MGM Resorts International
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| MGM Resorts International | |
|---|---|
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| Name | MGM Resorts International |
| Type | Public |
| Traded as | NYSE: MGM Resorts International |
| Industry | Hospitality, Entertainment |
| Founded | 1986 |
| Founder | Kirk Kerkorian |
| Headquarters | The Strip, Paradise, Nevada |
| Key people | Bill Hornbuckle, James J. Murren |
MGM Resorts International. As a global hospitality and entertainment company, it operates a portfolio of Luxor, Bellagio, and Mandalay Bay properties, among others, offering a range of amenities and services, including Cirque du Soleil shows, Le Cirque restaurants, and Shadow Creek golf courses, in partnership with Michael Jordan, Tiger Woods, and Jack Nicklaus. The company's history dates back to the 1960s, with the opening of the International Hotel and Casino by Kirk Kerkorian and Hilton Hotels & Resorts. Over the years, the company has expanded its operations through strategic acquisitions, including the purchase of Mirage Resorts from Steve Wynn and the acquisition of Mandalay Resort Group from Glenn Schaeffer.
● History
The company's history began with the opening of the International Hotel and Casino in 1969 by Kirk Kerkorian and Hilton Hotels & Resorts, featuring performances by Elvis Presley and Barbra Streisand. In the 1980s, the company expanded its operations with the opening of the MGM Grand Hotel and Casino in Reno, Nevada, and later, the MGM Grand Las Vegas in 1993, designed by Joel Bergman and Paul Steelman. The company continued to grow through strategic acquisitions, including the purchase of Mirage Resorts from Steve Wynn in 2000, and the acquisition of Mandalay Resort Group from Glenn Schaeffer in 2005, adding properties like The Mirage and Treasure Island Hotel and Casino to its portfolio, in partnership with MGM Mirage and Las Vegas Sands. The company has also partnered with Dubai World to develop the CityCenter complex, featuring the Aria Resort & Casino, designed by César Pelli and HKS, Inc..
● Properties
The company operates a diverse portfolio of properties, including Luxor, Bellagio, Mandalay Bay, The Mirage, and New York-New York Hotel and Casino, offering a range of amenities and services, such as Cirque du Soleil shows, Le Cirque restaurants, and Shadow Creek golf courses, in partnership with Michael Jordan, Tiger Woods, and Jack Nicklaus. The company's properties also feature a range of entertainment options, including The Colosseum at Caesars Palace, Zappos Theater, and Park Theater, hosting performances by Lady Gaga, Elton John, and Celine Dion. Additionally, the company operates several golf courses, including Shadow Creek and Fallen Oak, designed by Tom Fazio and Greg Muirhead, in partnership with The Ritz-Carlton and The Greenbrier.
● Corporate Affairs
The company is led by Bill Hornbuckle, who serves as the President and Chief Executive Officer, and James J. Murren, who serves as the Chairman of the Board, with a board of directors that includes Alex Yemenidjian and Daniel Taylor. The company is headquartered in Las Vegas, Nevada, and is publicly traded on the NYSE under the ticker symbol MGM Resorts International. The company has also partnered with Hyatt Hotels Corporation and InterContinental Hotels Group to offer a range of loyalty programs and services, including M life Rewards and IHG Rewards Club, in partnership with American Express and Chase Bank. The company has received several awards and recognition, including the Fortune 500 and Forbes Global 2000, and has been named one of the Best Places to Work by Fortune and Human Rights Campaign.
● Sustainability Efforts
The company has made a commitment to sustainability, with a focus on reducing its environmental impact and promoting social responsibility, in partnership with The Nature Conservancy and World Wildlife Fund. The company has implemented a range of initiatives, including energy-efficient lighting and HVAC systems, waste reduction and recycling programs, and sustainable sourcing practices, in partnership with Siemens and General Electric. The company has also launched several community outreach programs, including the MGM Resorts Foundation, which supports a range of charitable organizations, including United Way and American Red Cross, and has partnered with Habitat for Humanity and The Salvation Army to support disaster relief efforts. Additionally, the company has been recognized for its diversity and inclusion efforts, including being named one of the Best Places to Work for LGBTQ Equality by Human Rights Campaign and DiversityInc.
● Financial Performance
The company has reported strong financial performance in recent years, with revenue growth driven by its portfolio of properties and its entertainment and hospitality offerings, in partnership with Live Nation Entertainment and AEG. The company has also invested in several growth initiatives, including the development of the MGM National Harbor in Maryland and the expansion of its MGM Macau property, in partnership with Pansy Ho and Sands China. The company has reported significant increases in its net income and earnings per share, and has returned value to its shareholders through dividends and share repurchases, in partnership with Goldman Sachs and J.P. Morgan. The company's financial performance has been recognized by several analysts and investors, including being named one of the Best Stocks to Buy by Forbes and Bloomberg, and has been covered by several media outlets, including CNBC and The Wall Street Journal.