MGM Resorts International – history, company profile (overview) and corporate video
MGM Resorts International is a global gaming and entertainment company headquartered in Paradise, Nevada, United States. It operates national and international locations featuring hotels and casinos, meetings and conference spaces, live and theatrical entertainment experiences, and an extensive array of restaurant, nightlife, and retail offerings.
HISTORY
MGM Resorts International’s origins date back to the late 1960s when an eighth-grade dropout named Kirk Kerkorian bought a controlling stake in the renowned Metro-Goldwyn-Mayer (MGM) movie studio. Kirk Kerkorian became one of the most famous and successful businessmen of his generation and is widely credited as among the early pioneers of Las Vegas.
In 1962, Kerkorian built the International Hotel in 1962 – the largest hotel in the world at that time – whose first two performers were Barbra Streisand and Elvis Presley.
In 1966, he built the MGM Grand Hotel, which surpassed the International Hotel in size and was larger, even, than the Empire State Building.
In 1973, the original MGM Grand Hotel and Casino (now Horseshoe Las Vegas) was opened.
In 1978, the MGM Grand Reno was opened.
In 1980, the Metro-Goldwyn-Mayer film studio was spun off as a new company, while the original company, renamed as MGM Grand Hotels Inc., retained the two hotel casinos.
In 1986, Kerkorian sold MGM Grand Hotels to Bally Manufacturing, and the two casinos were renamed under the Bally’s brand. The terms of the sale allowed Kerkorian to retain rights to the MGM Grand name. He offered the stockholders of MGM Grand Hotels shares in MGM Grand, Inc., a newly formed company that would hold the naming rights.
MGM Grand, Inc. (now known as MGM Resorts International) began operations in 1987.
In 2000, MGM Grand, Inc. acquired Mirage Resorts, forming a new company, named MGM Mirage. The transaction was considered one of the largest of its kind in the gaming industry at that time.
In 2005, MGM Mirage acquired Mandalay Resort Group (formerly Circus Circus Enterprises) and retained the MGM Mirage name.
In 2007, MGM Hospitality was established to operate hotels, resorts and residences in destinations around the globe using the brands of Bellagio, MGM Grand, and Skylofts.
In 2009, the company formed Diaoyutai MGM Hospitality, a joint venture with Diaoyutai State Guesthouse of China, which develops and operates 5-star hotels and resorts in China.
In 2010, MGM Mirage was renamed MGM Resorts International.
In 2011, MGM held an initial public offering for the MGM Macau property through a new holding company, MGM China.
In 2014, MGM and Hakkasan Group announced a joint venture named MGM Hakkasan Hospitality, which would develop non-gaming hotels worldwide.
In April 2016, MGM held an initial public offering for MGM Growth Properties (MGP), a new real estate investment trust (REIT).
In June 2016, MGM announced a joint venture with Sydell Group to renovate and rebrand the Monte Carlo as the Park MGM.
In July 2018, MGM announced a 50/50 joint venture with UK gambling operator GVC Holdings (now known as Entain) to create Roar Digital, a sports betting and online gaming platform targeting the U.S. market.
In 2019, MGM sold the real estate assets of Bellagio to Blackstone Group and Circus Circus to Phil Ruffin.
In September 2019, the company announced a partnership with sports bar chain restaurant Buffalo Wild Wings.
In October 2019, the company formed a betting partnership with Yahoo Sports to connect its sports betting online platform to the Yahoo Sports website.
In 2021, MGM acquired 50% of Dubai World’s share of CityCenter and sold the real estate assets of Aria and Vdara to Blackstone. It later purchased the operating assets of Cosmopolitan of Las Vegas and later sold the Mirage to Hard Rock International.
In 2023, MGM Resorts International announced an agreement with Marriott International to integrate its 17 properties into Marriott’s global reservations system and its Bonvoy loyalty program, creating the MGM Collection With Marriott Bonvoy.
OPERATIONS
- The MGM Resorts portfolio – encompasses hotel and gaming destinations globally, including some of the most recognizable resort brands in the industry.
- BetMGM (a 50/50 venture) – offers U.S. sports betting and online gaming through BetMGM and partypoker brands.
- LeoVegas – offers sports betting and online gaming in several jurisdictions throughout Europe.
- Diaoyutai MGM Hospitality (a joint venture between Diaoyutai State Guesthouse of China and MGM Resorts International) – is a platform that operates non-casino hotels, residences, retail facilities, and entertainment destinations.
MGM Resorts in Las Vegas
- Bellagio
- ARIA
- Vdara at ARIA
- The Cosmopolitan of Las Vegas
- MGM Grand
- The Signature at MGM Grand
- Mandalay Bay
- Delano Las Vegas
- Four Seasons
- Park MGM
- NoMad Las Vegas
- New York-New York
- Luxor
- Excalibur
MGM Resorts in China
- MGM Macau
- MGM Cotai
Diaoyutai MGM Hospitality
- MGM Grand Sanya
- Diaoyutai Boutique Hotel Chengdu
- Diaoyutai Hotel Hangzhou
- Bellagio Shanghai
MGM Resorts in Japan
- World Children’s Baseball Foundation
- Bellagio Conservatory
- The Legacy of Professor Donald Keene
- Japan in Architecture
- Hand on Tokyo “Lives Tokyo”
- ASEAN – Japan Music Festival
- Visit to Inujima
- Sekigahara
With more than 74,000 employees, MGM Resorts International is considered one of the Largest Public Companies in The World, according to Forbes.
*Information from Forbes.com, Wikipedia.org, and www.mgmresorts.com.
**Video published on YouTube by “MGM RESORTS“