MGM Grand Las Vegas

In January 1990, MGM Grand, Inc. acquired the Marina Hotel and Casino on the Las Vegas Strip for $80 million ($50 million in cash plus 1,764,706 shares of common stock); in February of that year, it acquired the Tropicana Country Club and adjacent land for $38 million in cash, together forming a 112-acre project site. Both properties were closed in November 1990 to prepare for construction of the new resort.⁠[1][1][1]

In October 1991, construction of the MGM Grand Hotel and Theme Park formally began.⁠[1]

On December 18, 1993, MGM Grand, Inc. opened the MGM Grand Hotel and Theme Park through its wholly owned subsidiary MGM Grand Hotel, Inc. The resort occupied about 112 acres on the Las Vegas Strip, across the street from Excalibur and the Tropicana; its Strip entrance was a seven-story lion, through which visitors passed into a 70-foot-high reproduction of the Emerald City inspired by The Wizard of Oz. At the time, Kirk Kerkorian and his wholly owned Tracinda Corporation together held about 72.9% of the shares of MGM Grand, Inc.⁠[1][1][1][1]

At opening, the hotel had 5,005 rooms, which its operator believed made it the largest hotel in the world, including about 4,254 standard guest rooms decorated in five themes and 751 luxury suites. The casino covered about 171,500 square feet, with 3,500 slot machines and 155 table games. The resort also had a 33-acre theme park with 12 rides and attractions, and a 15,200-seat special events center for celebrity performances and sporting events.⁠[1][1][1][1][1]

MGM Grand, Inc. was later renamed MGM Mirage and then MGM Resorts International. As of the end of 2019, the land and substantially all of the assets of MGM Grand Las Vegas were still held by subsidiaries of MGM Resorts and secured its senior credit facility.⁠[2][2][3]

On February 14, 2020, MGM Resorts completed a transaction contributing the real estate of MGM Grand Las Vegas and Mandalay Bay (including Mandalay Place) to the newly formed MGP BREIT Venture, owned 50.1% by MGM Growth Properties’ operating partnership and 49.9% by a subsidiary of Blackstone Real Estate Income Trust (BREIT). MGM and MGM Growth Properties received total consideration of $4.6 billion, which for MGM Grand Las Vegas included $2.4 billion in cash. The joint venture then entered into a 30-year lease of the two properties with MGM Resorts, with two 10-year renewal options and initial annual rent of $292 million.⁠[3][3][3][3][3]

On April 29, 2022, VICI Properties acquired MGM Growth Properties, thereby obtaining a 50.1% interest in the joint venture holding the real estate of MGM Grand Las Vegas and Mandalay Bay.⁠[4]

On January 9, 2023, VICI bought the remaining 49.9% interest in the joint venture from BREIT for about $1.3 billion in cash and consolidated the joint venture, including its $3.0 billion of commercial mortgage-backed securities (CMBS) debt.⁠[4][4]

As of December 31, 2025, MGM Grand Las Vegas (including The Signature at MGM Grand) was one of MGM Resorts International’s Las Vegas Strip resorts, with 6,488 rooms and suites (including 1,728 at The Signature), about 144,000 square feet of casino space, 1,234 slot machines, and 105 table games.⁠[5][5][5][5]

MGM Resorts leases the real estate of MGM Grand Las Vegas and Mandalay Bay from VICI under a lease that commenced on February 14, 2020, and expires on February 28, 2050; annual cash rent for the lease year beginning March 1, 2025, is $322 million.⁠[5][5][4]

MGM Resorts International (operator): Official website: https://www.mgmresorts.com/ (opens in a new window).⁠[5]