MGM Mirage (MGM) Is No More
During the annual meeting in Las Vegas this week, shareholders have voted to put an end to MGM Mirage (MGM: 10.40 -4.67%).
Since 2009 the gaming giant has been working on rebranding the company to better reflect its global presence as not just a casino operator but a global resort company as it expands worldwide including Asia and the Middle East.
“We had outlived the usefulness of the (MGM Mirage) name,” Jim Murren, Chairman and CEO said.
Effective immediately MGM Mirage has become MGM Resorts International in a move to emphasize the brand’s scope.
MGM Resorts International will launch an initial offering on the Hong Kong stock exchange later this year with its Macau joint venture partner and is using its name to develop Bellagio, MGM Grand and Skylofts hotels in Dubai that are expected to open in 2013.
MGM has also entered into contracts with developers to design and operate, although not own, non-gaming hotels in other areas around the global through its hospitality division which is now MGM Resorts Hospitality.
“We believe this evolution honors our entertainment heritage, better represents the growing global presence our company has today and positions us to move forward under a unified brand strategy,” said Jim Murren, Chairman and CEO of MGM Resorts International. “The new MGM Resorts International name will create better clarity and awareness for our collection of assets globally thereby maximizing our best-in-class portfolio of resorts.”
While the name may have changed the company’s stock symbol will remain the same.
Join the forum discussion of this news story - (1) PostsRelated posts:
