<P> The company began operations in 1987 as MGM Grand, Inc., and became MGM Mirage in 2000, after acquiring Mirage Resorts . In the mid-2000s, growth of its non-gaming (lodging, food, retail) 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 . 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 CityCenter 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 . City Center's development coincided with global financial crisis, causing writedowns in its valuation . </P> <P> In June 2010, the company changed to its present name, to reflect its latest strategy of expanding worldwide, including licensing its brand and expertise to develop non-gaming hotels and residences . </P> <P> Billionaire investor Kirk Kerkorian and his Tracinda Corporation were, until 2009, the majority shareholders of MGM Mirage; Kerkorian was the former owner of the Metro - Goldwyn - Mayer movie studio, from which MGM Grand derived its name . Following a one - billion - dollar stock offering by MGM Mirage amidst the global credit crunch, Tracinda's shares were diluted from 53.8 percent to 39 percent . On June 15, 2010, shareholders voted for MGM Mirage to change its name to "MGM Resorts International", which emphasizes the brand's global scope and increased non-gaming strategy . </P> <P> In 2013, MGM won state licenses to build a $1 - billion resort in National Harbor, Maryland and a $950 - million resort in downtown Springfield, Massachusetts . In May 2014, MGM broke ground on a $375 - million arena on the Las Vegas Strip with sports and entertainment company AEG . MGM Resorts is the majority owner of MGM Growth Properties LLC (NYSE: MGP), a real estate investment trust that owns ten casino properties and leases them to MGM Resorts . It became a separate, publicly traded company in April 2016 . </P>

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