In the mid-2000s, growth of its non-gaming (lodging, food, retail) 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.
[14] The company's background can be traced to 1969, when airline and casino tycoon Kirk Kerkorian bought a controlling stake in the Metro-Goldwyn-Mayer (MGM) film studio.
[15] In 1970 and 1971, Kerkorian struggled with debt from his acquisitions of MGM and Western Airlines, and was forced to sell a majority of his casino company, International Leisure, to Hilton Hotels at a steep discount.
[29] In August 1987, MGM Grand bid $152 million for the bankrupt Dunes Hotel in Las Vegas, but was beat out by Japanese billionaire Masao Nangaku.
[35] The company put the Desert Inn up for sale to focus efforts on the new project,[36] but found no outside bidders, and agreed to sell it to Tracinda for $130 million.
[42] Gary Primm of Primadonna Resorts approached MGM president Bob Maxey in 1994 with an idea for the site: a casino recreating the New York skyline.
[52] In South Africa, with casino gambling newly authorized, MGM announced plans in August 1996 to develop 15 properties in conjunction with Tsogo Sun.
[58] The merger closed in March 1999,[59] giving MGM ownership of three casinos and two golf courses at the Nevada–California state line, in addition to full control of New York-New York.
[61] Analysts expected a protracted battle, with Mirage founder Steve Wynn seen as unwilling to give up control but under pressure from institutional investors.
[68] Mirage had also owned a half stake in the Borgata, a planned casino in Atlantic City, in a joint venture managed by Boyd Gaming.
[70] In 2001 and 2002, following the merger with Mirage, the company explored options for its next major development project, including in the Las Vegas, Atlantic City, Chicago, and Macau markets.
[73][74] In the Chicago market, MGM agreed to pay $600 million to buy the unfinished Emerald Casino in Rosemont, Illinois, whose investors had been accused of ties to organized crime.
[79] MGM made moves into the United Kingdom market after a 2001 government report called for loosening of the country's gambling regulations.
MGM closed its online casino after less than two years, citing uncertainty in American regulations and competition from established British brands.
[90] The Wembley acquisition turned into a bidding war, with MGM finally losing out to an investors group including Kerzner International.
[101] Mandalay rejected that offer because of a clause allowing MGM to back out if antitrust regulators demanded the sale of any properties.
[106] Meanwhile, in Illinois, where MGM needed regulatory approval to take over Mandalay's 50 percent interest in the Grand Victoria Casino, a lack of quorum on the state Gaming Board threatened to delay the merger.
[107] MGM considered a sale to the casino's other owner, the Pritzker family,[108] but ultimately gained approval for a plan to place the property under control of a trustee until completion of the licensing process.
Rumors of a possible partnership with Stanley Ho were reported in 2003,[115] but Nevada gaming regulators informally vetoed the idea because of the alleged involvement of organized crime triads in his casinos.
[125] Singapore emerged in 2004 as the next major new Asian gaming market, calling for proposals to build two "integrated resort" casinos at Marina Bay and the island of Sentosa.
Faced with not complying with New Jersey gaming regulations, MGM Mirage decided to divest the highly profitable Borgata in order to continue pursuing the even more lucrative Chinese market.
[136][137][138] On December 16, 2008, MGM Mirage announced the sale of its Las Vegas Treasure Island resort and casino to billionaire Phil Ruffin.
[139] On March 23, 2009 Dubai World and Infinity World announced that they had filed a lawsuit in the Delaware Chancery Court seeking to be released from their CityCenter joint venture agreement with MGM Mirage after the company filed its annual report stating that "there is substantial doubt about our ability to continue as a going concern," and "it cannot provide assurance that its business would generate sufficient cash flow from operation.
[163][164] In April 2016, MGM sold The Shops at Crystals, the high-end mall in CityCenter, to Invesco Real Estate and Simon Property Group for $1.1 billion.
[186] MGM lobbied the Trump administration against giving federal approval for a casino operated by two native tribes in East Windsor, Connecticut.
[192] As a result of the cyberattack, multiple class action lawsuits were filed against MGM Resorts as well as Caesars Entertainment, which Scattered Spider had hacked into during the same month, with all stating that the failure for both of the casino operators to adequately secure their data constituted breach of contract.
[209] BetMGM would follow this deal with multiple betting partnerships with other NFL teams, including the Detroit Lions,[210] Las Vegas Raiders,[211] Tennessee Titans,[212] and Pittsburgh Steelers.
[213] In late 2020 through early 2021, BetMGM continued to develop its partnership library with other teams in other leagues, including the Detroit Red Wings of the NHL,[214] Washington Nationals of MLB,[215] and Philadelphia 76ers of the NBA,[216] as well as with other business ventures like TopGolf[217] to extend the company's brand image to new bettors in operating markets.
[244] MGM Resorts International received criticism for filing a lawsuit on July 18, 2018, against survivors and relatives of victims slain in the October 1, 2017 Las Vegas shooting.
[245] MGM has claimed that, because it utilized the security services of Contemporary Services Corporation, a vendor certified by the Department of Homeland Security at the time of the October 1 shooting, any proceedings should be held in federal court where MGM is shielded from liability by the Support Anti-Terrorism by Fostering Effective Technologies Act, also known as the Safety Act.