MGM Mirage left nothing to chance in 2007 by diversifying and expanding its MGM Grand brand. The casino operator formed a unit in May to...
MGM Mirage left nothing to chance in 2007 by diversifying and expanding its MGM Grand brand.
The casino operator formed a unit in May to extend hotel brands and create new ones. By November, the unit said it would create the MGM Grand Abu Dhabi with Mubadala Development.
MGM also received $5 billion from Dubai World, the investment arm of the Dubai government, for 50 percent of its CityCenter resort in Las Vegas, and a minority stake in the company. The two recently announced a cash tender offer for up to 10 million MGM shares.
MGM Grand Detroit opened in October. Eight days later, MGM announced plans to spend $5 billion on the MGM Grand Atlantic City.
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In December, it debuted the MGM Grand Macau, a joint venture with Pansy Ho, daughter of Macau’s former casino kingpin, Stanley Ho. The complex will compete with Las Vegas Sands and Wynn properties, but it’s off to a good start.
“The fact the property opened extremely strong,” with high rollers and average customers, “is evidence that casino-opening fatigue has not set in [in] the Macau market,” writes J.P. Morgan Securities analyst Harry Curtis, who rates MGM “overweight.”