MGM Mirage

MGM MIRAGE, Inc.

Hotels: 14; Rooms: 41,667

Controlled by majority shareholder Kirk Kerkorian.
Led by Chairman and CEO Terry Lanni.

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By far the largest player in Las Vegas, MGM MIRAGE controls half of the Las Vegas Strip. The majority shareholder is financier Kirk Kerkorian who owns about 51.65% through his private investment firm, Tracinda Corp.

Projects

MGM Mirage currently has two major projects in development:

CityCenter
A 50/50 venture (through CityCenter Holdings LLC) between MGM Mirage and Dubai World (through subsidiary Infinity World Development Corp.), holding company for the emirate of Dubai.
The country's largest private construction project. Opening in phases from 2009 will be:

• A not-yet-named big hotel. A 4,000-room, 60-story tower designed by Cesar Pelli (Pelli Clarke Pelli) will be the main hub of CityCenter.
• The Harmon Hotel and Residences, a 400-room hotel with about 228 condos.
• Mandarin Oriental, a 400-room hotel. The upper floors will feature about 277 condos called The Residences at Mandarin Oriental.
• Vdara Condo Hotel. A 50-story ebony tower with about 1,543 condos that can be rented out as hotel rooms.
• Veer Towers condos. Twin 37-story towers with 700 condos.

Unnamed 40-acre Strip/Sahara project
A 50/50 venture with Kerzner International (13% owned by Dubai World), who built the Atlantis resort in the Bahamas.
In June 2007, MGM Mirage announced an as-yet-unnamed major resort project on 40 acres. Situated on the north end of the Strip, opposite the Sahara and near the Stratosphere and Circus Circus, the resort may open in 2011.

History

The company started in 1962 when Kirk Kerkorian -- a fellow aviator and rival of Howard Hughes -- bought his first Las Vegas land. The International hotel (today's Las Vegas Hilton) followed in 1969 and various hotels were bought and sold. The MGM MIRAGE name comes from the Metro-Goldwyn-Mayer (MGM) film studio (famous for the film Grand Hotel), which Kerkorian bought in 1969, and Mirage Resorts (Mirage, Treasure Island, Bellagio), which was acquired from Steve Wynn in 2000 for $6.4 billion.

In 2005, MGM MIRAGE bought Mandalay Resort Group (Circus Circus, Excalibur, Luxor, Mandalay Bay, Monte Carlo) for $7.3 billion. Mandalay Resort Group started life as Circus Circus Enterprises, Inc. (1974-1999). Circus Circus was built by Jay Sarno and Stanley Mallin (who had previously opened Caesars Palace) but they ran into financial trouble. Starting in 1974 and completed in 1983, Del Webb casino manager William Bennett and partner Bill Pennington took over control and ownership of Circus Circus. Their company, Circus Circus Enterprises, went public in 1983. Bennett opened Excalibur (1990) and Luxor (1993) before retiring in 1995. (Bennett then bought the Sahara for $193 million). The company opened Monte Carlo (1996, a joint venture with MGM) and Mandalay Bay (1999), then renamed itself Mandalay Bay Resort Group (1999-2005) after the more upscale property.

In August 2007, Dubai World, the holding company for the emirate of Dubai, invested about $5 billion in MGM Mirage. For that, Project CityCenter (now becomes a 50/50 venture between MGM Mirage and Dubai World (through subsidiary Infinity World Development Corp.), and Dubai World gets about 9.5% equity stock of MGM Mirage.

Equity Holders of MGM MIRAGE
Kirk Kerkorian through Tracinda Corp	53.9%
Dubai World through Infinity World Development Corp.	9.4%
Marsico Capital Mgmt LLC	8.3%
Private Capital Mgmt Inc.	6.1%
Capital Research and Mgmt Co.	4.8%
There are about 293 mililion shares outstanding
More here

MGM MIRAGE Hotels in Las Vegas
Hotel	Opened	Rooms
Bellagio	1998	3,933
Circus Circus	1968	3,774
Excalibur	1990	3,991
Four Seasons	1999	424
Luxor	1993	4,407
Mandalay Bay	1999	3,309
Mansion at MGM	1999	29
MGM Grand	1993	5,044
The Mirage	1989	3,044
Monte Carlo	1996	3,002
New York-New York	1997	2,035
The Signature at MGM Grand	2006	1,728
Skylofts	2005	51
THEhotel	2004	1,117
Treasure Island	1993	2,885
Total:		38,833

Note: Signature rooms are condo-hotel units.

Constructing
Hotel	Opening	Rooms	Ownership
CityCenter	2009	4,000	50% with Dubai World
Harmon Hotel	2009	400	50% with Dubai World
Mandarin Oriental	2009	400	50% with Dubai World
Vdara	2009	1,543	50% with Dubai World
Unnamed Kerzner Project	2011	?	50% with Kerzner
Total:		6,343

Proposing
Hotel	Opening	Rooms
The Place at Mandalay Bay Casino	?	1,344
Two more towers at Signature	?	1,152
Total:		2,496

Notes: The Boardwalk (654 rooms, 1968-2007) closed in January, 2006 and was imploded in May 2006.