MGM Resorts International
Explore MGM Resorts International
Core profile pages, annual revenue records, and related research hubs for this company.
MGM Resorts International
Explore MGM Resorts International
Core profile pages, annual revenue records, and related research hubs for this company.
Company History
Founded 1969 in Las Vegas, Nevada, United States
MGM Resorts traces its modern casino-resort platform to Kirk Kerkorian's Las Vegas investments and the MGM Grand brand, later reshaped by the Mirage Resorts and Mandalay Resort Group acquisitions.
Kirk Kerkorian, born in 1917, was a visionary financier and aviator who recognized the immense potential of the Las Vegas gaming industry in the post-war era. In 1969, he opened the original MGM Grand Hotel and Casino, which was the largest hotel in the world at the time, setting a new standard for scale and luxury. Kerkorian’s aggressive acquisition strategy throughout the 1970s and 1980s culminated in the 1986 consolidation of his gaming assets into MGM Grand Inc. His most transformative move came in 1996 when he orchestrated the $1.3 billion acquisition of Mirage Resorts, bringing the legendary Bellagio into the portfolio and creating MGM Mirage. Kerkorian’s relentless focus on scale, operational efficiency, and strategic consolidation established the blueprint for the modern, mega-resort gaming conglomerate, leaving a legacy that defines the Las Vegas Strip to this day.
Kirk Kerkorian opens the original MGM Grand Hotel and Casino on the Las Vegas Strip, establishing the largest hotel in the world and setting a new standard for scale and luxury in the gaming industry.
Kerkorian consolidates his various gaming and hospitality assets into a single, publicly traded entity named MGM Grand Inc., marking the formal birth of the modern corporate structure.
MGM Grand Inc. orchestrates a landmark $1.3 billion acquisition of Mirage Resorts, eliminating its primary competitor and bringing the legendary Bellagio and Golden Nugget into the portfolio, creating MGM Mirage.
MGM Mirage acquires Mandalay Resort Group for $8.5 billion, adding iconic properties like Mandalay Bay, Luxor, and Excalibur to the portfolio and solidifying its dominance on the Las Vegas Strip.
The company spins off its real estate assets into MGM Growth Properties (MGP), a real estate investment trust (REIT), unlocking billions in trapped capital and initiating the pivot toward an asset-light model.
MGM Resorts completes the $17.2 billion sale of MGP to VICI Properties and leases back the properties under a 15-year triple-net lease, permanently transforming the company into an ultra-asset-light operator.
The company suffers a massive cyberattack by the BlackCat/ALPHAF ransomware group, temporarily crippling slot machines and hotel systems across the Las Vegas Strip and resulting in a $100 million negative impact on Q3 earnings.
MGM Resorts acquires Entain's 50% joint venture stake in BetMGM for $1.5 billion, granting 100% control of the digital technology stack and international expansion rights, fundamentally altering its digital growth trajectory.
MGM Grand Inc. acquired Mirage Resorts to eliminate its primary competitor on the Las Vegas Strip and bring the legendary Bellagio and Golden Nugget into the portfolio, creating MGM Mirage.
MGM Mirage acquired Mandalay Resort Group to add iconic properties like Mandalay Bay, Luxor, and Excalibur to the portfolio, solidifying its dominance on the Las Vegas Strip and capturing the mass-market demographic.
MGM Resorts acquired Entain's 50% joint venture stake in BetMGM to gain 100% control of the digital technology stack and international expansion rights, eliminating complex revenue-sharing disputes.
MGM Resorts International was founded in 1969.
MGM Resorts International was founded by Kirk Kerkorian.
MGM Resorts traces its modern casino-resort platform to Kirk Kerkorian's Las Vegas investments and the MGM Grand brand, later reshaped by the Mirage Resorts and Mandalay Resort Group acquisitions.