for Latinos (DiversityInc Magazine),[228] Best Places to Work for LGBT Equality (Human Rights Campaign Foundation),[229] Top 10 Regional Companies(DiversityInc)[230] and Top Corporation for Women's Business Enterprises (Women's Business Enterprise National Council).[231] Fortune magazine named MGM Resorts one of the World's Most Admired Companies in 2017.[232]

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.[233] 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.[234] MGM said they are insured for $751 million towards the settlement of the lawsuit which MGM believes will be settled in May 2020.[235] Robert Englet, an attorney to some of the survivors, describes the countersuit as an attempt to get a more favorable judge.[236] Brian Claypool, another attorney of the survivors', called the lawsuits a “public relations nightmare”.[237] 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.[238][239] In October 2019, MGM agreed to pay victims and survivors up to $800 million.[240]

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,[227] Best Places to Work for LGBT Equality (Human Rights Campaign Foundation) in 2013,[229] Top 10 Regional Companies (DiversityInc) in 2014,[230] Top 10 Companies for Latinos (DiversityInc Magazine),[228] and top 100 Companies for MBA Students (Universum Global) in 2014.[241] Fortune has named MGM Resorts one of the World's Most Admired Companies.[232]

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May 19, 2023
resorts, international, american, global, hospitality, entertainment, company, operating, destination, resorts, vegas, massachusetts, michigan, mississippi, maryland, ohio, jersey, including, bellagio, mandalay, grand, park, grand, hotel, vegas, stripformerlyg. 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 MGM Resorts InternationalMGM Grand hotel on the Las Vegas stripFormerlyGrand Name Co 1986 1987 MGM Grand Inc 1987 2000 MGM Mirage 2000 2010 TypePublicTraded asNYSE MGMS amp P 500 componentISINUS5529531015 Founded1986 37 years ago 1986 FounderKirk KerkorianHeadquartersParadise Nevada U S Key peopleBill Hornbuckle acting CEO and president Paul Salem chairman ProductsCasinosHotels Entertainment ResortsRevenue 12 899 billion 2019 1 Operating income1 439 372 000 United States dollar 2022 Net income1 473 093 000 United States dollar 2022 Total assets 33 9 billion 2019 1 Total equity 7 7 billion 2019 1 Number of employees74 500 2020 SubsidiariesMGM Resorts VacationsDiaoyutai MGM HospitalityBetMGMLeoVegasWebsitewww wbr mgmresorts wbr comThe 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 Contents 1 History 1 1 Background and early ventures 1969 1988 1 2 First casino developments 1989 1999 1 3 Mirage Resorts merger 2000 1 4 Stalled developments 2001 2004 1 5 Mandalay merger 2004 2005 1 6 Later developments 2004 2006 1 7 Dubai World investment 2007 2009 1 8 Name change and recent years 2010 present 1 8 1 Response to the COVID 19 pandemic 1 8 2 Attempts to block tribal casino developments 2 MGM Hospitality 3 BetMGM 4 MGM Resorts International properties 4 1 Las Vegas Strip 4 2 China 4 3 Other properties 4 4 Golf courses 4 5 Former properties 5 MGM International Aviation 6 Staff and management 7 Controversy 8 Awards and recognition 9 References 10 External linksHistory EditBackground and early ventures 1969 1988 Edit 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 13 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 14 15 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 14 It opened the original MGM Grand Hotel and Casino now Horseshoe Las Vegas in 1973 16 The MGM Grand Reno followed in 1978 17 By 1979 the two hotel casinos accounted for most of MGM s income and the company announced a plan to split itself in two 18 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 19 Kerkorian held a 47 percent stake in both companies 19 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 20 A deal was reached for Bally Manufacturing to buy the company the deal closed in April 1986 21 and the two casinos were renamed under the Bally s brand 22 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 23 The company now known as MGM Resorts International was formed in 1986 as Grand Name Co 24 as a subsidiary of Kerkorian s Tracinda Corporation 25 It was renamed in 1987 as MGM Grand Inc 24 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 26 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 27 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 28 Instead the company acquired the Desert Inn and Sands casinos in February 1988 from Summa Corporation for 167 million 29 The Sands was sold to Sheldon Adelson s Interface Group for 110 million in April 1989 30 First casino developments 1989 1999 Edit In September 1989 the company announced plans for a 700 million Hollywood themed complex including a 4 000 room hotel and a theme park 31 The Desert Inn site was initially considered as a location for the project 31 but within weeks the location was finalized as the Marina Hotel and Casino and the Tropicana Country Club 32 which MGM Grand acquired for 93 million plus 30 million in stock 33 The company put the Desert Inn up for sale to focus efforts on the new project 34 but found no outside bidders and agreed to sell it to Tracinda for 130 million 35 Construction on the MGM Grand Las Vegas and the MGM Grand Adventures theme park began in October 1991 36 and the property opened in December 1993 at a final cost of 1 billion 37 The park permanently closed in 2002 due to a lack of interest 38 The company moved its headquarters from Beverly Hills to Las Vegas in July 1992 39 During construction of the MGM Grand the company acquired an option to buy an 18 acre site across the street from the project 40 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 41 A joint venture was formed between the two companies and construction began in March 1995 42 Completed at a cost of 460 million the New York New York Hotel and Casino opened in January 1997 43 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 44 but came to nothing In Darwin Australia a lucrative market attracting high rollers from Pacific Rim countries 45 the company considered building a hotel 46 but instead bought the Diamond Beach Hotel and Casino 47 renaming it as the MGM Grand Darwin MGM announced plans for an Atlantic City casino in July 1996 48 In Michigan where voters approved casinos in November 1996 MGM made plans for a bid on one of the three available gaming licenses 49 which would eventually be approved and open in July 1999 as the MGM Grand Detroit 50 In South Africa with casino gambling newly authorized MGM announced plans in August 1996 to develop 15 properties in conjunction with Tsogo Sun 51 The first a temporary casino in Johannesburg s Sundome opened in October 1998 52 Three more casinos followed before MGM agreed to sell out its interest in the properties to Tsogo Sun in November 2001 53 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 54 Instead of making such a cash intensive purchase 55 however MGM agreed to buy Primadonna outright for 276 million in stock plus 336 million in assumed debt 56 The merger closed in March 1999 57 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 58 Mirage Resorts merger 2000 Edit In February 2000 MGM Grand made an unsolicited offer of 17 a share to buy Mirage Resorts which had foundered due to disappointing results at its new Beau Rivage and Bellagio resorts 59 Analysts expected a protracted battle with Mirage founder Steve Wynn seen as unwilling to give up control but under pressure from institutional investors 60 61 Mirage rejected the offer 62 but Wynn met with Kerkorian the next day and named a price of 21 a share 63 The companies agreed on the higher price for a total of 4 4 billion plus 2 billion in assumed debt 64 The merger closed in May 2000 65 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 66 Mirage had also owned a half stake in the Borgata a planned casino in Atlantic City in a joint venture managed by Boyd Gaming 67 Work on the Borgata continued apace and it would open in July 2003 68 Stalled developments 2001 2004 Edit 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 69 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 70 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 71 72 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 73 The deal was rejected however by state gaming regulators 74 and MGM then backed off its effort saying that Illinois s casino tax was too high 75 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 gaming concessions 76 but it was not selected losing out to Ho Las Vegas Sands and Wynn Resorts 77 MGM made moves into the United Kingdom market after a 2001 government report called for loosening of the country s gambling regulations 78 It opened an online casino playmgmmirage com licensed in the Isle of Man a British dependency 79 and it applied for a license to run an online sports betting site in the U K 80 It acquired a twenty five percent stake in a company developing the small Triangle Casino in Bristol 78 which went on to open its doors in February 2004 81 It inked deals to build casinos at the Olympia Exhibition Centre in London 82 St James Park in Newcastle 83 Meadowhall Shopping Centre in Sheffield 84 the National Exhibition Centre in Birmingham 85 Sportcity in Manchester Glasgow Harbour King s Waterfront in Liverpool and at a proposed stadium in Salford 86 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 87 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 88 The Wembley acquisition turned into a bidding war with MGM finally losing out to an investors group including Kerzner International 89 The Triangle Casino was sold off to Stanley Leisure in 2006 90 The company s other development plans were scuttled as the government scaled down and eventually abandoned the plan to allow large super casinos 91 92 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 93 and the MGM Grand Darwin to Skycity Entertainment for 140 million 94 Mandalay merger 2004 2005 Edit MGM entered into quiet merger talks with Mandalay Resort Group in early 2004 95 The potential acquisition would give MGM control of more than half the hotel rooms on the Las Vegas Strip 96 Mandalay assets attractive to MGM included low end casinos like Excalibur and Circus Circus to broaden MGM s high roller appeal 97 the Mandalay Bay Convention Center which would allow MGM to compete directly with the Sands Expo center in the convention market 96 and at least two prime developable sites on the Strip 98 The talks went public in June when MGM announced an offer worth 7 65 billion 99 Mandalay rejected that offer because of a clause allowing MGM to back out if antitrust regulators demanded the sale of any properties 99 Analysts speculated that another bidder such as Harrah s or Boyd might enter but none did 95 and MGM and Mandalay soon agreed on a 7 9 billion deal 100 MGM executives were confident that antitrust regulators would not require the sale of any of the two companies properties 101 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 102 After some vacillation about which property to sell 103 Mandalay accepted a 525 million offer for its interest in MotorCity from Marian Ilitch the casino s second largest shareholder 104 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 105 MGM considered a sale to the casino s other owner the Pritzker family 106 but ultimately gained approval for a plan to place the property under control of a trustee until completion of the licensing process 107 The FTC approved the merger as predicted 108 and MGM obtained a 7 billion line of credit to finance it 109 The sale closed on April 25 2005 for a total of 7 9 billion including 3 billion in assumed debt 110 The Mandalay acquisition made MGM Mirage the largest gaming company in the world 110 but it was surpassed just two months later when Harrah s Entertainment acquired Caesars Entertainment 111 in a deal that had been spurred on by news of the MGM Mandalay merger 112 Later developments 2004 2006 Edit MGM Mirage s Corporate Support Center in Paradise Nevada Despite MGM s initial failure to win a gaming concession in Macau the company had remained interested in the burgeoning gaming market Rumors of a possible partnership with Stanley Ho were reported in 2003 113 but Nevada gaming regulators informally vetoed the idea because of the alleged involvement of organized crime triads in his casinos 114 Another possibility emerged when the government allowed the three gaming concessionaires to each sell a sub concession 115 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 116 Despite initial concerns about whether Pansy Ho was subject to her father s influence the Nevada Gaming Commission eventually approved the partnership 117 Construction of the MGM Grand Macau began in June 2005 118 The property opened in December 2007 completed at a cost of 1 25 billion 119 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 120 121 The Boardwalk was closed in January 2006 to make way for the redevelopment 122 and CityCenter construction began the following June 123 Singapore emerged in 2004 as the next major new Asian gaming market calling for proposals to build two integrated resort casinos at Marina Bay and the island of Sentosa 124 MGM partnered with CapitaLand in an estimated 3 billion 125 bid for the Marina Bay site 124 Their bid advanced to the final stage against three competitors and was seen as the favorite to win 126 The government awarded the license however to Las Vegas Sands citing its strength in the meetings and conventions sector 127 On April 25 2006 MGM Mirage announced with Foxwoods Resort and Casino a joint partnership in developing an expansion plan at Foxwoods that will include a casino using the MGM Grand brand 128 On October 16 2006 MGM Mirage announced that it planned to sell its properties in Laughlin Colorado Belle Hotel amp Casino and Edgewater Hotel and Casino to a partnership of Anthony Marnell III and Sher Gaming The sale price was 200 million 129 The sale closed on June 1 2007 citation needed On October 31 2006 MGM Mirage announced plans to sell Primm Valley Resorts to Herbst Gaming for 400 million The proposed sale would not include the Primm Valley Golf Club 130 The sale closed on April 10 2007 citation needed The Nevada Landing Hotel and Casino closed a month earlier than planned on March 20 2007 131 Dubai World investment 2007 2009 Edit On April 19 2007 the company announced that it planned to purchase a 7 6 acre 31 000 m2 site from Concord Wilshire Partners for 130 million and a 25 8 acre 104 000 m2 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 68 acre 280 000 m2 site for future development The Concord site had been the proposed location for the Maxim Casino 132 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 133 Old MGM Mirage logo On October 29 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 gaming regulations MGM Mirage decided to divest the highly profitable Borgata in order to continue pursuing the even more lucrative Chinese market 134 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 135 136 137 On December 16 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 138 On March 23 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 139 140 141 Starting on April 6 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 142 143 Name change and recent years 2010 present Edit On June 15 2010 shareholders approved a name change from MGM Mirage to MGM Resorts International to emphasize the brand s global scope and increased non gaming strategy 144 145 In April 2011 an initial public offering was announced for the MGM Macau property Under the agreement Pansy Ho would receive a 29 percent stake in the company MGM China Holdings Ltd which was created as a listing vehicle for the IPO MGM Resorts would hold 51 percent and the public would receive 20 percent MGM China raised 1 5 billion from its IPO on the Hong Kong Stock Exchange 146 In January 2013 MGM China received government approval to build its second resort in Macau 147 In 2013 MGM won state licenses to build a 1 billion resort in National Harbor Maryland 148 149 and a 950 million resort in downtown Springfield Massachusetts 150 151 152 In May 2014 MGM broke ground on a 375 million arena on the Las Vegas Strip with sports and entertainment company AEG 153 In 2013 Foxwoods and MGM ended their relationship and the MGM Grand at Foxwoods was renamed the Fox Tower 154 On May 1 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 155 The arena opened on April 6 2016 156 In September 2014 MGM purchased the naming rights for a new baseball stadium in Biloxi resulting in MGM Park 157 That same year the Massachusetts Gaming Commission approved a license for MGM Springfield an 800 million project 158 MGM sold several properties in 2015 including the Railroad Pass Casino 159 160 161 the Gold Strike 162 163 164 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 165 166 In April 2016 MGM sold The Shops at Crystals a high end mall attached to CityCenter MGM sold the mall to Invesco Real Estate and Simon Property Group for 1 1B Notable tentants included Louis Vuitton Gucci Dolce amp Gabbana Tom Ford Prada Fendi and Tiffany amp Co 167 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 168 169 The offering raised 1 05 billion and left MGM Resorts with 76 percent ownership of the REIT 169 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 170 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 171 172 In 2017 MGM launched two online ventures under the PlayMGM brand an online sportsbook in Nevada and an online casino in New Jersey 173 174 175 In October 2017 MGM purchased the San Antonio Stars of the Women s National Basketball Association 176 The team was moved to Mandalay Bay Events Center and began play as the Las Vegas Aces in 2018 177 In August 2018 MGM and Hyatt sold the Grand Victoria Casino to Eldorado Resorts for 328 million 178 179 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 180 181 In 2018 MGM Resorts signed a gaming partnership with NFL team the New York Jets 182 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 183 In 2020 they sold their real estate assets of MGM Grand and Mandalay Bay to a joint venture between Blackstone and mgm growth properties 184 in 2021 they bought 50 of Dubai world s share of city center and sold the real estate assets of Aria and Vdara to Blackstone 185 and later purchased the operating assets of Cosmopolitan of Las Vegas and later sold the Mirage to Hard Rock International 186 187 Response to the COVID 19 pandemic Edit 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 68 000 188 Attempts to block tribal casino developments Edit MGM lobbied the Trump administration against giving federal approval for a casino operated by two native tribes in East Windsor Connecticut 189 The casino would have provided competition to a MGM casino across the border in Massachusetts 189 MGM Hospitality EditIn 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 190 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 191 In 2014 MGM and Hakkasan Group announced the formation of a joint venture named MGM Hakkasan Hospitality which would develop non gaming hotels around the world 192 The partnership was terminated a year later 193 BetMGM Edit 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 gaming platform targeting the U S market in states where such activities are legal 194 In January 2019 the joint venture was named Roar Digital 195 Additionally with the move into sports betting MGM announced official partnerships with several North American professional sports leagues including the National Basketball Association 196 the National Hockey League 197 and Major League Baseball 198 In September of the same year 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 199 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 fantasy sports platform 200 In addition to the company s partnerships with leagues on July 9 2020 BetMGM announced an exclusive betting partnership with the Denver Broncos of the National Football League 201 BetMGM would follow this deal with multiple betting partnerships with other NFL teams including the Detroit Lions 202 Las Vegas Raiders 203 Tennessee Titans 204 and Pittsburgh Steelers 205 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 206 Washington Nationals of MLB 207 and Philadelphia 76ers of the NBA 208 as well as with other business ventures like TopGolf 209 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 210 On November 8 2021 BetMGM along with 8 other sports gaming operators were awarded sports betting licenses by the New York State Gaming Commission New York will be the largest sports gaming market in the United States when operators launch their applications in 2022 211 Additionally on the same day BetMGM agreed to a multi year marketing partnership with Madison Square Garden Sports and will become an official sports gaming sponsor for both the New York Knicks of the NBA and New York Rangers of the NHL 212 On September 14 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 213 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 MGM Resorts International properties EditAll 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 214 Las Vegas Strip Edit Bellagio leased from The Blackstone Group 215 The Cosmopolitan of Las Vegas leased from Blackstone Cherng Family Trust and Stonepeak Partners 216 CityCenter leased from Blackstone 217 Aria Resort amp Casino Vdara Park MGM New York New York T Mobile Arena 42 5 ownership of building land is leased from Vici 218 MGM Grand Las Vegas MGM Grand Garden Arena Skylofts at MGM Grand The Mansion at MGM Grand The Signature at MGM Grand Excalibur Luxor Mandalay Bay Delano Las Vegas Mandalay Bay Convention Center Michelob Ultra ArenaChina Edit Diaoyutai MGM Hospitality China joint venture with Diaoyutai State Guesthouse 219 Bellagio Shanghai Shanghai Diaoyutai Boutique Hotel Chengdu Chengdu Diaoyutai Hotel Hangzhou Hangzhou MGM Grand Sanya Sanya MGM China Macau China 56 ownership stake 220 MGM Cotai Cotai MGM Macau SeOther properties Edit Beau Rivage Biloxi Mississippi Borgata Atlantic City New Jersey MGM Grand Detroit Detroit Michigan 98 ownership stake MGM National Harbor National Harbor Maryland MGM Northfield Park Northfield Ohio MGM Springfield Springfield Massachusetts Yonkers Raceway amp Empire City Casino Yonkers New YorkGolf courses Edit Dragon Ridge Country Club Las Vegas Nevada Fallen Oak Golf Course Saucier Mississippi Primm Valley Golf Club Nipton California Reflection Bay Golf Course Las Vegas Nevada Shadow Creek Golf Course Las Vegas NevadaFormer properties Edit Boardwalk Hotel and Casino Las Vegas Nevada Circus Circus Las Vegas Adventuredome Slots A Fun Casino Circus Circus Reno Nevada Colorado Belle Laughlin Nevada Desert Inn Edgewater Laughlin Nevada Gold Strike Casino Resort Tunica Resorts Mississippi Gold Strike Hotel and Gambling Hall Jean Nevada Golden Nugget Las Vegas Golden Nugget Laughlin Grand Victoria Casino Elgin Elgin Illinois 50 joint venture with Hyatt Mandarin Oriental Las Vegas MGM Grand Adventures Theme Park MGM Grand Air MGM Grand Darwin Darwin Northern Territory Australia MGM Grand at Foxwoods MGM Grand Ho Tram Strip Xuyen Moc Vietnam The Mirage Nevada Landing Hotel and Casino Jean Nevada Primm Valley Resorts Railroad Pass Henderson Nevada Sands Hotel and Casino Silver Legacy Reno Nevada 50 owner in partnership with Eldorado Resorts The Shops at Crystals Treasure Island Hotel and Casino Las Vegas Nevada Las Vegas Festival Grounds Las Vegas VillageMGM International Aviation Edit An MGM Embraer Lineage 1000 The MGM Resorts International Aviation fleet comprises five aircraft as of March 2020 221 MGM Mirage Aviation Fleet Aircraft In fleet Orders NotesCessna Citation Sovereign 1 Acquired through MGM s remaining 50 ownership of BorgataEmbraer Legacy 500 2 Embraer Lineage 1000 2 Gulfstream G650 1 Total 5Staff and management EditThe 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 222 223 224 225 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 226 The company has received wide recognition for its diversity and inclusion initiatives such as 40 Best Companies for Diversity Black Enterprise Magazine 227 Top 10 Companies for Latinos DiversityInc Magazine 228 Best Places to Work for LGBT Equality Human Rights Campaign Foundation 229 Top 10 Regional Companies DiversityInc 230 and Top Corporation for Women s Business Enterprises Women s Business Enterprise National Council 231 Fortune magazine named MGM Resorts one of the World s Most Admired Companies in 2017 232 Controversy EditMGM 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 233 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 234 MGM said they are insured for 751 million towards the settlement of the lawsuit which MGM believes will be settled in May 2020 235 Robert Englet an attorney to some of the survivors describes the countersuit as an attempt to get a more favorable judge 236 Brian Claypool another attorney of the survivors called the lawsuits a public relations nightmare 237 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 238 239 In October 2019 MGM agreed to pay victims and survivors up to 800 million 240 Awards and recognition EditThe company continues to receive wide recognition for its diversity and inclusion initiatives such as 40 Best Companies for Diversity Black Enterprise Magazine in 2012 227 Best Places to Work for LGBT Equality Human Rights Campaign Foundation in 2013 229 Top 10 Regional Companies DiversityInc in 2014 230 Top 10 Companies for Latinos DiversityInc Magazine 228 and top 100 Companies for MBA Students Universum Global in 2014 241 Fortune has named MGM Resorts one of the World s Most Admired Companies 232 References Edit a b c U S Securities Exchange Commission 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Factiva subscription required Rod Smith June 15 2004 Buyout gets OK Las Vegas Review Journal Archived from the original on June 7 2015 Retrieved April 16 2013 via Factiva subscription required Liz Benston June 15 2004 MGM Mirage cites juggernaut Las Vegas Sun Archived from the original on 2015 10 17 Retrieved 2013 04 21 Joel J Smith June 17 2004 MotorCity Casino to be sold Detroit News Archived from the original on June 8 2015 Retrieved April 21 2013 via Factiva subscription required Howard Stutz December 4 2004 MGM Mirage changes tactics in Detroit Las Vegas Review Journal Archived from the original on June 7 2015 Retrieved April 21 2013 via Factiva subscription required R J King Joel J Smith March 16 2005 Ilitch sews up deal for MotorCity Casino Detroit News Archived from the original on June 7 2015 Retrieved April 21 2013 via Factiva subscription required Liz Benston March 23 2005 MGM Mirage delays closing of Mandalay buyout Las Vegas Sun Archived from the original on 2015 10 17 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Retrieved 2015 07 07 Mike Higdon November 24 2015 It s official Eldorado Resorts buys Circus Circus and Silver Legacy Reno Gazette Journal Archived from the original on 2023 04 27 Retrieved 2018 05 29 1 1 billion sale of Crystals mall has closed VEGAS INC 15 April 2016 Archived from the original on 7 December 2021 Retrieved 3 February 2023 J D Morris October 29 2015 MGM Resorts announces restructuring plan involving 10 properties Vegas Inc Archived from the original on 2015 10 30 Retrieved 2015 10 29 a b Lauren Hirsch April 20 2016 MGM Growth raises 1 05 billion in IPO Las Vegas Review Journal Reuters Archived from the original on 2023 04 27 Retrieved 2016 04 20 Olmsted Larry Bye Bye Monte Carlo Las Vegas Casino Resort Being Replaced Forbes Archived from the original on 2017 09 08 Retrieved 2017 09 04 Heitner Darren MGM Buys Boyd Gaming s Share Of Borgata For 900 Million Forbes Archived from the original on 1 June 2016 Retrieved 2 June 2016 MGM Growth Properties LLC and MGM Resorts 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original on October 27 2018 Retrieved October 27 2018 Oppel Richard A Jr 2019 10 03 MGM Agrees to Pay Las Vegas Shooting Victims Up to 800 Million The New York Times ISSN 0362 4331 Archived from the original on 2020 06 13 Retrieved 2020 05 11 Top MBA Employers 2013 Full list Money cnn com Archived from the original on 4 September 2017 Retrieved 10 September 2017 External links Edit Wikimedia Commons has media related to MGM Resorts International Official website Business data for MGM Resorts International BloombergGoogleReutersSEC filingsYahoo Retrieved from https en wikipedia org w index php title MGM Resorts International amp oldid 1151945550, wikipedia, wiki, book, books, library,

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