Mgm Resort International Essay
MGM Resorts International is a Paradise, Nevada based corporation that brands itself as a global hospitality company. It is the second largest gaming company in the world by revenue - about US$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 began as MGM Mirage on May 31, 2000, with the merger of MGM Grand Inc. and Mirage Resorts Inc. 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 …show more content…
MGM Mirage collaborated with the Diaoyutai State Guesthouse in 2007 at Beijing, China. The strategic relationship was formed to pursue non-gaming business opportunities in China. During the same period, MGM Mirage sold Buffalo Bill's, Primm Valley and Whiskey Pete's hotel-casinos (collectively known as Primm Valley Resorts) located in Primm, Nevada to Herbst Gaming.
Later in 2007, MGM Mirage formed a new luxury resort subsidiary, MGM Mirage Hospitality, to pursue global opportunities for hotel brands. During the same period, MGM Mirage and Kerzner International Holdings formed a 50/50 joint venture to develop a multi- billion dollar integrated resort property on the Las Vegas Strip.
Further in 2007, the company signed a definitive agreement with Dubai World to form a long-term strategic relationship, wherein Dubai World invested approximately $5 billion in MGM