MGM Resorts International

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MGM Resorts International

logo
legal form Corporation
ISIN US5529531015
founding 2000
Seat Las Vegas , United States
management James Murren, CEO
Number of employees 80,000
sales $ 2.73 billion
Branch Entertainment, hotel
Website www.mgmresorts.com
Status: 2020

MGM Resorts International is a publicly listed US company that operates hotels and casinos . The company is based in Las Vegas .

history

The company was formed in 2000 from the takeover of the competitor Mirage Resorts owned by Steve Wynn by the casino and hotel operator MGM Grand under the name MGM Mirage. The History of the MGM Grand, in turn, began in 1969 when the US investor Kirk Kerkorian , the Hollywood - movie studio Metro-Goldwyn-Mayer (MGM) majority took over and a little later in Las Vegas under the brand MGM's first casino-hotel, today's MGM Grand Hotel Las Vegas, opened. From this nucleus the company MGM-Grand arose, in which Kerkorian retained the majority of the shares when he sold the film business.

As a result of the takeover of Mirage Resorts, the Bellagio and Mirage casino hotels in Las Vegas came into the possession of the company, which has now been renamed MGM Mirage. Another takeover took place in 2004 . The target was the competitor Mandalay Resort Group, whose portfolio included the casino hotels Mandalay Bay , Luxor and Excalibur in Las Vegas. In 2008 , the Treasure Island casino hotel in Las Vegas was sold.

Today the company is the second largest casino operator in the world after competitor Caesars Entertainment with several locations worldwide.

MGM Mirage logo

On June 15, 2010, the shareholders approved a name change to “MGM Resorts International”. Together with the name, the company changed its business model from a pure casino operation to a greater focus on the real estate market . One example of the realignment is the launch of the CityCenter , a complex of casinos, hotels , condominiums and retail space costing around USD 8.5 billion . The CityCenter is located on 31 hectares on Las Vegas Boulevard between the Monte Carlo and Bellagio casino hotels .

Chief Executive Officer Jim Murren announced in May 2010 that the hedge fund Paulson & Co was now the second largest shareholder in MGM Resorts International with 40 million shares (approx. 9%).

In the course of the COVID-19 pandemic , the group laid off a total of 18,000 employees in August 2020.

Company figures

The company's 2014 revenue was approximately $ 10.1 billion with a loss of $ 0.15 billion. The number of employees worldwide was around 62,000 in 2014.

The share is listed on the New York Stock Exchange under the symbol "MGM".

MGM casinos and hotels

Las Vegas

Statue of Liberty in front of the New York-New York with the MGM Grand Las Vegas in the background
MGM Grand Hotel Macau

In Las Vegas, the nucleus of the company, the following casinos and hotels are currently part of the company's portfolio:

Nevada

  • Silver Legacy Resort Casino, Reno (50% share, remainder at Eldorado Hotel Casino)
  • Railroad Pass, Henderson
  • Nevada Landing Hotel and Casino, Jean
  • Gold Strike Hotel and Gambling Hall, Jean

Rest of USA

  • Gold Strike Resort and Casino, Tunica, Mississippi
  • Grand Victoria, Elgin, Illinois
  • MGM Grand Detroit, Detroit Michigan (98% stake, remainder with Partners Detroit, LLC)
  • Beau Rivage Hotel and Casino, Biloxi, Mississippi
  • MGM Grand, Atlantic City, New Jersey
  • Borgata Hotel / Casino and Spa, Atlantic City New Jersey (50% share through Marina District Development Corporation)
  • MGM Grand at Foxwoods, Foxwoods, Connecticut (shared with the Mashantucket Pequot Tribe)

Worldwide

Individual evidence

  1. ^ A b MGM Resorts International (MGM). Yahoo , accessed February 20, 2020 .
  2. ↑ Liz Benston, Amanda Finnegan: From MGM to Ruffin: Treasure Island changes hands. Las Vegas Sun , March 19, 2009; accessed February 20, 2020 .
  3. ↑ MGM Mirage shareholders approve name change. Las Vegas Review-Journal , June 15, 2010, accessed February 20, 2020 .
  4. ↑ DER SPIEGEL: Casino operator MGM Resorts dismisses 18,000 employees - DER SPIEGEL - Wirtschaft. Retrieved August 28, 2020 .