Profile: MGM Resorts International (MGM.N)
20 Dec 2013
MGM Resorts International, incorporated on January 29, 1986, is a holding company. The Company is a hospitality company. The Company’s primary business is the ownership and operation of casino resorts, which includes offering gaming, hotel, convention, dining, entertainment, retail and other resort amenities. The Company operates in segments: wholly owned domestic resorts and MGM China. The Company operates 15 wholly owned resorts in the United States. MGM China's operations consist of the MGM Macau resort and casino (MGM Macau). The Company’s casino resorts offer gaming, hotel, convention, dining, entertainment, retail and other resort amenities. All of its casino resorts operate 24 hours a day, every day of the year, with the exception of Grand Victoria which operates 22 hours a day, every day of the year. At its wholly owned domestic resorts, the Company’s primary casino and hotel operations are owned and managed by the Company.
The Company operates many managed outlets, utilizing third-party management for specific expertise in operations of restaurants and nightclubs. The Company’s casino operations feature a range of slots, table games, and race & sports book wagering. Revenues at MGM Macau are generated primarily from gaming operations made up of two market segments: main floor and high-end (VIP). MGM Macau main floor operations consist of both table games and slot machines on the main gaming floors for the public, which usually consists of walk-in and day trip visitors.
Gaming operations at MGM Macau are conducted under a gaming subconcession held by MGM Grand Paradise. The Macau government has granted three gaming concessions and each of these concessionaires has granted a subconcession. According to the Las Vegas Convention and Visitors Authority, there were approximately 150,500 guestrooms in Las Vegas as of December 31, 2012. As of December 31, 2012, the Company operated approximately 27% of the guestrooms in Las Vegas. The Las Vegas market includes leisure travel customers; premium gaming customers; convention customers, including small meetings, trade associations, and corporate incentive programs; and tour and travel customers. The two primary customer segments in the Macau gaming market are VIP and main floor.
The Company owns and operates casino resorts in Las Vegas, Nevada, which include Bellagio, MGM Grand Las Vegas, The Mirage, Mandalay Bay, Luxor, New York-New York, Monte Carlo, Excalibur and Circus Circus Las Vegas. As of December 31, 2012, its other Nevada operations include Circus Circus Reno, Gold Strike in Jean and Railroad Pass in Henderson. The Company and its local partners own and operate MGM Grand Detroit in Detroit, Michigan. The Company owns and operates two resorts in Mississippi: Beau Rivage in Biloxi and Gold Strike Tunica. The Company also owns Shadow Creek, an exclusive world-class golf course located approximately ten miles north of its Las Vegas Strip resorts, Primm Valley Golf Club at the California/Nevada state line and Fallen Oak golf course in Saucier, Mississippi.
The Company owns 50% of CityCenter, located between Bellagio and Monte Carlo. The other 50% of CityCenter is owned by Infinity World Development Corp (Infinity World). CityCenter consists of Aria, a casino resort; Mandarin Oriental Las Vegas, a non-gaming boutique hotel; Crystals, a retail, dining and entertainment district; and Vdara, a luxury condominium-hotel. In addition, CityCenter features residential units in the Residences at Mandarin Oriental and Veer. The Company has 50% interests in Grand Victoria and Silver Legacy. Grand Victoria is a riverboat casino in Elgin, Illinois; an affiliate of Hyatt Gaming owns the other 50% of Grand Victoria and also operates the resort. Silver Legacy is located in Reno, adjacent to Circus Circus Reno, and the other 50% is owned by Eldorado LLC. The Company has a 50% economic interest in Borgata Hotel Casino & Spa (Borgata) located on Renaissance Pointe in the Marina area of Atlantic City, New Jersey.
MGM Resorts International
3600 Las Vegas Boulevard South
LAS VEGAS NV 89109