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Best of Howard Stutz

Gaming Guru

Howard Stutz
 

MGM Mirage asks shareholders for name change

20 April 2010

LAS VEGAS, Nevada -- MGM Mirage is asking shareholders to allow the company to change its name to MGM Resorts International.

But company officials were quick to point out today that the proposed name change does not mean The Mirage is on the market.

The Strip casino giant told shareholders the proposed name reflects the company's current vision and future growth. MGM Mirage, through its MGM Hospitality Division, has plans for nongaming hotel brands in several international markets, including China, India and the Middle East.

The company's first international venture was the MGM Grand Macau which opened in December 2007.

"MGM Resorts International better represents our company's growing global presence," company Chairman and Chief Executive Officer Jim Murren told employees this morning. "As a truly international company, our name should clearly reflect that.

"This is a significant step and we don't take it lightly," Murren said.

The company, originally known as MGM Grand Inc., became MGM Mirage in 2000 after its $5.4 billion purchase of Mirage Resorts, which gave the company ownership of such properties as The Mirage, Bellagio and the Beau Rivage in Biloxi, Miss.

MGM Mirage briefly put The Mirage on the market in 2009 as the company dealt with internal corporate financial issues. However, the hotel-casino, which celebrated its 20th anniversary last year, is no longer for sale, said company spokesman Alan Feldman.

MGM Mirage spent more than $100 million to refurbish the resort prior to its anniversary celebration.

In 2005, the company spent $7.9 billion to acquire Mandalay Resort Group, which gave MGM Mirage ownership of the Mandalay Bay, Luxor and Excalibur resorts.

MGM Mirage owns and operates the massive $8.5 billion CityCenter development in a 50-50 joint venture with Dubai World.

"With CityCenter's opening, our company made international headlines," Murren said. " MGM Grand Macau secured our international status and our company's hospitality division is working with developers to place our brands of new luxury hotels in many parts of the world."

Company shareholders will be asked to vote on the name change in June.
MGM Mirage asks shareholders for name change is republished from Online.CasinoCity.com.