MGM Resorts International is a premier Nevada based casino, resort, and entertainment company. This publicly traded company owns and operates a variety of casinos in the United States and now Macau, China. The company got its start in 2000 when MGM Grand merged with Mirage resorts to become MGM Mirage. In 2010 the company changed its name to MGM Resorts International because they wanted it to make known that they would be expanding on an international level. In this article we are going to examine a few things you probably did not know about this casino and entertainment company.
5. They own over 15 casinos, resorts, and hotels in the United States
MGM Resorts International owns and operates a variety of large casinos throughout Nevada, Mississippi, and Michigan. They also own a 50% stake in 4 other properties located in Nevada, Illinois, and China. Some of these casinos include The Bellagio, The Mirage, Luxor, MGM Grand Las Vegas, Monte Carlo, and New York-New York. They also control large shares of the MGM Grand Detroit, Grand Victoria, and the MGM Macau in China.
4. They received a net income of $3.114 billion in 2013
The casino and resort industry has always been an extremely lucrative and successful industry. MGM Resorts received a net income of over $3 billion in 2013 from their combined properties. This number is expected to increase in 2014 as they are opening more casinos and resorts world wide.
3. Their stock rose more that 100% in 2o13
The recent financial crisis in the United States and the rest of the world hurt a lot of industries, especially the casino and resort industry. People spend their money more conservatively in times of financial woes, and luxury items are usually the first to go. MGM Resorts International was opening a few new casinos and resorts during this time while managing its other casinos, and they were hit hard. However as the economy came back, MGM Resorts International restructured its debt and saw its stock rise over 100% over the last year, as profits surged.
2. The are building one of the largest roof-top solar panel systems in the world
Sitting on top of the Mandalay Bay Resort Convention Center in Las Vegas is one of the biggest solar photovoltaic power array systems in the world. MGM has been known for being energy conscious and environmentally sound, and this project is evident of that. When the power system is completed later this year, the 6.2-megawatt system will produce enough energy to power 1,000 homes.
1. They formed a strategic alliance with Hakkasan Group to open up resorts worldwide
In April of this year MGM and Hakkasan Group, a restaurant, night-life, and entertainment company, grouped up to bring a variety of non-casino resorts to locations all over the world. MGM wants a better hold of the international market, as they currently primarily operate in the United States (with a few exceptions). Together they are looking to open up resorts in North and South America, The Middle East, and Asia. MGM hopes to increase its margins by having a larger international presence, and we should soon see some of these resorts opening in the next few years.
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