Nevada Based MGM Resorts International
MGM Resorts International was formerly known as MGM Grand Inc., from 1986 to the year 2000, and then MGM Mirage, from 2000 to 2010. MGM Resorts International operates within the tourism; hospitality and gaming industries, and was founded by Kirk Kerkorian. Its headquarters can be found in Paradise, Nevada, in the United States of America, and it runs various casinos; hotels and entertainment resorts around the world.
The History of MGM Resorts International
Kirk Kerkorian purchased a controlling stake in Metro-Goldwyn-Mayer’s film studio in 1969, and what would eventually become MGM Resorts International was born. Mr Kerkorian had trouble repaying his debts, from this acquisition and that of Western Airlines, however, and he was compelled to put the majority of his International Leisure casino company up for sale. Hilton Hotels obtained it at a very steep discount. When Kerkorian’s Las Vegas Hilton, the casino he had originally built, went on to become the most profitable hotel in all of Las Vegas he was motivated to lead the studio into the gaming industry, and the first MGM Grand hotel and casino was opened in 1973. It has since become Bally’s Las Vegas. In 1978 the MGM Grand Reno followed.
In just over the course of a year these two hotel casinos accounted for the majority of MGM’s income, and plans were announced regarding the company’s decision to bifurcate. In 1980 the film studio was rebranded as a fresh company, while the original, now known as MGM Grand Hotel Inc., held on to the MGM Grand and the MGM Grand Reno hotel casinos. Kerkorian retained a 47% stake in both of the companies.
Kerkorian started seeking a buyer for his MGM Grand Hotels in 1985, in order to free him up so as to focus his energies on running United Artists and initialising new properties underneath what was becoming a very well-known brand, the MGM Grand. A deal was eventually brokered with Bally Manufacturing, with the terms of sale allowing Kerkorian to hold on to his rights to the MGM Grand name. The deal went through in April of 1986, and the two casinos in question were rebranded under Bally’s’ name. Plans were also announced that stockholders in MGM Grand Hotels would be able to purchase shares in a new company that had retained the naming rights.
The company that has since become known as MGM Resorts International was originally formed in 1986, and was then called Grand Name Co., part of the Tracinda Corporation belonging to Kerkorian. The name change occurred in 1987, and MGM Grand Inc. was born.
MGM Resorts International Hospitality
In 2007, the hospitality branch of MGM Resorts International was established in order to operate resorts; residences and hotels in several key destinations around the globe, making use of the now iconic brands of MGM Grand; SKYLOFTS and Bellagio in order to do so. This division’s mission was to ensure that the company was able to become the global leader in the hospitality industry by envisioning; planning; building; and finally operating an array of destination resorts; residences and hotels that would remain unparalleled in terms of innovation; attention to detail and customer-service.