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MGM Mirage
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.[1] 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 kmē) of property on the Las Vegas Strip. Its yearly revenue is around $7.4 billion USD. The company also owns the recently completed 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.
HistoryThe 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 mē), $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.[2] 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.[3] 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.[4] 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 would not include the Primm Valley Golf Club.[5] The sale closed on April 10, 2007. On April 19, 2007 the company announced that it planned to purchase a site from Concord Wilshire Partners for $130 million and a 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. [6] On August 22, 2007, Dubai World said it will 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. [7] MGM Mirage propertiesAll properties are wholly owned by MGM Mirage except where indicated. Las Vegas, Nevada
Statue of Liberty at New York-New York with the MGM Grand Las Vegas in the background.
Elsewhere in Nevada
Other properties
Subsidiaries
ReferencesExternal links
es:MGM Mirage fr:MGM Mirage it:MGM Mirage ja:MGM????? fi:MGM Mirage Source: Wikipedia | The above article is available under the GNU FDL. | Edit this article
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