Monica Vega. May 1, 2017. Management 365. Tues/Thurs. 1Pm.
1285 WordsMay 3, 20176 Pages
May 1, 2017
MGM Resorts International
Intro: Early History
MGM Resorts International is one of the biggest Hospitality and Entertainment Company tracing all the way back to 1969. Its original name was the Grand Name Co. in 1986 and later changed to the MGM Grand Inc. It was said that Kirk Kerkorian was the man behind the creation of the resorts, when he created the MGM Grand Hotel in 1973. It wasn’t until 1993, when construction of the MGM Grand Las Vegas opened in December costing $1 billion dollars. During that time, MGM Resorts International began acquiring joint ventures to construct the hotel New York New York, which cost a total of $460 million dollars.
It was clear that MGM was making a…show more content…
With this new venture, MGM has decided to create a new management company (MGM HAKKASAN Hospitality) to contribute to the development of MGM projects in U.S, Middle East, and Asia. Currently MGM Resorts International offers gaming, hotel, conventions, dining, entertainment, retail and other amenities. As of December 2016 MGM owns about 9 of the big named hotel on the Las Vegas strip like: Bellagio, MGM Grand Las Vegas, Luxor, Monte Carlo, New York-New York, Excalibur, and Circus-Circus. Being that MGM owns a variety of hotels, each one is set to target a different market, but mainly target business travelers, millennia’s, high roller gamblers, etc.
MGM Grand Las Vegas
Out of all of MGM hotel properties, MGM Grand Las Vegas is their largest hotel resort complex. The MGM Grand Las Vegas has 30 floors with 5,124 rooms, five outdoor pools, convention center, arena, spa, nightclub, and restaurants. With such a high-end hotel, the MGM Grand Las Vegas brings in annual revenue of $9.80 billion dollars with an operating income of $1.1 billion dollars. Being that the MGM Grand Las Vegas was becoming more successful, in 2000 MGM underwent major renovation aiming at a completely new target market. With the new construction, MGM now aimed to please a “mature” target market by bringing a classic Hollywood theme to Las Vegas.
Also, with the new renovations, MGM Las Vegas was known for having a vast amount of