MGM Resorts International
Acquisitions
4
Major Deals Covered
$16.5B
Disclosed Deal Value
MGM Resorts's largest disclosed acquisition here is Mandalay Resort Group for $7.9B in 2005. This page covers 4 major deals from 2000 to 2022, each with its price where disclosed and the reason behind it.
| Company | Year | Price | Purpose |
|---|---|---|---|
| Mirage Resorts | 2000 | $6.4B | MGM Grand bought Mirage Resorts in 2000 for $21 a share, about $4.4 billion plus roughly $2 billion of assumed debt, adding Bellagio, The Mirage and Treasure Island and creating MGM Mirage. |
| Mandalay Resort Group | 2005 | $7.9B | MGM Mirage acquired Mandalay Resort Group in 2005 for about $7.9 billion including assumed debt, adding Mandalay Bay, Luxor, Excalibur and Circus Circus. |
| The Cosmopolitan of Las Vegas (operations) | 2022 | $1.6B | MGM bought the operations of The Cosmopolitan from Blackstone for $1.625 billion, adding a luxury resort between Bellagio and ARIA. |
| LeoVegas AB | 2022 | $607.0M | MGM acquired Swedish online casino operator LeoVegas to build an international online gaming business outside BetMGM's North American footprint. |
2022
$1.6B
MGM bought the operations of The Cosmopolitan from Blackstone for $1.625 billion, adding a luxury resort between Bellagio and ARIA.
Expanded MGM's high-end Strip portfolio.
The property is operated by MGM under a lease.
2022
$607M
MGM acquired Swedish online casino operator LeoVegas to build an international online gaming business outside BetMGM's North American footprint.
LeoVegas forms the core of the MGM Digital segment.
MGM Digital revenue grew 20% year over year in Q2 2026.
2005
$7.9B
MGM Mirage acquired Mandalay Resort Group in 2005 for about $7.9 billion including assumed debt, adding Mandalay Bay, Luxor, Excalibur and Circus Circus.
The acquisition created a concentration of hotel rooms and casino floor space on the Strip, providing large scale and operational leverage, but also burdened the company with significant debt.
While the acquisition solidified market dominance, the debt load incurred during the transaction left the company vulnerable during the 2008 financial crisis, necessitating a restructuring.
2000
$6.4B
MGM Grand bought Mirage Resorts in 2000 for $21 a share, about $4.4 billion plus roughly $2 billion of assumed debt, adding Bellagio, The Mirage and Treasure Island and creating MGM Mirage.
The deal made MGM the largest owner-operator on the Las Vegas Strip.
Bellagio remains one of the company's flagship resorts; The Mirage was sold to Hard Rock International in 2022.
MGM is pairing capital discipline with selective growth. In 2026 it sold the operations of MGM Northfield Park in Ohio for $546 million in cash and withdrew from the downstate New York (Yonkers) commercial casino license process, while continuing to fund Osaka, Dubai, Las Vegas luxury reinvestment and MGM Digital. Management has pointed to BetMGM's goal of $500 million in EBITDA and to MGM Digital reaching profitability.
MGM Resorts earns money by operating integrated resorts and collecting spending on casino gaming, hotel rooms, food and beverage, entertainment, retail and conventions. It reports four main segments: Las Vegas Strip Resorts (its largest profit pool), Regional Operations (properties such as Borgata, MGM National Harbor and MGM Grand Detroit), MGM China (MGM Macau and MGM Cotai), and MGM Digital (LeoVegas and international online gaming). Its 50/50 BetMGM joint venture with Entain is accounted for separately and began paying cash distributions to MGM in 2025. Because most buildings are leased under long-term triple-net leases, MGM pays fixed rent to landlords such as VICI Properties while keeping the operating cash flow.
In May 2000, MGM Grand acquired Steve Wynn's Mirage Resorts for $6.4 billion in cash and assumed debt. The landmark mega-merger brought the world's most luxurious resort properties, Bellagio, The Mirage, Treasure Island, and Golden Nugget, into the company, forming MGM Mirage.
In April 2005, MGM Mirage acquired Mandalay Resort Group for $7.9 billion. The acquisition added Mandalay Bay, Luxor, Excalibur, Circus Circus, and premier regional casinos, giving MGM control of approximately half of all hotel rooms on the Las Vegas Strip.
In May 2022, MGM acquired the operations of The Cosmopolitan from Blackstone for $1.625 billion. The deal unified the central Strip luxury corridor between Bellagio and ARIA, adding 3,000 premium guest rooms, 26 high-quality restaurants, and high-margin millennial gaming revenue.
In September 2022, MGM completed the acquisition of Swedish online gaming company LeoVegas AB for $607 million. The acquisition gave MGM proprietary digital sports betting and iGaming technology, accelerating BetMGM's international expansion across Europe and Latin America.
In December 2022, MGM sold the operations of The Mirage to Hard Rock International for $1.075 billion in cash. The strategic divestiture allowed MGM to monetize a mature property to fund international expansion and pave the way for Hard Rock's guitar-shaped hotel tower.
In 2016, MGM acquired Boyd Gaming's 50% interest in the Borgata Hotel Casino & Spa in Atlantic City for $900 million. The buyout gave MGM 100% full ownership of the market-leading, highest-grossing casino resort in New Jersey.
In 2023, MGM's LeoVegas subsidiary acquired premier digital slot game developer Push Gaming. The acquisition allows MGM to develop and distribute proprietary online slot games and iGaming content directly across BetMGM and international platforms.
MGM's M&A criteria focuses on high-ROE digital gaming assets (iGaming/sports betting tech), strategic luxury hospitality infill (like Cosmopolitan), and high-barrier-to-entry international integrated resort licenses (such as Osaka, Japan), avoiding low-margin regional casino acquisitions.
In May 2022, MGM acquired the operations of The Cosmopolitan of Las Vegas for $1.625 billion from Blackstone. The Cosmopolitan fills the physical gap between Bellagio and Aria on the central Strip, boasting high-energy millennial nightlife, premier restaurant collections, and balconies overlooking the Bellagio Fountains, completing MGM's high-end luxury corridor.
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