MGM MIRAGE Las Vegas Casino and Hotel History
MGM MIRAGE is one of the world's largest Hotel and Casino Firms. The company's 26 partially or wholly owned properties include Las Vegas' MGM Grand, The Mirage, and New York-New York, Luxor, Bellagio. MGM MIRAGE also owns casinos in about five other Nevada cities, as well as in Michigan and Mississippi. In addition, the company operates the Borgata casino in Atlantic City through a joint venture with Boyd Gaming. In 2005 MGM MIRAGE acquired rival Mandalay Resort Group for $7.9 billion, shooting the firm to the top of the gaming world. Founder Kirk Kerkorian owns about 56% of MGM MIRAGE.
MGM MIRAGE Company Information and News
The company began operations on May 31, 2000 after the completion of a $6.4 billion merger, the largest ever in the casino industry. At the time of the merger, MGM Mirage was the largest gambling company in the world. 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 2 Golden Nugget casinos - the Golden Nugget Las Vegas and the Golden Nugget Laughlin. The Golden Nugget, 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 15, 2004 the MGM board approved a revised offer of $71 per share for the Mandalay Resort Company. 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 66 acre $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 closed on June 01, 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. 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 Blvd. intersection. When combined with underused parts of the Circus Circus site, the company will have a 68 acre site for future development.