MGM Mirage

From Wikipedia, the free encyclopedia

MGM Mirage
MGM Mirage
Type Public (NYSE: MGM)
Founded 2000
Headquarters Las Vegas, Nevada
Key people Terrence Lanni (CEO)
Industry Casinos and hotels
Products Hotels
Revenue $7.4 billion USD
Employees over 70,000
Website www.mgmmirage.com

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 a merger of MGM Grand Inc. and Mirage Resorts, Inc. It is currently the second largest gaming company in the world.

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. Its yearly revenue is around $7.4 billion USD.

Contents

The company began operations on May 31, 2000 after the completion of a US$6.4 billion merger, the largest ever in the industry. At the time of the merger, MGM Mirage was the largest gambling company in the world (although it was subsequently succeeded by Harrah's Entertainment). Before the merger, 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.

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.

On October 16, 2006, MGM Mirage announced that it planned to sell the 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.

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.

In late 2006, the project was renamed from Project City Center to just "City Center."

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

Statue of Liberty at New York-New York with the MGM Grand Las Vegas in the background.
Statue of Liberty at New York-New York with the MGM Grand Las Vegas in the background.

 v • d • e MGM MIRAGE
Connecticut: MGM Grand Under Development. To be co-developed/managed by MGM Mirage and the Mashantucket Pequot Tribe.
Illinois: Grand Victoria
Mississippi:

Gold Strike • Beau Rivage
Michigan: MGM Grand Detroit
New Jersey: Borgata
Nevada:

Henderson: Railroad Pass
Jean: Nevada Landing • Gold Strike
Las Vegas: Bellagio • Circus Circus • Slots-A-Fun • Excalibur • Luxor • Mandalay Bay • MGM Grand • The Mirage • Monte Carlo • New York-New York • Treasure Island
Laughlin: Colorado Belle • Edgewater
Primm: Buffalo Bill's • Primm Valley Resort • Whiskey Pete's
Reno: Circus Circus • Silver Legacy
Golf Courses: Shadow Creek Golf Course  • Primm Valley Golf Club
International: China: MGM Grand Macau
Annual Revenue: $6.48 billion USD | Employees: 70,000+ | Stock Symbol: NYSE: MGM | Website: www.mgm-mirage.com
Retrieved from "http://en.wikipedia.org../../../m/g/m/MGM_Mirage_eaac.html"
Advanced Search
Included Web Search Engines


Safe Search

close

Top Matching Results

Occasionally Search.com will highlight specialized results that are based on the context of your query. Examples of specialized results include specific links to news, images, or video.

Top Matching Results may highlight information from other Search.com pages, content from the CNET Network of sites, or third party content. The listings are based purely on relevance. Search.com does not receive payment for listings in this section but our partners that provide this data may get paid for listing these products.

Sponsored Links

This section contains paid listings which have been purchased by companies that want to have their sites appear for specific search terms and related content. These listings are administered, sorted and maintained by a third party and are not endorsed by Search.com.

Search Results

Search.com sends your search query to several search engines at one time and integrates the results into one list which has been sorted by relevance using Search.com's proprietary algorithm. You can customize the list of search engines included in your metasearch from the preferences.

The search engines that are used in your metasearch may allow companies to pay to have their Web sites included within the results. To view the Paid Inclusion policy for a specific search engine, please visit their Web site. Search.com does not accept payment or share revenue with any search engine partner for listings in this section.