Everything about Mgm Mirage totally explained
MGM Mirage 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,
2000 after the completion of a merger of
MGM Grand Inc. and
Mirage Resorts, Inc. It is currently the second largest gaming company in the world.
Billionaire Kirk Kerkorian and his
Tracinda Corporation are currently the majority owners of MGM Mirage. Kerkorian was also the former owner of the
Metro-Goldwyn-Mayer movie 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 hot spot
MGM Grand Detroit, in downtown
Detroit,
Michigan and recently opened
MGM Grand Macau in December 2007, owned and operated through a 50/50 partnership between MGM Mirage and
Pansy Ho Chiu-king.
History
The company began operations on
May 31,
2000 after 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.
On
January 26,
2004, MGM Mirage completed the sale of its two Golden Nugget casinos -- the
Golden Nugget Las Vegas and 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.
On
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,
2005 for $7.9 billion.
On
June 23,
2004 MGM Mirage completed its $140 million sale of the
MGM Grand Darwin to
SKYCITY Entertainment Group.
Announced on
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 Casino and 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.
On
May 31,
2005 MGM Mirage started construction on the
MGM Grand Macau.
On
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.
On
October 16,
2006, MGM Mirage announced that it planned to sell the
Colorado Belle Hotel & Casino and
Edgewater Hotel and Casino to a partnership of
Anthony Marnell III and
Sher Gaming. The sale price was $200 million. The sale closed on
June 1,
2007.
On
October 31,
2006, MGM Mirage announced plans to sell
Primm Valley Resorts to
Herbst Gaming for $400 million. The proposed sale wouldn't include the
Primm Valley Golf Club. The sale closed on
April 10,
2007.
On
April 19,
2007 the company announced that it planned to purchase a 7.6 acre site from
Concord Wilshire Partners for $130 million and a 25.8 acre site from
Gordon Gaming for $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.
On
August 22,
2007,
Dubai World said it'll 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.
MGM Mirage properties
All properties are wholly owned by MGM Mirage except where indicated.
Las Vegas, Nevada
Elsewhere in Nevada
Circus Circus Reno, Reno, Nevada
Silver Legacy Resort Casino, Reno, Nevada (50% owner in partnership with Eldorado Hotel Casino)
Railroad Pass, Henderson, Nevada
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(External Link
), North Las Vegas, Nevada
Other properties
Gold Strike Resort and Casino, Tunica, Mississippi
Grand Victoria, Elgin, Illinois
MGM Grand Detroit, Detroit Michigan (50% owner in partnership with Partners Detroit, L.L.C.)
Beau Rivage Hotel 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
Subsidiaries
MGM Mirage Vacations(External Link), Milwaukee, Wisconsin
MGM Mirage Hospitality
- Joint venture in the United Arab Emirates
- Joint venture in the United Kingdom
- Joint venture in China
Further Information
Get more info on 'Mgm Mirage'.
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