Jump to content

MGM Resorts International

From Wikipedia, the free encyclopedia

This is an old revision of this page, as edited by 68.104.74.214 (talk) at 05:28, 23 February 2006 (→MGM MIRAGEproperties). The present address (URL) is a permanent link to this revision, which may differ significantly from the current revision.

MGM Mirage
MGM Mirage

MGM MIRAGE NYSE: MGM is a Las Vegas, Nevada-based business engaged in the development, ownership and operation of hotels and casinos throughout the world. The company began operations on May 31, 2000 after the completion of the US$6.4 billion merger of MGM Grand Inc. and Mirage Resorts, Inc.

Billionaire Kirk Kerkorian and his Tracinda Corporation are currently the majority owners of MGM Mirage. Kerkorian was also the former owner of the Metro-Goldwyn-Mayer movie studio, from which the predecessor corporation MGM Grand, Inc. derived its name.

As of 2005, the company owns 831 acres (3.4 km²) of property on the Las Vegas Strip.

History

Before the merger in 2000, MGM Grand had been in operation since the 1960s and Mirage Resorts (formerly Golden Nugget Companies, Inc.) had been in operation since the 1970s.

On January 26, 2004, MGM Mirage completed the sale of its two Golden Nugget casinos -- the Golden Nugget Las Vegas and the Golden Nugget Laughlin. The former, in downtown Las Vegas, was the first casino owned by Steve Wynn, and was the foundation on which he built the MGM Mirage predecessor corporation Mirage Resorts. The Golden Nugget properties were purchased by the Las Vegas-based private investment firm Poster Financial Group, Inc. for approximately $215 million.

On June 4, 2004 MGM Mirage announced a bid to acquire one of its major competitors, Mandalay Resort Group, for $68 per share plus assumption of debt. The ensuing negotiations between the two companies included at one point an announcement that the Mandalay board was rejecting the offer because of antitrust concerns. On June 15, 2004, however, both companies' boards approved a revised offer of $71 per share. The agreement calls for MGM Mirage to pay $4.8 billion and to assume $2.5 billion in debt. The transaction was completed on April 26, 2005 for $7.9 billion.

On June 23, 2004 MGM Mirage completed its $140 million sale of the MGM Grand Darwin to SKYCITY Entertainment Group.

On May 31, 2005 MGM Mirage started construction on the MGM Grand Macau.

Projects

Announced in 2004 was Project City Center on the Las Vegas Strip. This 66 acre (600,000 m²), $7 billion, project on the site of the Boardwalk hotel and adjoining land is planned as a multi use project. It will consist of hotel, casino, condo, retail and other uses on the site. The first elements of this project are expected to be available in 2009.

MGM Mirage properties

All properties are wholly owned by MGM MIRAGE except where indicated.

Retrieved from "https://en.wikipedia.org/w/index.php?title=MGM_Resorts_International&oldid=40819202"