MGM Resorts International is a global hospitality and entertainment company operating destination resorts in Las Vegas, Mississippi, New Jersey and Detroit, including Bellagio, MGM Grand, Mandalay Bay and The Mirage. The company is developing MGM National Harbor in Maryland and MGM Springfield in Massachusetts. It has a majority interest in MGM China Holdings Limited, which owns the MGM Macau resort and casino and is developing a gaming resort in Cotai. MGM Resorts owns 50 percent of CityCenter in Las Vegas, which features ARIA Resort & Casino. It has a majority controlling interest in MGM Growth Properties, a real estate investment trust.
The company began operations in 1987 as MGM Grand, Inc., and became MGM Mirage in 2000, after acquiring Mirage Resorts. 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 focus from owning and operating resorts and casinos, to developing and building real estate in the leisure and gaming industry—launching the massive CityCenter 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. City Center's development coincided with global financial crisis, causing writedowns in its valuation.
In June 2010, the company changed to its present name, to reflect its latest strategy of expanding worldwide, including licensing its brand and expertise to develop non-gaming hotels and residences.
Billionaire 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. Following a one-billion-dollar stock offering by MGM Mirage amidst the global credit crunch, Tracinda's shares were diluted from 53.8 percent to 39 percent. In May 2010, hedge fund Paulson & Co acquired 40 million shares (about 9%) to become MGM Resorts’s second-largest shareholder. On June 15, 2010, shareholders voted for MGM Mirage to change its name to "MGM Resorts International", which emphasizes the brand's global scope and increased non-gaming strategy.
In 2013, MGM won state licenses to build a $1-billion resort in National Harbor, Maryland and an $800-million resort in downtown Springfield, Massachusetts. In May 2014, MGM broke ground on a $375-million arena on the Las Vegas Strip with sports and entertainment company AEG. MGM Resorts is the majority owner of MGM Growth Properties LLC (NYSE: MGP), a real estate investment trust that owns ten casino properties and leases them to MGM Resorts. It became a separate, publicly traded company in April 2016.
Among the company's management ranks, more than 38 percent are minorities and nearly 43 percent are women. The company continues to receive wide recognition for its diversity and inclusion initiatives, such as: 40 Best Companies for Diversity (Black Enterprise Magazine), Top 10 Companies for Latinos (DiversityInc Magazine), Best Places to Work for LGBT Equality (Human Rights Campaign Foundation), Top 10 Regional Companies(DiversityInc) Top 100 Companies for MBA Students (Universum Global) and Top Corporation for Women's Business Enterprises (Women's Business Enterprise National Council). FORTUNE magazine has named MGM Resorts one of the World’s Most Admired Companies.