HISTORY (Appendix A)
In 1967, the billionaire Kirk Kerkorian decided to start investing in Las Vegas. The first MGM Grand opens in 1973 on Las Vegas Boulevard. Five years later a second MGM Grand opens in Reno. The name MGM Grand derived from the Metro-Goldwin-Mayer movie studio where Kerkorian was the former owner. Unfortunately, in the 1980 the MGM Grand Las Vegas suffers of one of the worst high-rise fires in United States history and claims 87 lives. Kerkorian sells his two MGM Grand to Bally manufacturing in 1986. In 1993, the new MGM Grand opens on the Strip with 5005 rooms, the world's largest hotel and the third largest today. On May 31, 2000, MGM Grand accomplish the largest ever merger in the industry, by paying $6.4 billion for Steve Wynn's Mirage Resorts, acquiring seven hotels and casinos in Las Vegas. After this merger the company's name becomes MGM Mirage, the largest gambling company in the world. On April 26, 2005, MGM Mirage buys one of its major competitors, Mandalay Resort Group for $7.9 billion. This transaction enables the company to acquires five hotels and casinos in Las Vegas and in others States. In 2006, MGM Mirage announced a joint partnership with Foxwoods Resort and Casino in Connecticut. In December 2007, the MGM Grand Macau opens as MGM Mirage first overseas property, a joint venture with Pansy Ho. In December 2009, The CityCenter opens. The Dubai World invests $2.7 billion to acquire 50% stake of the CityCenter project. On June 15, 2010, MGM Mirage shareholders voted to changes its name to "MGM Resorts International".
MISSION STATEMENT: “Our mission is to deliver our winning combination of quality entertainment, luxurious facilities and exceptional customer service to every corner of the world in order to enhance shareholder value and to sustain, employee, customer and community relationships.”
MGM Resorts International is one of the world’s leading and most esteemed companies with significant properties in gaming, hospitality and entertainment. Its goals is to generate sustainable and profitable growth by creating and maintaining competitive advantages focusing on owning, developing, operating and strategically investing in a strong portfolio of resorts; by operating their actual resorts in a manner that highlights the delivery of excellent customer service to maximize revenue and profit; and by leveraging their strong brands and taking advantage of significant management experience and expertise.
FINANCIALS (Appendix B)
| 2010| 2009| 2008| 2007| 2006|
Sales| $6,019,233| $5,978,589| $7,208,767| $7,691,637| $7,175,956| Net Income| -$1,437,397| -$1,291,682| -$855,286| $1,584,419| $648,264| Profit Margin| -$3.19| -$3.41| -$3.06| $4.88| $2.25|
Employees * Full-time * Part-time| 45,00016,000| 39,30013,200|
CIVIC AND COMMUNITY INTERACTION
The MGM Resorts Foundation’s key community investment areas are, Childhood Development, Community, Diversity and Education (Phyllis, 2010, p. 33-35). The MGM Resorts Employee Volunteer Program was created to share the passion and talents of the employees with local nonprofit organizations serving the community's critical unmet needs. Campaigns conducted in 2010-2011 include: Make A Difference Day, The Back to School Donation Drive, The MGM Resorts Foundation Walk-A-Thon, The KLUC Toy Drive, The Three Square Canned Food Drive (Phyllis, 2010, p. 37). To honor its employee volunteers and encourage volunteerism, MGM Resorts has created two recognition award programs: The Volunteer of the Year Award and The Shining Star Award (Phyllis, 2010, p. 42-43). MGM Resorts International got in 2010 awards and recognitions for its diversity and community services (Phyllis, 2010, p. 45-47): * “DiversityInc Top 50 Companies for Diversity”, by DiversityInc Magazine * “40 Best Companies for Diversity” by Black Enterprise Magazine * “Corporation of the Year” and “Corporation of the Decade” by...