The MGM Grand Casino in Las Vegas: A Journey into Ownership and Legacy

The MGM Grand Casino, a towering symbol of luxury and opulence, stands as a beacon of entertainment in the heart of Las Vegas. As one of the most iconic destinations in the city, the MGM Grand has captured the imagination of visitors from all corners of the globe. But who owns this iconic establishment? This article delves into the fascinating history and current ownership of the MGM Grand Casino in Las Vegas.

1. The Early Years: A Vision Born

The roots of the MGM Grand Casino can be traced back to the vision of Kirk Kerkorian, a visionary entrepreneur who had a penchant for creating grandiose projects. In the late 1960s, Kerkorian had already made a name for himself in the entertainment industry by purchasing the legendary Metro-Goldwyn-Mayer (MGM) studio. His next venture was to build a hotel and casino that would redefine the Las Vegas Strip.

2. The Birth of the MGM Grand

In 1973, the MGM Grand opened its doors, marking the beginning of a new era in Las Vegas. The casino, designed by architect Martin Stern, was an architectural marvel, featuring a 24-story hotel tower and a 3,000-seat showroom. The grand opening was a star-studded event, with celebrities like Frank Sinatra, Sammy Davis Jr., and Shirley Bassey performing.

3. Ownership Evolution

Since its inception, the MGM Grand has seen several changes in ownership. In 1986, Kirk Kerkorian sold his stake in the company to a group of investors, including the Kuwaiti government. However, the ownership reverted back to Kerkorian in 1993 when he purchased the company once again.

4. The MGM Mirage Era

In 2000, the MGM Grand became part of the MGM Mirage, a company that owned a portfolio of hotels and casinos in Las Vegas. The new parent company aimed to expand its presence in the entertainment industry, leading to the construction of several high-profile properties, including The Bellagio and The Mirage.

5. The MGM Resorts International Era

In 2005, the MGM Mirage changed its name to MGM Resorts International, reflecting the company's global aspirations. The rebranding came with the acquisition of several new properties, including Bellagio and Mandalay Bay, solidifying its position as a major player in the casino industry.

6. Current Ownership

As of 2021, MGM Resorts International is a publicly traded company on the New York Stock Exchange. The company is owned by a diverse group of investors, with its shares being freely traded. The current market capitalization of MGM Resorts International stands at approximately $11 billion.

7. Legacy and Impact

The MGM Grand Casino has left an indelible mark on the Las Vegas Strip and the entertainment industry as a whole. Over the years, it has been home to numerous world-class shows, events, and performances, attracting millions of visitors from around the world. The casino has also played a pivotal role in shaping the Las Vegas experience, with its luxurious accommodations, dining options, and gaming facilities.

Frequently Asked Questions

1. Q: Who is the founder of the MGM Grand Casino?

A: The MGM Grand Casino was founded by Kirk Kerkorian, a visionary entrepreneur who had a penchant for creating grandiose projects.

2. Q: When did the MGM Grand Casino first open?

A: The MGM Grand Casino first opened its doors in 1973.

3. Q: What is the current market capitalization of MGM Resorts International?

A: As of 2021, the market capitalization of MGM Resorts International stands at approximately $11 billion.

4. Q: How many stories does the MGM Grand Casino tower have?

A: The MGM Grand Casino tower has 24 stories.

5. Q: What is the most notable feature of the MGM Grand Casino?

A: The most notable feature of the MGM Grand Casino is its architectural marvel, with a 24-story hotel tower and a 3,000-seat showroom.