MGM MIRAGE looking at name-change

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Published: April 22,2010

Tags: casinos, gaming

LAS VEGAS — MGM MIRAGE has announced that its board of directors will submit to its shareholders a proposal to re-brand the company as MGM Resorts International. This brand evolution would preserve the company’s connection to its renowned entertainment legacy while more accurately reflecting its collection of signature resorts and its global reach, according to MGM MIRAGE.

Subject to shareholder approval at the annual meeting on June 15, the company will assume the MGM Resorts International name immediately.

“MGM Resorts International better represents the global presence our company has today and the vision we see for its future. At the same time, it is imperative that we maintain a connection to the historic past associated with the iconic MGM name, one of the most established brands in the entertainment industry,” said Jim Murren, chairman and CEO of MGM MIRAGE. “We believe this change will positively impact how customers, investors and the public perceive our collective strengths and abilities.”

The origin of the corporate name dates back to ownership of the Metro Goldwyn Meyer movie studio first purchased by MGM MIRAGE’s largest shareholder, Kirk Kerkorian in 1969. The company developed the original MGM Grand Hotel in Las Vegas in 1973 and later, in 1993, developed the current MGM Grand Hotel. From that singular MGM Grand resort, MGM MIRAGE has been built through a series of developments and acquisitions to now encompass 15 wholly owned properties, four joint-venture developments, and the MGM MIRAGE Hospitality subsidiary, which holds more than one dozen global management and license agreements utilizing multiple resort brands within the MGM MIRAGE portfolio.

“MGM Resorts International will become the brand that collectively represents the best-known, most respected hospitality brands in the world,” added Murren. “We will accomplish this through a common vision for employees, increased cross-utilization throughout our portfolio and international expansion through strategic investments in high-value markets as well as license and management agreements.”

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