MGM Mirage to Change Its Name

Mon, 26 Apr 2010 07:10
MGM Mirage is a known casino property in the industry.  But even though it has become a household name for a lot of casino players, the Las Vegas-based entertainment company is planning to change its name.  According to reports, MGM Mirage asked its shareholders for permission to change its name to MGM Resorts International.  The shareholders will vote for this in June. Despite the changes in name, however, the company officials denied speculations regarding the company status.  They said in a report that this move doesn't mean that the MGM Mirage is currently on the market.  The name change is because of the company's vision.  The casino giant proposed this to shareholders because MGM Resorts International, according to officials, will best describe the company's vision.  The name reflects the perceived future growth of the company. Future plans It was later revealed that MGM Mirage has plans for expansion.  Through its MGM Hospitality Division, non-gaming hotel brands are part of their vision.  This plan involves several international locations such as China, the Middle East, and India to tap into the international market and extend its operations overseas. Back in December 2007, almost three years ago, MGM Mirage opened the MGM Grand Macau, which is dubbed as its first international venture.  Its success perhaps made the company realize its future growth in the international market.  With the name change, the company is expecting growth even overseas.  According to Jim Murrent, Chairman and Chief Executive Officer of the company, MGM Resorts International is an apt representation of the company's goals, with its growing global presence. The CEO even told MGM Mirage employees that as an international company with ventures abroad, the name will aptly reflect that. It seems that the change in name is no arbitrary decision but is supported by the company's firm goals into the future.  In fact, Murren considered this to be a very important move by the company.  The CEO was quoted into saying that they "don't take it lightly." A look back at MGM Mirage MGM Mirage first became known as MGM Grand, Inc. until it changed its name in 2000.  This is after the company ventured into the $5.4 purchase of Mirage Resorts.  This move led to the company to owning more properties such as the Bellagio and The Mirage.  Add to this the Beau Rivage in Biloxi, Mississippi. Having to deal with financial issues in its internal corporate structure, the company decided to put The Mirage on sale in 2009, almost a year ago.  However, there's an obvious turn of events as Alan Feldman, company spokesman, confirmed last year that The Mirage is no longer on the market.   The hotel-casino actually celebrated its 20 years in the business and hopefully will go further with the company's expansion to international market.  According to reports, MGM Mirage refurbished the resort in time for its anniversary celebration, spending over $100 million. Back in 2005, MGM Mirage was also reported to have spend around $7.9 billion to buy out Mandalay Resort Group.  This led to the company's ownership of Luxor, Mandalay Bay, and Excalibur resorts. MGM Mirage actually operates the CityCenter development worth $8.5 billion in a 50-50 joint partnership with Dubai World.  The opening of its CityCenter marked its international presence according to Murren.

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