Not to be confused with the Las Vegas, Nevada based casino/resort operator Resorts International Holdings. MGM Resorts International is a Paradise, Nevada based corporation that brands itself as a global hospitality company. It is the second largest gaming company in the world by revenue - about US$6 billion in 2009. It owns and operates 15 properties in Nevada, Mississippi and Michigan, and has 50% investments in four other properties in Nevada, Illinois and Macau, China. The company began as MGM Mirage on May 31, 2000, with the merger of MGM Grand Inc. and Mirage Resorts Inc. In the... mid-2000s, growth of its non-gaming revenue began to outpace gaming receipts and demand for high-rise condominiums was surging, with median property prices in Las Vegas twice the national average. The company shifted its business model from fully owning and operating resorts and casinos, to being more real estate focused - launching the massive Citycenter mixed-use project. Unfortunately, the latter's development coincided with vast overbuilding on the Strip and a global financial crisis, causing large losses and writedowns in valuation.
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| NYSE symbol: | MGM |
| Founded: | 2000 |
| Headquarters: | Las Vegas, Nevada |
| Legal structure: | Public company |
| Annual revenue: | $7,208,770,000 |
| Net income: | $-855,290,000 |
| Operating income: | $2,365,500,000 |
| Market cap: | $24,000,000,000 |
| Employees: | 46,000 |
| Industries: | Hospitality, Other Amusement and Recreation Industries, Entertainment, Hotel |