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īy 1979, the two hotel-casinos accounted for most of MGM's income, and the company announced a plan to split itself in two. It opened the original MGM Grand Hotel and Casino (now Horseshoe Las Vegas) in 1973. 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. In 19, Kerkorian struggled with debt from his acquisitions of MGM and Western Airlines, and was forced to sell a majority of his casino company, International Leisure, to Hilton Hotels at a steep discount.

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. ( discuss) ( October 2023)īackground and early ventures (1969–1988) It has been suggested that this article should be split into a new article titled History of MGM Resorts. In 2015, the company split into two forming MGM Growth Properties, a real estate company, while MGM Resorts shifted to operating properties.

On June 15, 2010, shareholders voted for MGM Mirage to change its name to 'MGM Resorts International'. 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.

īillionaire investor Kirk Kerkorian and his Tracinda Corporation were, until 2009, 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. City Center's development coincided with the global financial crisis, causing more than $1 billion in writedowns in its valuation. The company shifted its focus from owning and operating resorts and casinos to developing and building real estate in the leisure and gaming industry-launching the massive Cit圜enter 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. 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. and became MGM Mirage in 2000, after acquiring Mirage Resorts. The company began operations in 1987 as MGM Grand, Inc. MGM Resorts International is an American global hospitality and entertainment company operating destination resorts in Las Vegas, Massachusetts, Michigan, Mississippi, Maryland, Ohio, and New Jersey, including Bellagio, Mandalay Bay, MGM Grand, and Park MGM.

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