MGM Mirage

MGM MIRAGE {{NYSE|MGM}} is a Las Vegas, Nevada-based business engaged in the development, ownership and operation of hotels and casinos throughout the world. The company began operations on May 31, 2000 after the completion of the US$6.4 billion merger of MGM Grand Inc. and Mirage Resorts Inc.

History

Before the merger in 2000, MGM Grand had been in operation since the 1960s and Mirage Resorts (formerly Golden Nugget Companies, Inc.) had been in operation since the 1970s.

Related Topics:
1960s - Mirage Resorts - Golden Nugget Companies, Inc. - 1970s

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On January 26, 2004, MGM MIRAGE completed the sale of its two Golden Nugget casinos -- the Golden Nugget Las Vegas and the Golden Nugget Laughlin. The former, in downtown Las Vegas, was the first casino owned by Steve Wynn, and was the foundation on which he built the MGM Mirage predecessor corporation Mirage Resorts. The Golden Nugget properties were purchased by the Las Vegas-based private investment firm Poster Financial Group, Inc. for approximately $215 million.

Related Topics:
January 26 - 2004 - Golden Nugget Las Vegas - Golden Nugget Laughlin - Steve Wynn - Poster Financial Group, Inc.

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On June 4, 2004 MGM MIRAGE announced a bid to acquire one of its major competitors, Mandalay Resort Group, for $68 per share plus assumption of debt. The ensuing negotiations between the two companies included at one point an announcement that the Mandalay board was rejecting the offer because of antitrust concerns. On June 15, 2004, however, both companies' boards approved a revised offer of $71 per share. The agreement calls for MGM Mirage to pay $4.8 billion and to assume $2.5 billion in debt. The transaction was completed on April 26, 2005 for $7.9 billion.

Related Topics:
June 4 - Mandalay Resort Group - June 15 - April 26

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On June 23, 2004 MGM MIRAGE completed its $140 million sale of the MGM Grand Hotel and Casino in Darwin, Australia to SKYCITY Entertainment Group.

Related Topics:
June 23 - Darwin, Australia - SKYCITY Entertainment Group

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On May 31, 2005 MGM MIRAGE started construction on the MGM Grand Macau.

Related Topics:
May 31 - MGM Grand Macau

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