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71-523: The company began operations in 1987 as MGM Grand, Inc. and became MGM Mirage in 2000, after acquiring 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 focus from owning and operating resorts and casinos to developing and building real estate in

142-677: A $ 1-billion resort in National Harbor, Maryland and a $ 950-million resort in downtown Springfield, Massachusetts . In May 2014, the company broke ground on the $ 375-million T-Mobile Arena located behind New-New York Hotel and Casino, in partnership with AEG Live . The arena opened on April 6, 2016. MGM sold several properties in 2015, including the Railroad Pass Casino , the Gold Strike , and properties in Reno ( Circus Circus Reno and

213-415: A cybersecurity attack by the hacking group Scattered Spider . The company refused to pay a ransom to the hackers, and stated that its losses of $ 100 million would be covered by cyber insurance . As a result of the cyberattack, multiple class action lawsuits were filed against MGM Resorts as well as Caesars Entertainment , which Scattered Spider had hacked into during the same month, with all stating that

284-652: A $ 525-million offer for its interest in MotorCity from Marian Ilitch , the casino's second largest shareholder. Meanwhile, in Illinois, where MGM needed regulatory approval to take over Mandalay's 50 percent interest in the Grand Victoria Casino , a lack of quorum on the state Gaming Board threatened to delay the merger. MGM considered a sale to the casino's other owner, the Pritzker family , but ultimately gained approval for

355-517: A $ 7.9 billion deal. MGM executives were confident that antitrust regulators would not require the sale of any of the two companies' properties. Michigan law, however, forbade one company from owning multiple casinos, requiring the sale of either the MGM Grand Detroit or Mandalay's 54 percent stake in the MotorCity Casino . After some vacillation about which property to sell, Mandalay accepted

426-456: A 50 percent stake in MGM's CityCenter project. Dubai World would pay MGM Mirage an additional $ 100 million if the project opened on time and on budget. The investment firm would buy 14.2 million shares from MGM Mirage. The firm would also issue a public tender for an additional 14.2 million shares at the same price. On October 29, 2008, MGM Mirage halted a $ 5 billion Atlantic City project on land next to

497-508: A 50 percent stake in the Silver Legacy ) were sold to Eldorado Resorts for $ 72.5 million. In April 2016, MGM sold The Shops at Crystals , the high-end mall in CityCenter, to Invesco Real Estate and Simon Property Group for $ 1.1 billion. In April 2016, MGM held an initial public offering for MGM Growth Properties (MGP), a new real estate investment trust (REIT) with ownership of ten of

568-708: A bid on one of the three available gaming licenses, which would eventually be approved and open in July 1999 as the MGM Grand Detroit . In South Africa , with casino gambling newly authorized, MGM announced plans in August 1996 to develop 15 properties in conjunction with Tsogo Sun . The first, a temporary casino in Johannesburg 's Sundome , opened in October 1998. Three more casinos followed before MGM agreed to sell out its interest in

639-524: A bidding war, with MGM finally losing out to an investors group including Kerzner International. The Triangle Casino was sold off to Stanley Leisure in 2006. The company's other development plans were scuttled as the government scaled down, and eventually abandoned, the plan to allow large " super-casinos ". In 2004, the company disposed of some of its smaller properties, selling the two Golden Nugget casinos ( Golden Nugget Las Vegas and Golden Nugget Laughlin ) to Poster Financial Group for $ 215 million, and

710-491: A casino, and he financed the $ 630 million project largely with high-yield bonds issued by Michael Milken . The resort's high cost and emphasis on luxury meant that it was considered high risk at the time, though the project ended up being enormously lucrative. The hotel, with its erupting volcano and South Seas theme, ignited a $ 12 billion building boom on the Strip. Its construction is also considered noteworthy in that Wynn had set

781-618: A cost of $ 1.25 billion. In 2004, MGM solidified its plans for the Boardwalk site on the Strip, announcing Project CityCenter , an $ 8-billion high-density project including hotels, condominiums, a casino, and a shopping mall. The Boardwalk was closed in January 2006 to make way for the redevelopment, and CityCenter construction began the following June. Singapore emerged in 2004 as the next major new Asian gaming market, calling for proposals to build two " integrated resort " casinos at Marina Bay and

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852-548: A deal that had been spurred on by news of the MGM-Mandalay merger. Despite MGM's initial failure to win a gaming concession in Macau, the company had remained interested in the burgeoning gaming market. Rumors of a possible partnership with Stanley Ho were reported in 2003, but Nevada gaming regulators informally vetoed the idea because of the alleged involvement of organized crime triads in his casinos. Another possibility emerged when

923-639: A half share of the Monte Carlo . The company changed its name to MGM Mirage in August 2000. Mirage had also owned a half stake in the Borgata , a planned casino in Atlantic City, in a joint venture managed by Boyd Gaming . Work on the Borgata continued apace, and it would open in July 2003. In 2001 and 2002, following the merger with Mirage, the company explored options for its next major development project, including in

994-1045: A license to run an online sports betting site in the U.K. It acquired a twenty-five percent stake in a company developing the small Triangle Casino in Bristol , which went on to open its doors in February 2004. It inked deals to build casinos at the Olympia Exhibition Centre in London, St James' Park in Newcastle, Meadowhall Shopping Centre in Sheffield, the National Exhibition Centre in Birmingham, Sportcity in Manchester, Glasgow Harbour , King's Waterfront in Liverpool, and at

1065-498: A new standard for Vegas resorts, and when it opened The Mirage was the first casino to use security cameras full-time on all table games. Known for its entertainment, the hotel became the exclusive venue for the Siegfried & Roy show in 1990, and in 1993 the hotel hosted the Cirque du Soleil show Nouvelle Expérience . Afterwards Wynn decided to invite Cirque to create Mystère for

1136-496: A plan to place the property under control of a trustee until completion of the licensing process. The FTC approved the merger as predicted, and MGM obtained a $ 7 billion line of credit to finance it. The sale closed on April 25, 2005 for a total of $ 7.9 billion, including $ 3 billion in assumed debt. The Mandalay acquisition made MGM Mirage the largest gaming company in the world, but it was surpassed just two months later when Harrah's Entertainment acquired Caesars Entertainment in

1207-628: A proposed stadium in Salford . The company also signed a $ 490-million deal to acquire Wembley plc, owner of seven greyhound tracks in Britain and four in the United States. The British expansion plans ultimately amounted to nothing. MGM closed its online casino after less than two years, citing uncertainty in American regulations and competition from established British brands. The Wembley acquisition turned into

1278-610: A regional tourism center along the Mississippi Gulf Coast . Beau Rivage was originally the name Wynn wanted to give the Bellagio, though he had decided on Bellagio after vacationing in the Italian region of the same name . Beau Rivage opened as the largest hotel-casino to be built outside Nevada. The casino was initially located on a series of floating barges as required by local law confining all casinos to mobile marine vessels at

1349-713: A starting point. In September 1994, Summa Corporation was renamed The Howard Hughes Corporation, both to honor Howard Hughes and to fulfill his original intentions of keeping his name on the business. In February 1996, Hughes's heirs sold the Howard Hughes Corporation to the Rouse Company for $ 520 million, plus half of any future profits from the company's undeveloped land holdings. The Rouse Company was, in turn, acquired by General Growth Properties in November 2004. A new company named The Howard Hughes Corporation

1420-483: Is credited with starting a new spree of luxurious developments in Las Vegas. Among these developments include The Venetian , Mandalay Bay , and Paris Las Vegas . Wynn brought Mirage Resorts’ style to Biloxi , Mississippi in 1999, where he oversaw development of the 1,835-room Beau Rivage . Themed to blend Mediterranean beauty with Southern hospitality, the resort was part of a building boom that established Biloxi as

1491-486: The Las Vegas , Atlantic City , Chicago , and Macau markets. The 55-acre site of the Boardwalk casino on the Las Vegas Strip was earmarked for a technologically advanced megaresort targeting a Generation X demographic. In Atlantic City, MGM shifted focus from its previously announced boardwalk site to a proposed billion-dollar hotel and casino on a 55-acre tract adjacent to the Borgata, where Wynn had planned to build

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1562-627: The Las Vegas Aces in 2018. In August 2018, MGM and Hyatt sold the Grand Victoria Casino to Eldorado Resorts for $ 328 million. In January 2019, MGM bought Yonkers Raceway and Empire City Casino in New York from the Rooney family for $ 850 million, and then immediately sold the land and buildings to MGP for $ 625 million, and leased them back for $ 50 million per year. In 2019, MGM sold two resorts on

1633-783: The MGM Collection With Marriott Bonvoy . The new partnership will see four of MGM's properties fully affiliated with Marriott brands beginning in late 2023. The Bellagio will join The Luxury Collection division of Marriott, the Park MGM will join Marriott's Tribute Portfolio , and the Aria will join Marriott's Autograph Collection, which The Cosmopolitan has been a member of since its opening. In September 2023, MGM's hotel and casino operations were disrupted for several days during

1704-606: The MGM Grand Darwin to Skycity Entertainment for $ 140 million. MGM entered into quiet merger talks with Mandalay Resort Group in early 2004. The potential acquisition would give MGM control of more than half the hotel rooms on the Las Vegas Strip. Mandalay assets attractive to MGM included low-end casinos like Excalibur and Circus Circus to broaden MGM's "high roller" appeal; the Mandalay Bay Convention Center , which would allow MGM to compete directly with

1775-535: The Primm Valley Resorts were sold for $ 400 million, and the Nevada Landing Hotel and Casino was closed. On April 19, 2007 the company announced that it planned to purchase a 7.6-acre (31,000 m) site from Concord Wilshire Partners for $ 130 million and a 25.8-acre (104,000 m) site from Gordon Gaming for $ 444 million. The two parcels give the company complete control of the southwest corner of

1846-550: The Sands Expo center in the convention market; and at least two prime developable sites on the Strip. The talks went public in June, when MGM announced an offer worth $ 7.65 billion. Mandalay rejected that offer because of a clause allowing MGM to back out if antitrust regulators demanded the sale of any properties. Analysts speculated that another bidder such as Harrah's or Boyd might enter, but none did, and MGM and Mandalay soon agreed on

1917-679: The Beau Rivage. In June 2010, MGM Mirage changed its name to "MGM Resorts International", to emphasize the brand's global scope and increased non-gaming strategy. In May 2011 an initial public offering was held for the MGM Macau property through a new holding company, MGM China. MGM retained a 51 percent interest in the company, with Pansy Ho holding a 29 percent stake, and 20 percent sold to public investors for $ 1.5 billion. In January 2013, MGM China received government approval to build its second resort in Macau. In 2013, MGM won state licenses to build

1988-695: The Borgata for $ 900 million, and then sold the property to MGP for $ 1.2 billion and leased it back for $ 100 million per year. In 2017, MGM launched two online ventures under the PlayMGM brand: an online sportsbook in Nevada, and an online casino in New Jersey. In October 2017, MGM purchased the San Antonio Stars of the Women's National Basketball Association . The team was moved to Mandalay Bay Events Center and began play as

2059-492: The Borgata. At about the same time, New Jersey gambling regulators were evaluating MGM Mirage's suitability to operate casinos in New Jersey, and were unconvinced that MGM Mirage's Macau partner, Pansy Ho, could operate independently from influence of her father, Stanley Ho. The latter was often accused of ties with Chinese organized crime and letting the gangs operate in his casinos' VIP rooms. Faced with not complying with New Jersey gaming regulations, MGM Mirage decided to divest

2130-625: The Chinese island of Hainan was announced in August 1994, but came to nothing. In Darwin, Australia , a lucrative market attracting high rollers from Pacific Rim countries, the company considered building a hotel, but instead bought the Diamond Beach Hotel and Casino , renaming it as the MGM Grand Darwin. MGM announced plans for an Atlantic City casino in July 1996. In Michigan, where voters approved casinos in November 1996, MGM made plans for

2201-433: The Las Vegas strip: Bellagio and Circus Circus. They sold their real estate assets of Bellagio to Blackstone Group while selling Circus Circus to Phil Ruffin. In 2020, they sold their real estate assets of MGM Grand and Mandalay Bay to a joint venture between Blackstone and MGP. In 2021, MGM bought 50% of Dubai World’s share of CityCenter and sold the real estate assets of Aria and Vdara to Blackstone and later purchased

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2272-573: The Le Jardin casino. In the Chicago market, MGM agreed to pay $ 600 million to buy the unfinished Emerald Casino in Rosemont, Illinois , whose investors had been accused of ties to organized crime. The deal was rejected, however, by state gaming regulators, and MGM then backed off its effort, saying that Illinois's casino tax was too high. In Macau, where Stanley Ho 's 40-year government-granted monopoly on gambling

2343-584: The MGM Grand name. A deal was reached for Bally Manufacturing to buy the company; the deal closed in April 1986, and the two casinos were renamed under the Bally's brand. The terms of the sale allowed Kerkorian to retain rights to the MGM Grand name, and plans were announced to offer the stockholders of MGM Grand Hotels shares in a new company that would hold the naming rights. The company now known as MGM Resorts International

2414-712: The MGM Grand, the company acquired an option to buy an 18-acre site across the street from the project. Gary Primm of Primadonna Resorts approached MGM president Bob Maxey in 1994 with an idea for the site: a casino recreating the New York skyline. A joint venture was formed between the two companies, and construction began in March 1995. Completed at a cost of $ 460 million, the New York-New York Hotel and Casino opened in January 1997. With New York-New York under development, MGM Grand made moves to expand in several other markets. An exploratory agreement to develop two casinos on

2485-512: The Nevada–California state line, in addition to full control of New York-New York. In February 2000, MGM Grand made an unsolicited offer of $ 17 a share to buy Mirage Resorts , which had floundered due to disappointing results at its new Beau Rivage and Bellagio resorts. Analysts expected a protracted battle, with Mirage founder Steve Wynn seen as unwilling to give up control but under pressure from institutional investors. Mirage rejected

2556-578: The Sahara and Las Vegas Boulevard intersection. When combined with underused parts of the Circus Circus site, the company will have a 68-acre (280,000 m) site for future development. The Concord site had been the proposed location for the Maxim Casino . On August 22, 2007, Dubai World said it would buy a 9.5 percent stake in MGM for about $ 2.4 billion. It would also invest about $ 2.7 billion to acquire

2627-505: The best production show in the city by the Las Vegas Review-Journal reader's poll. In 1994, Gold Strike Resorts announced a partnership with Mirage Resorts to build a $ 250-million casino targeted at budget-conscious visitors, on part of the site of the demolished Dunes on the Las Vegas Strip. It ultimately opened in 1996, following Gold Strike's merger with Circus Circus Enterprises as Monte Carlo Resort and Casino and

2698-608: The company announced plans for a $ 700-million Hollywood-themed complex, including a 4,000-room hotel and a theme park. The Desert Inn site was initially considered as a location for the project, but within weeks the location was finalized as the Marina Hotel and Casino and the Tropicana Country Club , which MGM Grand acquired for $ 93 million plus $ 30 million in stock. The company put the Desert Inn up for sale to focus efforts on

2769-419: The company filed its annual report stating that "there is substantial doubt about our ability to continue as a going concern," and "it cannot provide assurance that its business would generate sufficient cash flow from operation." Starting on April 6, 2009 news reports surfaced that MGM Mirage had hired investment firm Morgan Stanley to assist the company in finding possible buyers for the MGM Grand Detroit and

2840-402: The company sold its tool business to investors via an initial public offering as a new entity named Hughes Tool Company. At that time, the parent company changed its name to Summa Corporation. The name "Summa", Latin for "highest", was allegedly chosen by several of Hughes's employees without consulting him first. Hughes was allegedly dissatisfied, and preferred the name "HRH Properties", with

2911-592: The company split into two forming MGM Growth Properties , a real estate company, while MGM Resorts shifted to operating properties. Today, MGM Resorts is the largest casino company in the world by revenue, making $ 13.13 billion USD in revenue in 2022. The company's background can be traced to 1969, when airline and casino tycoon Kirk Kerkorian bought a controlling stake in the Metro-Goldwyn-Mayer (MGM) film studio. In 1970 and 1971, Kerkorian struggled with debt from his acquisitions of MGM and Western Airlines , and

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2982-573: The company's casinos; the parent company would continue to operate the casinos under a lease agreement. The offering raised $ 1.05 billion, and left MGM Resorts with 76 percent ownership of the REIT. In June 2016, MGM announced a joint venture with Sydell Group to renovate and rebrand the Monte Carlo as the Park MGM, named after the adjacent dining and entertainment district, The Park, that opened in April 2016. In August 2016, MGM bought out Boyd Gaming's interest in

3053-544: The even more opulent Bellagio , a $ 1.6 billion resort considered among the world’s most spectacular hotels. The architect was Jon Jerde of The Jerde Partnerships, and construction was handled by Mirage Resorts, Inc. When built, the Bellagio was the most expensive hotel in the world. In front of the hotel are the Fountains of Bellagio—shooting fountains choreographed to music that “dance” on the hotel’s 8.5 acre man-made lake—which are now considered Las Vegas landmarks. The Bellagio

3124-435: The failure for both of the casino operators to adequately secure their data constituted breach of contract. In 2007, MGM Hospitality was established to operate hotels, resorts and residences in key destinations around the globe using the brands of Bellagio , MGM Grand and Skylofts. Mirage Resorts Mirage Resorts (formerly Golden Nugget Companies ) was an American company that owned and operated hotel-casinos. It

3195-665: The government allowed the three gaming concessionaires to each sell a sub-concession. In June 2004, MGM formed a joint venture with Pansy Ho , Stanley's daughter, to develop a casino-hotel under a sub-concession from Stanley. Despite initial concerns about whether Pansy Ho was subject to her father's influence, the Nevada Gaming Commission eventually approved the partnership. Construction of the MGM Grand Macau began in June 2005. The property opened in December 2007, completed at

3266-438: The highly profitable Borgata in order to continue pursuing the even more lucrative Chinese market. MGM Mirage subsequently transferred its 50% share in the Borgata to a divestiture trust through which it received all benefit of the ownership. The trust was responsible for selling MGM's interest within 30 months, although MGM had the right to direct the trustee during the first 18 months. On December 16, 2008, MGM Mirage announced

3337-475: The initials standing for both "Howard Robard Hughes" and "Hughes Resort Hotels", but his suggestion was ignored. Howard Hughes died in 1976 at the age of 70, without a valid will . Administrators were appointed, led by his cousin William Lummis. Under Lummis, Summa began to liquidate most of its operations. Summa's money-losing mining interests in Nevada were sold by the end of 1976, while KLAS-TV and Hughes Sports Network were both sold in 1978. Hughes Airwest

3408-516: The island of Sentosa . MGM partnered with CapitaLand in an estimated $ 3 billion bid for the Marina Bay site. Their bid advanced to the final stage against three competitors, and was seen as the favorite to win. The government awarded the license, however, to Las Vegas Sands , citing its strength in the meetings and conventions sector. In 2007, MGM Mirage disposed of some outlying properties in Southern Nevada. The two Laughlin casinos (the Colorado Belle and Edgewater ) were sold for $ 200 million,

3479-461: The leisure and gaming industry—launching the massive CityCenter mixed-use project, which was at the time of its construction the world's largest construction site and ranks as one of the most expensive real estate projects in history. City Center's development coincided with the global financial crisis , causing more than $ 1 billion in writedowns in its valuation. Billionaire investor Kirk Kerkorian and his Tracinda Corporation were, until 2009,

3550-417: The majority shareholders of MGM Mirage; Kerkorian was the former owner of the Metro-Goldwyn-Mayer movie studio, from which MGM Grand derived its name. Following a $ 1 billion stock offering by MGM Mirage amidst the global credit crunch, Tracinda's shares were diluted from 53.8 percent to 39 percent. On June 15, 2010, shareholders voted for MGM Mirage to change its name to "MGM Resorts International". In 2015,

3621-448: The new project, but found no outside bidders, and agreed to sell it to Tracinda for $ 130 million. Construction on the MGM Grand Las Vegas and the MGM Grand Adventures theme park began in October 1991, and the property opened in December 1993 at a final cost of $ 1 billion. The park permanently closed in 2002 due to a lack of interest. The company moved its headquarters from Beverly Hills to Las Vegas in July 1992. During construction of

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3692-414: The offer, but Wynn met with Kerkorian the next day and named a price of $ 21 a share. The companies agreed on the higher price, for a total of $ 4.4 billion plus $ 2 billion in assumed debt. The merger closed in May 2000, giving MGM ownership of the Mirage , Treasure Island , Bellagio, Boardwalk , and Golden Nugget casinos in Las Vegas, the Golden Nugget in Laughlin, and the Beau Rivage in Mississippi, and

3763-399: The operating assets of Cosmopolitan of Las Vegas and later sold the Mirage to Hard Rock International . Also in 2021, MGM would sell the Las Vegas Aces to Mark Davis , owner of the Las Vegas Raiders . In August 2020, MGM cut 18,000 job positions as a result of the effects of the COVID-19 pandemic . The job cuts represent one fourth of its workforce, which before the start of the pandemic

3834-447: The properties to Tsogo Sun in November 2001. Since the initiation of New York-New York, analysts had speculated that MGM Grand or Primadonna would buy out the other's interest in the project. Instead of making such a cash-intensive purchase, however, MGM agreed to buy Primadonna outright for $ 276 million in stock plus $ 336 million in assumed debt. The merger closed in March 1999, giving MGM ownership of three casinos and two golf courses at

3905-425: The resort featured pools in front of the casino enacted the Battle of Buccaneer Bay with two full-scaled ships, the pirate ship 'Hispaniola' and the British Royal Navy frigate 'HMS Britannia,' while the inside featured romantic tropical theming and 18th century Caribbean pirate theming. The establishment was the home of the first permanent Cirque du Soleil show in Las Vegas, and the show went on to be voted nine times as

3976-407: The sale of its Las Vegas Treasure Island resort and casino to billionaire Phil Ruffin . The sale was completed on March 20, 2009 for $ 600 million in cash plus a $ 175 million promissory note. On March 23, 2009 Dubai World and Infinity World announced that they had filed a lawsuit in the Delaware Chancery Court seeking to be released from their CityCenter joint venture agreement with MGM Mirage after

4047-413: The site, but later reneged on the agreement. While the road, called the Atlantic City-Brigantine Connector , was eventually built, Le Jardin was cancelled after the company was acquired in 2000 by MGM Grand Inc. , which later built the Borgata , in a joint venture with Boyd Gaming , on the site. Boardwalk Hotel and Casino was later acquired by Mirage Resorts in 1997. In October 1998, Wynn opened

4118-455: The soon-to-be-built Treasure Island resort next door. Following the completion of The Mirage in 1989 Steve Wynn changed the name of the company to Mirage Resorts, Inc. Much of the financing for the Mirage was obtained in cooperation with Michael Milken . After the Mirage, Wynn built the Treasure Island Hotel and Casino , which he opened in the Mirage's old parking lot in 1993, and overall cost $ 450 million. Intended to be family-friendly,

4189-443: The time of the resort's construction. The hotel, restaurants, and associated facilities were constructed on land. The company was acquired in 2000 by MGM Grand Inc. , which then changed its name to MGM Mirage, for $ 6.4 billion, including $ 2 billion in assumed debt, after an initial all-cash offer of $ 17 per share and a final offer of $ 21 per share. The company was majority owned by Wynn. Summa Corporation Summa Corporation

4260-485: The two hotel-casinos accounted for most of MGM's income, and the company announced a plan to split itself in two. The next year, the film studio was spun off as a new company, while the original company, renamed as MGM Grand Hotels Inc., retained the two hotel-casinos. Kerkorian held a 47 percent stake in both companies. In 1985, Kerkorian began seeking a buyer for MGM Grand Hotels, to allow him to concentrate on running United Artists and on developing new properties under

4331-444: Was 68,000. MGM lobbied the Trump administration against giving federal approval for a casino operated by two native tribes in East Windsor, Connecticut. The casino would have provided competition to a MGM casino across the border in Massachusetts. In July 2023, MGM Resorts announced an agreement with Marriott International to bring its 17 properties within Marriott's global reservations system and its Bonvoy loyalty program, creating

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4402-439: Was a holding company for the business interests of Howard Hughes after he sold the tool division of Hughes Tool Company in 1972. Its holdings included casino hotels, aviation businesses, and television channels. After Hughes's death in 1976, most of the company's assets were sold off, and it focused on developing the master-planned community of Summerlin, Nevada . Summa was renamed as The Howard Hughes Corporation in 1994. It

4473-412: Was acquired by The Rouse Company in 1996. This holding company contained Hughes' varied investments including: Before 1972, Summa Corporation was named Hughes Tool Company . It was established in 1908 as a manufacturer of oil drilling tools. Under the ownership of Howard Hughes, the company expanded over the years into various other businesses, including aviation, media, and casino hotels. In 1972,

4544-501: Was acquired by MGM Grand, Inc. in 2000, forming MGM Mirage (now MGM Resorts International ). Golden Nugget Companies Inc. was formed by Steve Wynn in 1973. The company was created after Wynn acquired majority control of the Golden Nugget in Las Vegas, Nevada . In 1980, the company opened the Golden Nugget Atlantic City in New Jersey but in 1987, Wynn's and the company's interest in Atlantic City did not last very long due to frustration with state gaming regulators. The property

4615-512: Was built as a joint venture between Mirage Resorts and Circus Circus Enterprises , and cost US$ 344 million to build. The resort sits on 44 acres (18 ha), occupied by the Dunes Hotel golf course until its demolition in October 1993. In 1995, the company proposed to build the Le Jardin hotel-casino in the marina area if the state of New Jersey built a road that connected to the hotel-casino. The company had also agreed to allow Circus Circus Enterprises and Boyd Gaming to build casinos on

4686-428: Was coming to an end, MGM submitted a bid for one of three available gaming concessions, but it was not selected, losing out to Ho, Las Vegas Sands , and Wynn Resorts . MGM made moves into the United Kingdom market after a 2001 government report called for loosening of the country's gambling regulations. It opened an online casino, playmgmmirage.com, licensed in the Isle of Man , a British dependency, and it applied for

4757-436: Was forced to sell a majority of his casino company, International Leisure, to Hilton Hotels at a steep discount. When the Las Vegas Hilton , the casino he had built, subsequently became the most successful hotel in Las Vegas, Kerkorian was inspired to lead the studio into the gambling industry. It opened the original MGM Grand Hotel and Casino (now Horseshoe Las Vegas) in 1973. The MGM Grand Reno followed in 1978. By 1979,

4828-402: Was formed in 1986 as Grand Name Co. as a subsidiary of Kerkorian's Tracinda Corporation . It was renamed in 1987 as MGM Grand, Inc. The company's first venture was MGM Grand Air , a luxury airline offering service between New York and Los Angeles, which launched in September 1987. The company also made an offer to take over financially struggling Pan American World Airways , but this offer

4899-434: Was rejected by Pan Am's board in November 1987. In August 1987, MGM Grand bid $ 152 million for the bankrupt Dunes Hotel in Las Vegas, but was beat out by Japanese billionaire Masao Nangaku . Instead, the company acquired the Desert Inn and Sands casinos in February 1988 from Summa Corporation for $ 167 million. The Sands was sold to Sheldon Adelson 's Interface Group for $ 110 million in April 1989. In September 1989,

4970-401: Was sold to Bally's Entertainment , and eventually became Bally's Grand Hotel and Casino . In 1989, the company acquired the Nevada Club casino in Laughlin, Nevada , and re-branded it as the Golden Nugget Laughlin . Wynn's first major casino on the Las Vegas Strip was The Mirage , which opened in November 1989. It was the first time Wynn was involved with the design and construction of

5041-400: Was sold to Republic Airlines for $ 38.5 million in October 1980, and Hughes Helicopters was sold to McDonnell Douglas for $ 470 million in January 1984. The hotel and casino properties were gradually sold off during the 1980s. As its original businesses were sold, Summa recast itself as a real estate developer, using the vast tracts of undeveloped land Hughes had amassed around Las Vegas as

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