COMPANY OVERVIEW
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
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Mirage Resorts was first licensed by the Nevada Gaming Commission in 1946 under the name, Golden Nugget, and later adopted its present name in 1991. At the time of the merger, it was the oldest established gaming company in the state. Mirage Resorts' holdings included: Bellagio, the Mirage, Treasure Island and the Golden Nugget in Las Vegas; the Golden Nugget in Laughlin, Nevada; and Beau Rivage in Biloxi, Mississippi.
MGM Grand owned and operated the MGM Grand Hotel and Casino in Las Vegas, Nevada. The hotel commenced operations in 1993 and was billed as the largest hotel and casino in the world. MGM Grand also owned New York New York Hotel and Casino in Las Vegas; Whiskey Pete's Buffalo Bill's and the Primm Valley Resort in Primm, Nevada; the MGM Grand Detroit Casino; the MGM Grand Hotel and Casino in Darwin, Australia. MGM Grand also managed casinos in Nelspruit, Witbank and Johannesburg, Republic of South Africa.
MGM Grand and Mirage Resorts merged together in 2000. In 2004, the company sold a hotel and casino located in Darwin, Australia to SKYCITY Entertainment Group.
In 2005, the Nevada Gaming Commission unanimously approved the merger between MGM Mirage and Mandalay Resort Group. During the same year, the company acquired Mandalay Resort Group for $7,900 million.
In the following year, MGM Mirage started work on CityCenter, a $7,000 million project
In the ensuing years Puck would capitalize on the success of Spago by opening establishments throughout the U.S. including Spago Beverly Hills, Spago Chicago, Spago Las Vegas and Spago Palo Alto.After opening Spago in the Forum Shops at Caesars in 1992, Wolfgang went on to open six additional restaurants in the Las Vegas including the now closed Postrio Bar & Grill at The Venetian in 1999 Trattoria del Lupo at Mandalay Bay Resort and Casino in 1999, Wolfgang Puck Bar & Grill at MGM Grand in 2004, CUT at The Palazzo in 2008, Cucina by Wolfgang Puck, located in The Shops at Crystals in 2010, and his first off strip restaurant, Wolfgang Puck Bar & Grill, in the burgeoning neighborhood of Downtown
2008 brought some problems for MGM. On October 29th of that year, MGM reported a sixty-seven percent plunge in third-quarter earnings, due mostly in part to lagging revenues from its Las Vegas properties. On that same day, MGM decided to halt a five million dollar Atlantic City project which was to be built on land next to Borgata Hotel and Casino. Shortly after this announcement, New Jersey gambling regulators were set to deny MGM's suitability to operate casinos in New Jersey. This was due mainly in part to their partner, Pansy Ho, who New Jersey regulators believed could not operate independently of her father, Stanley Ho. This forced MGM to sell their New Jersey property, Borgata Hotel and Casino, which was a highly profitable piece of business. Finally, at the end of 2008, MGM decided to sell its Las Vegas Treasure Island property. Around the same time, MGM also introduced Jim Murren as their new CEO. Murren was behind many of the major acquisitions that helped transform MGM and had been repeatedly honored as the gaming and lodging industry's top CFO by Institutional Investor magazine. This promotion came at an important time as MGM had fallen on some hard times.
After the El Rancho was established, three more Western Casinos opened for business. In 1941, El Cortez opened as the first large hotel downtown. The hotel Last Frontier opened on the strip in 1942, and in 1946, the Golden Nugget opened downtown. The one big casino to the Western motif was Benjamin Siegel’s The Flamingo which opened in 1946. Siegel was a mobster with ties to the Chicago and California networks, envisioned a “jewel in the desert.” The Flamingo was not a success and was temporarily closed. It then re-opened and had a diverse theme-oriented style in the hotel casino industry in Las Vegas.
It is only logical to enjoy your time in Vegas, and with the MGM Grand, it is a guarantee. Do it big when you go to Vegas. The advertisement goes as far as to say “Your alter ego is waiting. Escape begins at MGM Grand.” MGM Grand wants you to make the right hotel choice, which is why all the pictures and text are necessary to persuade vacationers to stay there. Instead of worrying about price, look at what all they have to offer.
It wasn’t until 1969 when Nevada changed the laws and allowed publicly-traded corporations to own casinos. The state made a common sense compromise requiring that only major shareholders be licensed. The importance of that decision can’t be understated as it marked a new beginning for rooting out the corruption of organized crime from legalized gambling. That change allowed greater transparency which slowly collapsed the mafia’s control of Las Vegas. In 1971, Harrah’s became one of the first Nevada casinos to sell their shares publicly. William F. Harrah, along with his father, had first set up shop in Reno in 1937. Harrah originally opened a bingo hall, but he later expanded his business into a casino empire. By 1973 his company was the first casino stock sold on the New York Stock Exchange and in 2005 Harrah’s became the largest casino business in the
Casino Magic was built in the backbay of Bay St. Louis. Bruce also worked on The Grand Casino in Gulfport and Biloxi, and also the Casino Magic in Biloxi. When asked about the working conditions, he stated that they were
MGM Hotel Fire Las Vegas The MGM Hotel fire was started at 7 am on November 21 of 1980. Five thousand people were in the hotel that was twenty-three stories tall when the fire broke out. The fire was started due to an electrical contact made by a vibrating copper wire that lead from the vacuum that was outside and the deli display. The display wasn't installed correctly and therefore lead to the fire hazard. When the fire started, the fire alarms went off and so did the fire sprinklers.
Caesars Entertainment has rebranded, refreshed and reimagined worn properties in North Lake Tahoe, Tahoe South, and Reno. “While casinos still have gaming, it’s not the primary focus,” says Mike Frye, event & media relations manager for Lake Tahoe. (Robertson 2015) They have built convention as well as have recreation such as skiing. Caesars Entertainment planned over twenty-five million dollars in renovations to bring guests into the property.
Synopsis of the Situation The Bellagio was one of 23 properties of MGM MIRAGE, one of the world's leading hotel and gaming companies. Located in the heart of Las Vegas, The Bellagio was widely recognized as one of the premiere casino resorts in the world. Richly decorated, the resort featured a conservancy filled with unique botanical displays, and eight-acre lake featuring over 1,000 fountains that performed a choreographed ballet of water, music, and lights, top-notch amenities and entertainment options, and 200,000 square feet of convention space. In the casino operations area, the Bellagio operated 2,409 coin-operated gaming devices (slot machines), and 143 game tables. Approximately 1,000 people were employed in casino operations. As
With the backing of the stakeholders, XYZ Casino bought the golf course and announced the rebranding of XYZ Casino to XYZ Casino & Resort. Within hours of the announcement, management had requested the IT team to pull together and formalize
Wynn Resorts Limited is a publicly traded corporation based in Paradise, Nevada that is a developer and operator of high end hotels and casinos. It was formed on October 25, 2002 by former Mirage Resorts Chairmen and CEO Stephen A. Wynn. The target client base for Wynn Resorts are affluent individuals who seek the highest quality—Wynn and its sister property Encore hold more Forbes Five Star awards than any other casino resort in the world. Recently, Steve Wynn has taken his brand global by building in Macau, China. With the opening of the Wynn and Encore Towers, Steve Wynn has proven that upscale gambling can be accomplished outside of Las Vegas. Steve Wynn’s marketing strategy is to emphasize the quality of service
When walking into “The Strip” in Las Vegas, an instant feel of excitement rushes up. The flashy neon lights paired with glimpses of amazing acrobatics on gigantic screens easily brings up the energy of tourists, businessmen, and gambling addicts. You may wonder how a once stranded desert can transform into such a paradise of skyscrapers. The answer lies in casinos.
MGM Mirage is one of the largest gaming industries in the United States and specifically Las Vegas, Nevada. The two people responsible for the start of this empire are Kirk Kerkorian and Steven Wynn. Kirk Kerkorian opened up the first MGM Grand in Las Vegas, Nevada in 1973. Steven Wynn moved to Las Vegas in 1967 and after investing in land on the strip he later opened up the Mirage, followed by Treasure Island and the Bellagio. The MGM Mirage was created during the merger in 2000, and Steven Wynn is no longer affiliated with this company. Since this merger, MGM Mirage has grown and acquired numerous other properties. Currently MGM Mirage acts as a holding company and conducts operation
With a variety of casinos on the strip, it is hard to stand out and become the leading casino on the Las Vegas strip; however, with the right stand out strategy it is not impossible. Harrah's will have to implement a plan to stick out from the rest of the casinos. For example the Mirage has a volcano, Paris has an Eiffel Tower and Treasure Island has a pirate show just to name a few. Do you see a theme? Without a prominent attraction, Harrah's will concentrate on our other features like the reputation of its sister properties, the fun atmosphere, friendly staff and high quality technology to attract its customers.
Wynn Resorts Limited (Wynn) is high-end developer and operator of resort-style casinos. Wynn offers hotel rooms and suites, gambling, fine-dining, spas, and boutiques. Founded in 2002 by American business magnate Steve Wynn, the company currently has two locations in Las Vegas, Nevada and two locations Macau, China. In 2016, Wynn plans to open Wynn Palace, a 1,700 room hotel and casino in Macau. The company is publicly traded on the NASDAQ Global Select Market under the ticker symbol WYNN.