MGM Resorts International was originally organized as MGM Grand, Inc. on January 29, 1986 and is a Delaware corporation. The Company acts as a holding company and its operations are conducted through its wholly-owned subsidiaries. The Company is a hospitality company, operating a portfolio of destination resort brands. The Company is engaged in casino resorts offering gaming, hotel, convention, dining, entertainment, retail and other resort amenities. The Company has two segments that are based on the regions in which it operates: wholly owned domestic resorts and MGM China. It operates wholly owned resorts in the United States. MGM China's operations consist of the MGM Macau resort and casino ("MGM Macau") and the development of a gaming resort in Cotai, Macau. The Company has additional business activities including investments in unconsolidated affiliates, MGM Hospitality operations, and other corporate and management operations. The CityCenter joint venture ("CityCenter") is its unconsolidated affiliate, and manages for a fee. The Company's wholly owned domestic resort segments revenue is derived from non-gaming operations, including hotel, food and beverage, entertainment and other non-gaming amenities. Its casino operations feature a variety of slots, table games, and race and sports book wagering. It markets to different customers and utilizes convention and meeting facilities to allow maximizing hotel occupancy and customer volumes during off-peak times such as mid-week or during traditionally slower leisure travel periods. Company's operating results are dependent on the volume of customers at resorts, affecting the price charge for hotel rooms and other amenities. In its MGM China segment its operations relate to MGM Macau and the development of a casino resort on the Cotai Strip in Macau. Revenues at MGM Macau are generated from gaming operations which are conducted under a gaming sub concession held by MGM Grand Paradise. The three primary customer segments in the Macau gaming market are VIP casino gaming operations, main floor gaming operations and slot machine operations. The Company owns and operates the following casino resorts including Bellagio, The Mirage, Mandalay Bay, MGM, MGM Grand, MGM Resorts International, Luxor, Excalibur, New York-New York, Circus Circus and Beau Rivage. The Company faces competition from gaming companies, as well as other hospitality companies in the markets. In its MGM China segment it faces competition from gaming centers located in other areas of Asia and around the world, including Singapore, Malaysia, the Philippines, Australia, New Zealand, Las Vegas, cruise ships in Asia that offer gaming and from unlicensed gaming operations in the region. The Company's businesses are subject to various federal, state and local laws and regulations in addition to gaming regulations. Each of its casinos is subject to regulation under the laws, rules and regulations of the jurisdiction where it is located.
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