- MGM Mirage
company_name = MGM Mirage
company_type = Public (NYSE|MGM)
foundation = 2000
Las Vegas, Nevada
key_people = J. Terrence Lanni (CEO)
James Murren(CFO) Kirk Kerkorian(Majority Stockholder)
num_employees = over 70,000
industry = Casinos and hotels
revenue = $7.4 billion USD
products = Hotels
homepage = [http://www.mgmmirage.com/ 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, 2000after the completion of a merger of MGM Grand Inc.and Mirage Resorts, Inc. It is currently the second largest gaming company in the world. [ cite web |url=http://www.reuters.com/article/topNews/idUSN2535785320080126 |title= Fire Strikes Las Vegas Hotel-casino |accessdate=2008-01-25 |last= |first= |authorlink= |coauthors= |date=2008-01-25 |year=2008 |month= January |format= |work= |publisher= |quote= ] Billionaire Kirk Kerkorianand his Tracinda Corporationare currently the majority owners of MGM Mirage. Kerkorian was also the former owner of the Metro-Goldwyn-Mayermovie 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. The company also owns the recently completed MGM Grand Detroit, in downtown Detroit, Michiganand recently opened MGM Grand Macauin December 2007, owned and operated through a 50/50 partnership between MGM Mirage and Pansy Ho Chiu-king.
The company began operations on
May 31, 2000after 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.
January 26, 2004, MGM Mirage completed the sale of its two Golden Nugget casinos -- the Golden Nugget Las Vegasand 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.
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, 2005for $7.9 billion.
June 23, 2004MGM Mirage completed its $140 million sale of the MGM Grand Darwinto SKYCITY Entertainment Group.
November 10, 2004, " Project City Center" on the Las Vegas Strip, is a 76 acre (600,000 m²), $7 billion, project on the site of the Boardwalk Hotel and Casinoand adjoining land is planned as a multi use project. It will consist of hotel, casino, condo, retail and other uses. The first elements of this project are expected to be available in 2009. [ cite web |url=http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=105&STORY=/www/story/11-10-2004/0002401563 |title= MGM MIRAGE to Develop a Dramatic Urban Environment for the New Millennium |accessdate=2007-05-30 |last= |first= |authorlink= |coauthors= |date=2004-11-10 |year=2004 |month= November |format= |work= |publisher= PRNewswire-FirstCall|quote= ]
May 31, 2005MGM Mirage started construction on the MGM Grand Macau.
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. [ cite web |url=http://www.usatoday.com/travel/hotels/2006-04-25-mgm-foxwoods_x.htm |title= MGM Grand hotel will open at Foxwoods as part of partnership |accessdate=2007-05-30 |last= |first= |authorlink= |coauthors= |date=2006-04-25 |year=2006 |month= April |format= |work= USA TODAY|publisher= Associated Press|quote= ]
October 16, 2006, MGM Mirage announced that it planned to sell the Colorado Belle Hotel & Casinoand Edgewater Hotel and Casinoto a partnership of Anthony Marnell IIIand Sher Gaming. The sale price was $200 million. [ cite web |url=http://www.casinocitytimes.com/news/article.cfm?contentID=161866 |title= MGM Mirage selling two Laughlin casinos |accessdate=2007-05-06 |last=Howard |first= Stutz |authorlink= |coauthors= |date=2006-10-17 |year=2006 |month= October |format= |work= |publisher= Las Vegas Gaming Wire|quote= ] The sale closed on June 1, 2007.
October 31, 2006, MGM Mirage announced plans to sell Primm Valley Resorts to Herbst Gamingfor $400 million. The proposed sale would not include the Primm Valley Golf Club. [cite news |first=Howard |last=Stutz |authorlink= |author= Howard Stutz |coauthors= |title=Herbst Gaming to buy Primm properties |url=http://www.reviewjournal.com/lvrj_home/2006/Nov-01-Wed-2006/business/10558956.html |format= |work= Gaming Wire|publisher= Las Vegas Review-Journal|id= |pages= |page= |date= November 1, 2006|accessdate=2007-03-13 |language= |quote= ] The sale closed on April 10, 2007.
April 19, 2007the company announced that it planned to purchase a convert|7.6|acre|m2|sing=on site from Concord Wilshire Partnersfor $130 million and a convert|25.8|acre|m2|sing=on site from Gordon Gamingfor $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 site for future development. The Concord site had been the proposed location for the Maxim Casino. [cite news |first=Howard |last=Stutz |authorlink= |author= Howard Stutz |coauthors= |title=MGM buys parcels for new center |url= |format= |work= Las Vegas Review-Journal|publisher= |id= |pages=A1+A8 |page= |date= April 19, 2007|accessdate=2007-04-19 |language= |quote= ]
August 22, 2007, Dubai Worldsaid it will buy a 9.5 percent stake in MGM for about $2.4 billion. It will also invest about $2.7 billion to acquire a 50 percent stake in MGM's CityCenter project, a $7.4 billion, 76 acre Las Vegas development of hotels, condos and retail outlets due to open in 2009. Dubai World will pay MGM Mirage an additional $100 million if the project opens on time and on budget. The investment firm will buy 14.2 million shares from MGM Mirage at $84 each, a premium of about 13 percent over Tuesday's closing price. The firm will also issue a public tender for an additional 14.2 million shares at the same price. The public tender is due to begin during the week of Aug. 27. [cite news |first= |last= |authorlink= |author= |coauthors= |title=MGM inks $5B deal with Dubai World |url=http://money.cnn.com/2007/08/22/news/international/mgm_dubai.reut/index.htm |format= |work= Reuters|publisher= |id= |pages= |page= |date= August 22, 2007|accessdate=2007-08-22 |language= |quote= ]
MGM Mirage properties
All properties are wholly owned by MGM Mirage except where indicated.
Las Vegas, Nevada
* Bellagio Hotel/Casino
* Circus Circus
* Mandalay Bay
THEhotel at Mandalay Bay
MGM Grand Las Vegas
The Signature at MGM Grand
* Monte Carlo Hotel/Casino
* New York-New York Hotel/Casino
* Treasure Island
Elsewhere in Nevada
Circus Circus Reno, Reno, Nevada
Silver Legacy Resort Casino, Reno, Nevada (50% owner in partnership with Eldorado Hotel Casino)
* Railroad Pass,
Nevada Landing Hotel and Casino, Jean, Nevada (Closed March 20, 2007)
Gold Strike Hotel and Gambling Hall, Jean, Nevada
Primm Valley Golf Club(Actually just over the state line in California)
Shadow Creek Golf Course[http://www.shadowcreek.com/] , North Las Vegas, Nevada
Gold Strike Resort and Casino, Tunica, Mississippi
Grand Victoria, Elgin, Illinois
MGM Grand Detroit, Detroit Michigan (98% owner in partnership with Partners Detroit, L.L.C.)
Beau RivageHotel and Casino, Biloxi, Mississippi
MGM Grand Atlantic City- newly announced casino to be built between Borgata and Harrahs
* Borgata Hotel/Casino and Spa, Atlantic City New Jersey (50% owner through
Marina District Development Corporation, LLC)
MGM Grand Macau, Macau, China (joint project with Pansy Ho Chio-king, opened 2007)
* MGM Grand branded casino - joint venture with the Foxwoods Resort and Casino at Foxwoods
* MGM Grand Abu Dhabi,
Abu Dhabi, United Arab Emirates- a recently announced development that will be entirely non-gaming
MGM Mirage Vacations[http://www.mgmmiragevacations.com/] , Milwaukee, Wisconsin
MGM Mirage Hospitality[cite news |first= |last= |authorlink= |author= |coauthors= |title=MGM Mirage forms hospitality subsidiary |url= |format= |work= Las Vegas Review-Journal|publisher= |id= |page=2D |date=2007-05-30 |accessdate=2007-05-30|language= |quote= ]
**Joint venture in the United Arab Emirates
**Joint venture in the United Kingdom
**Joint venture in China
* [http://www.mgmmiragevoice.com/pages/voice.asp Philanthropy Program]
* [http://biz.yahoo.com/ic/12/12988.html Yahoo! - MGM Mirage company profile]
* [http://www.earlyvegas.com/mgm-mirage.html History of MGM Mirage]
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