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MGM Resorts International history
MGM Resorts International company history timeline
A deal was reached for Bally Manufacturing to buy the company; the deal closed in April 1986, and the two casinos were renamed under the Bally's brand.
The company now known as MGM Resorts International was formed in 1986 as Grand Name Co. as a subsidiary of Kerkorian's Tracinda Corporation.
In August 1987, MGM Grand bid $152 million for the bankrupt Dunes Hotel in Las Vegas, but was beat out by Japanese billionaire Masao Nangaku.
The company's first venture was MGM Grand Air, a luxury airline offering service between New York and Los Angeles, which launched in September 1987.
Instead, the company acquired the Desert Inn and Sands casinos in February 1988 from Summa Corporation for $167 million.
The Sands was sold to Sheldon Adelson's Interface Group for $110 million in April 1989.
The company moved its headquarters from Beverly Hills to Las Vegas in July 1992.
The hotel commenced operations December 18, 1993 and was billed as the largest hotel and casino in the world.
Gary Primm of Primadonna Resorts approached MGM president Bob Maxey in 1994 with an idea for the site: a casino recreating the New York skyline.
A joint venture was formed between the two companies, and construction began in March 1995.
MGM announced plans for an Atlantic City casino in July 1996.
Completed at a cost of $460 million, the New York-New York Hotel and Casino opened in January 1997.
The first, a temporary casino in Johannesburg's Sundome, opened in October 1998.
The merger closed in March 1999, giving MGM ownership of three casinos and two golf courses at the Nevada–California state line, in addition to full control of New York-New York.
The company changed its name to MGM Mirage in August 2000.
Three more casinos followed before MGM agreed to sell out its interest in the properties to Tsogo Sun in November 2001.
Work on the Borgata continued apace, and it would open in July 2003.
Rumors of a possible partnership with Stanley Ho were reported in 2003, but Nevada gaming regulators informally vetoed the idea because of the alleged involvement of organized crime triads in his casinos.
In June 2004, MGM formed a joint venture with Pansy Ho, Stanley's daughter, to develop a casino-hotel under a sub-concession from Stanley.
MGM entered into quiet merger talks with Mandalay Resort Group in early 2004.
The sale closed on April 25, 2005 for a total of $7.9 billion, including $3 billion in assumed debt.
Construction of the MGM Grand Macau began in June 2005.
On October 31, 2006, MGM Mirage announced plans to sell Primm Valley Resorts to Herbst Gaming for $400 million.
The Triangle Casino was sold off to Stanley Leisure in 2006.
The Nevada Landing Hotel and Casino closed a month earlier than planned on March 20, 2007.
On April 19, 2007 the company announced that it planned to purchase a 7.6-acre (31,000 m) site from Concord Wilshire Partners for $130 million and a 25.8-acre (104,000 m) site from Gordon Gaming for $444 million.
The sale closed on June 1, 2007.
On August 22, 2007, Dubai World said it would buy a 9.5 percent stake in MGM for about $2.4 billion.
On October 29, 2008, MGM Mirage halted a $5 billion Atlantic City project on land next to the Borgata.
The sale was completed on March 20, 2009 for $600 million in cash plus a $175 million promissory note.
Starting on April 6, 2009 news reports surfaced that MGM Mirage had hired investment firm Morgan Stanley to assist the company in finding possible buyers for the MGM Grand Detroit and the Beau Rivage.
On June 15, 2010, shareholders approved a name change from MGM Mirage to "MGM Resorts International", to emphasize the brand's global scope and increased non-gaming strategy.
In 2010, the company further changed its name to MGM Resorts International to reflect the brand of its hotels and expand its global experience.
In April 2011 an initial public offering was announced for the MGM Macau property.
In January 2013, MGM China received government approval to build its second resort in Macau.
In 2013, MGM won state licenses to build a $1-billion resort in National Harbor, Maryland and a $950-million resort in downtown Springfield, Massachusetts.
In 2013, Foxwoods and MGM ended their relationship, and the MGM Grand at Foxwoods was renamed the Fox Tower.
In May 2014, MGM broke ground on a $375-million arena on the Las Vegas Strip with sports and entertainment company AEG.
In September 2014, MGM purchased the naming rights for a new baseball stadium in Biloxi, resulting in MGM Park.
MGM sold several properties in 2015, including the Railroad Pass Casino, the Gold Strike, and properties in Reno (Circus Circus Reno and a 50 percent stake in the Silver Legacy) were sold to Eldorado Resorts for $72.5 million.
The arena opened on April 6, 2016.
In April 2016, MGM held an initial public offering for MGM Growth Properties (MGP), a new real estate investment trust (REIT) with ownership of ten of the company's casinos; the parent company would continue to operate the casinos under a lease agreement.
In August 2016, MGM bought out Boyd Gaming's interest in the Borgata for $900 million, and then sold the property to MGP for $1.2 billion and leased it back for $100 million per year.
In October 2017, MGM purchased the San Antonio Stars of the Women's National Basketball Association.
In 2017, MGM launched two online ventures under the PlayMGM brand: an online sportsbook in Nevada, and an online casino in New Jersey.
In August 2018, MGM and Hyatt sold the Grand Victoria Casino to Eldorado Resorts for $328 million.
The team was moved to Mandalay Bay Events Center and began play as the Las Vegas Aces in 2018.
In 2018, MGM Resorts signed a gaming partnership with NFL team the New York Jets.
in 2019, MGM sold two resorts on the Las Vegas strip: Bellagio and Circus Circus.
In 2020, they sold their real estate assets of MGM grand and Mandalay Bay to a joint venture between Blackstone and mgm growth properties.
in 2021, they bought 50% of Dubai world’s share of city center and sold the real estate assets of Aria and Vdara to Blackstone and later purchased the operating assets of Cosmopolitan of Las Vegas and later sold the Mirage to Hard Rock International.
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MGM Resorts International competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Wynn Resorts | 2002 | $7.1B | 30,200 | 275 |
| Las Vegas Sands | 1988 | $11.3B | 46,000 | 17 |
| MGM Hospitality | 2007 | $1.1B | 30,000 | - |
| Borgata Hotel Casino & Spa | 1998 | $730.3M | 5,833 | - |
| Circus Circus | 1968 | $160.0M | 1,500 | - |
| Golden Nugget | 2014 | $300.0M | 3,145 | 11 |
| Visit Las Vegas | 1905 | $310,000 | 6 | 126 |
| Marriott International | 1927 | $25.1B | 121,000 | 6,566 |
| HOST International | 2016 | $1.2B | 23,000 | 6 |
| Hilton | 1919 | $11.2B | 173,000 | 3,202 |
MGM Resorts International history FAQs
Zippia gives an in-depth look into the details of MGM Resorts International, including salaries, political affiliations, employee data, and more, in order to inform job seekers about MGM Resorts International. The employee data is based on information from people who have self-reported their past or current employments at MGM Resorts International. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. None of the information on this page has been provided or approved by MGM Resorts International. The data presented on this page does not represent the view of MGM Resorts International and its employees or that of Zippia.
MGM Resorts International may also be known as or be related to Grand Name Co. (1986–1987) MGM Grand Inc. (1987–2000) MGM Mirage (2000–2010) and MGM Resorts International.