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MGM Resorts International

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MGM Resorts International
MGM Resorts International
No machine-readable author provided. Nadavspi~commonswiki assumed (based on copy · CC BY-SA 1.0 · source
NameMGM Resorts International
TypePublic
Traded asNYSE: MGM
IndustryHospitality, Gaming
Founded31 May 1986 (as MGM Grand, Inc.)
FounderKirk Kerkorian
Hq location cityParadise, Nevada
Hq location countryUnited States
Key peopleBill Hornbuckle (CEO & President)
ProductsCasinos, Hotels, Resorts, Entertainment
RevenueUS$16.2 billion (2023)
Num employees~50,000 (2024)

MGM Resorts International is a global hospitality and entertainment company headquartered in Paradise, Nevada, adjacent to Las Vegas. It is one of the world's premier destination developers, owning and operating an extensive portfolio of integrated resorts featuring luxury hotels, casinos, retail, dining, and entertainment venues. The company's iconic properties, such as the Bellagio and MGM Grand Las Vegas, define the Las Vegas Strip skyline and attract millions of visitors annually. Through strategic investments and partnerships, it has expanded its footprint to key markets across the United States, China, and Japan.

History

The company's origins trace back to financier Kirk Kerkorian, who acquired the original MGM Grand Las Vegas (now Bally's Las Vegas) in 1973 and later founded MGM Grand, Inc. in 1986. A pivotal moment occurred in 2000 when MGM Grand, Inc. merged with Mirage Resorts, founded by Steve Wynn, acquiring legendary properties like The Mirage and Bellagio. This created MGM Mirage, which was renamed MGM Resorts International in 2010. Major expansion included the 2005 purchase of Mandalay Resort Group, adding properties such as Mandalay Bay and Luxor. The company's growth continued internationally with the 2011 opening of MGM Cotai in Macau through a joint venture, MGM China Holdings, and the 2020 acquisition of the Empire City Casino in Yonkers, New York.

Properties

The company's portfolio encompasses a vast array of destinations, primarily concentrated on the Las Vegas Strip. Its wholly-owned Las Vegas resorts include the Bellagio, MGM Grand Las Vegas, Mandalay Bay, The Mirage, New York-New York, Luxor, Excalibur, and Park MGM. It also operates the Aria Resort and Casino and Vdara Hotel & Spa at CityCenter, a massive mixed-use development. Beyond Nevada, significant domestic properties include the Borgata Hotel Casino & Spa in Atlantic City, MGM National Harbor in Maryland, and MGM Springfield in Massachusetts. Internationally, it operates the MGM Macau and MGM Cotai in Macau, and manages integrated resorts in Japan such as the MGM Osaka.

Corporate affairs

The company is publicly traded on the New York Stock Exchange under the symbol MGM. Its corporate strategy involves a focus on luxury integrated resorts, sports betting, and digital gaming platforms. A significant corporate restructuring in recent years created the MGM Growth Properties real estate investment trust (REIT), later sold to VICI Properties, allowing the company to monetize its real estate assets. Key partnerships include a joint venture with Entain plc for BetMGM, a leading sports betting and online gaming platform in the United States. Leadership is headed by Chief Executive Officer Bill Hornbuckle, with major shareholders including BlackRock and The Vanguard Group.

Environmental and social impact

The company has implemented several corporate social responsibility initiatives under its "Focused on What Matters" framework. Environmental efforts include commitments to reduce greenhouse gas emissions and water usage, with properties like the MGM Grand Las Vegas featuring large-scale solar arrays. It has received recognition from the Carbon Disclosure Project for its climate change reporting. Social programs involve significant philanthropic giving through the MGM Resorts Foundation, supporting community initiatives in education, disaster relief, and diversity. The company is a major sponsor of events like the Las Vegas Pride Parade and has policies promoting diversity and inclusion within its workforce, earning a perfect score on the Corporate Equality Index from the Human Rights Campaign.

The company has faced numerous legal and regulatory challenges. Most notably, it was the victim of the 2017 Las Vegas shooting, a mass shooting at its Route 91 Harvest festival held near the Mandalay Bay, which resulted in significant litigation and settlements with victims' families. It has also faced fines from the Nevada Gaming Control Board for regulatory compliance failures, including anti-money laundering lapses. In 2020, it agreed to pay an $800 million settlement to victims of the 2017 Mandalay Bay shooting to resolve liability claims. Other controversies have involved labor disputes with the Culinary Workers Union and allegations of inadequate safety protocols at its properties.

Category:Companies listed on the New York Stock Exchange Category:Casino companies of the United States Category:Companies based in the Las Vegas Valley Category:Hotel chains in the United States