11/14/2023 0 Comments Mgm casino resortCity Center's development coincided with the global financial crisis, causing more than $1 billion in writedowns in its valuation. The company shifted its focus from owning and operating resorts and casinos to developing and building real estate in the leisure and gaming industry-launching the massive Citåenter mixed-use project, which was at the time of its construction the world's largest construction site and ranks as one of the most expensive real estate projects in history. In the mid-2000s, growth of its non-gaming revenue began to outpace gaming receipts and demand for high-rise condominiums was surging, with median property prices in Las Vegas twice the national average. and became MGM Mirage in 2000, after acquiring Mirage Resorts. The companys resorts portfolio incorporates unique hotel offerings, including some of the most familiar resort brands in the industry such as Bellagio, MGM Grand, Mandalay Bay and The Mirage. The company began operations in 1987 as MGM Grand, Inc. MGM Resorts International is a holding company which owns and operates casino resorts through wholly owned subsidiaries. MGM Resorts International is an American global hospitality and entertainment company operating destination resorts in Las Vegas, Massachusetts, Michigan, Mississippi, Maryland, Ohio, and New Jersey, including Bellagio, Mandalay Bay, MGM Grand, and Park MGM.
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