MGM Resorts International (NYSE: MGM) is a Paradise, Nevada based gaming and hospitality company. It is the second largest gaming company in the world by revenue - about $6 billion in 2009. It owns and operates 15 properties in Nevada, Mississippi and Michigan, and has 50% investments in four other properties in Nevada, Illinois and Macau, China.
The company became MGM Mirage on May 31, 2000, with the merger of MGM Grand and Mirage Resorts. In th...
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MGM Resorts International (NYSE: MGM) is a Paradise, Nevada based gaming and hospitality company. It is the second largest gaming company in the world by revenue - about $6 billion in 2009. It owns and operates 15 properties in Nevada, Mississippi and Michigan, and has 50% investments in four other properties in Nevada, Illinois and Macau, China.
The company became MGM Mirage on May 31, 2000, with the merger of MGM Grand and Mirage Resorts. In the mid-2000s, growth of its non-gaming (lodging, food, retail) revenue began to outpace gaming receipts and demand for high-rise condominiums was surging, with median property prices in Las Vegas twice the national average. The company shifted its business model from fully owning and operating resorts and casinos, to being more real estate focused - launching the massive Citycenter mixed-use project. Unfortunately, the latter's development coincided with vast overbuilding on the Strip and a global financial crisis, causing large losses and...
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