Who Owns the MGM Grand Casino: An Insight into the Powerhouse Behind Las Vegas' Icon

Introduction:

The MGM Grand Casino, an iconic landmark in the heart of Las Vegas, has been a testament to the glamour and opulence of the city. With its towering skyscraper, dazzling lights, and numerous entertainment options, the MGM Grand Casino has become a must-visit destination for millions of tourists worldwide. But who owns this magnificent establishment? In this article, we will delve into the history, ownership, and influence of the MGM Grand Casino, providing a comprehensive overview of the powerhouse behind Las Vegas' most famous resort.

Ownership:

The MGM Grand Casino, officially known as MGM Grand Hotel & Casino, is owned by MGM Resorts International, a leading global hospitality and entertainment company. MGM Resorts International, founded in 1969 by Kirk Kerkorian, has grown to become one of the most significant gaming companies in the world, with properties across the United States, Macau, and London.

The company's portfolio includes iconic hotels and casinos such as the Bellagio, The Mirage, and Mandalay Bay, among others. MGM Resorts International is a publicly traded company, with shares listed on the New York Stock Exchange (NYSE) under the ticker symbol "MGM."

Kirk Kerkorian's Legacy:

Kirk Kerkorian, the visionary entrepreneur behind the MGM Resorts International, played a crucial role in shaping the casino industry. Born in Iran in 1917, Kerkorian immigrated to the United States in 1942. He began his career in the aviation industry but later shifted his focus to the hotel and casino business.

Kerkorian's first foray into the casino industry was the opening of the Flamingo Las Vegas in 1946. Over the years, he expanded his empire, acquiring properties such as the Desert Inn, The Sahara, and the Circus Circus. In 1973, he launched the MGM Grand Hotel & Casino, which would go on to become the largest hotel-casino in the world at the time.

Kerkorian's influence extended beyond Las Vegas, as he ventured into Hollywood by acquiring movie studios like Metro-Goldwyn-Mayer (MGM) in 1959. He served as the studio's chairman until 1972, contributing to the golden age of Hollywood.

Ownership Structure:

MGM Resorts International is owned by a group of investors, with the primary shareholder being The Blackstone Group. The Blackstone Group, founded by Stephen A. Schwarzman and Peter G. Peterson in 1985, is one of the world's largest private equity firms.

The Blackstone Group acquired MGM Resorts International in 2009 for $9.4 billion. Since then, the company has invested in the expansion and improvement of its properties, including the MGM Grand Casino. Under Blackstone's ownership, MGM Resorts International has continued to grow, with several new resorts and entertainment venues under development.

The MGM Grand Casino: An Entertainment Hub:

The MGM Grand Casino is not just a place for gambling but also an entertainment hub that caters to a wide range of tastes. The resort boasts more than 2,500 hotel rooms, 150,000 square feet of convention space, and 80,000 square feet of gaming area.

The casino floor features numerous table games, slot machines, and poker rooms. Additionally, the MGM Grand Hotel & Casino is home to some of the biggest and most popular headliners in the entertainment industry, including Cirque du Soleil, David Copperfield, and Penn & Teller.

1. Question: What is the history behind the founding of the MGM Grand Casino?

Answer: The MGM Grand Casino was founded by Kirk Kerkorian in 1973. It was the largest hotel-casino in the world at the time and marked a significant expansion in Kerkorian's casino empire.

2. Question: How did Kirk Kerkorian influence the casino industry?

Answer: Kirk Kerkorian revolutionized the casino industry by introducing new concepts, such as luxury hotels and high-stakes gaming. His ventures, like the Flamingo Las Vegas and the MGM Grand Casino, set new standards for casino resorts.

3. Question: Who is the current owner of the MGM Grand Casino?

Answer: The MGM Grand Casino is owned by MGM Resorts International, a publicly traded company with The Blackstone Group as the primary shareholder.

4. Question: What is the ownership structure of MGM Resorts International?

Answer: MGM Resorts International is a publicly traded company with shares listed on the New York Stock Exchange (NYSE) under the ticker symbol "MGM." The primary shareholder is The Blackstone Group.

5. Question: What entertainment options are available at the MGM Grand Casino?

Answer: The MGM Grand Casino offers a variety of entertainment options, including Cirque du Soleil shows, David Copperfield's magic performances, Penn & Teller's comedy act, and numerous headliners across different genres. The resort also features a vast array of dining options and shopping outlets.