Executive Summary

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 industrylaunching the
massive City Center 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 the global financial crisis, causing write downs in its valuation.

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.

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.

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.[17][18][19] In May 2014, MGM broke ground on a $375-million
arena on the Las Vegas Strip with sports and entertainment company AEG.[20] 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.

Among the company's management ranks, more than 38 percent are minorities and nearly 43 percent are
women.[21] The company continues to receive wide recognition for its diversity and inclusion initiatives, such
as: 40 Best Companies for Diversity (Black Enterprise Magazine),[22] Top 10 Companies for Latinos (Diversity
Inc. Magazine),[23] Best Places to Work for LGBT Equality (Human Rights Campaign Foundation),[24] Top 10
Regional Companies(Diversity Inc. ) Top 100 Companies for MBA Students ( Universum Global) and Top
Corporation for Women's Business Enterprises (Women's Business Enterprise National Council). FORTUNE
magazine has named MGM Resorts one of the Worlds Most Admired Companies.

In 1970 and 1971, Kerkorian struggled with debt from his acquisitions of MGM and Western Airlines, and was
forced to sell a majority of his casino company, International Leisure, to Hilton Hotels at a steep discount.
When the Las Vegas Hilton, the casino he had built, subsequently became the most successful hotel in Las
Vegas, Kerkorian was inspired to lead the studio into the gambling industry. It opened the original MGM
Grand Hotel and Casino (now Bally's Las Vegas) in 1973.The MGM Grand Reno followed in 1978.

By 1979, the two hotel-casinos accounted for most of MGM's income, and the company announced a plan
to split itself in two. The next year, the film studio was spun off as a new company, while the original company,
renamed as MGM Grand Hotels Inc., retained the two hotel-casinos. Kerkorian held a 47 percent stake in
both companies.

In 1985, Kerkorian began seeking a buyer for MGM Grand Hotels, to allow him to concentrate on
running United Artists and on developing new properties under the MGM Grand name. A deal was reached
for Bally Manufacturing to buy the company; the deal closed in April 1986, and the two casinos were renamed
under the Bally's brand. The terms of the sale allowed Kerkorian to retain rights to the MGM Grand name,
and plans were announced to offer the stockholders of MGM Grand Hotels shares in a new company that
would hold the naming rights.

The company now known as MGM Resorts International was formed in 1986 as Grand Name Co. as a
subsidiary of Kerkorian's Tracinda Corporation. It was renamed the following year as MGM Grand, Inc.

The company's first venture was MGM Grand Air, a luxury airline offering service between New York and Los
Angeles, which launched in September 1987. The company also made an offer to take over financially
struggling Pan American World Airways, but it was rejected by Pan Am's board in November 1987 for being
too conditional.

In August 1987, MGM Grand bid $152 million for the bankrupt Dunes Hotel in Las Vegas, but was beat out
by Japanese billionaire Masao Nangaku. Instead, the company acquired the Desert Inn and Sands casinos
in February 1988 from Summa Corporation for $167 million. The Sands was promptly sold to Sheldon
Adelson's Interface Group for $110 million in April 1989.

In September 1989, the company announced plans for a $700-million Hollywood-themed complex, including
a 4,000-room hotel and a theme park. The Desert Inn site was initially considered as a location for the project,
but within weeks the location was finalized as the Marina Hotel and Casino and the Tropicana Country Club,
which MGM Grand acquired for $93 million plus $30 million in stock. The company put the Desert Inn up for
sale to focus efforts on the new project, but found no outside bidders, and agreed to sell it to Tracinda for
$130 million. Construction on the MGM Grand Las Vegas and the MGMGrand Adventures theme park began
in October 1991 and the property opened in December 1993 at a final cost of $1 billion. The park permanently
closed in 2002 due to a lack of interest.

The company moved its headquarters from Beverly Hills to Las Vegas in July 1992.

During construction of the MGM Grand, the company acquired an option to buy an 18-acre site across the
street from the project. Gary Primm of Primadonna Resorts approached MGM president Bob Maxey in 1994
with an idea for the site: a casino recreating the New York skyline.A joint venture was formed between the
two companies, and construction began in March 1995. Completed at a cost of $460 million, the New York-
New York Hotel and Casino opened in January 1997

With New York-New York under development, MGM Grand made moves to expand in several other markets.
An exploratory agreement to develop two casinos on the Chinese island of Hainan was announced in August
1994, but came to nothing. In Darwin, Australia, a lucrative market attracting high rollers from Pacific Rim
countries, the company considered building a hotel, but instead bought the Diamond Beach Hotel and
Casino, renaming it as the MGM Grand Darwin. MGM announced plans for an Atlantic City casino in July
1996. In Michigan, where voters approved casinos in November 1996, MGM made plans for a bid on one of
the three available gaming licenses which would eventually be approved and open in July 1999 as the MGM
Grand Detroit.

In South Africa, with casino gambling newly authorized, MGM announced plans in August 1996 to develop
15 properties in conjunction with Tsogo Sun. The first, a temporary casino in Johannesburg's Sundome,
opened in October 1998. Three more casinos followed before MGM agreed to sell out its interest in the
properties to Tsogo Sun in November 2001.
Since the initiation of New York-New York, analysts had speculated that MGM Grand or Primadonna would
buy out the other's interest in the project. Instead of making such a cash-intensive purchase however, MGM
agreed to buy Primadonna outright for $276 million in stock plus $336 million in assumed debt. The merger
closed in March 1999, giving MGM ownership of three casinos and two golf courses at the NevadaCalifornia
state line, in addition to full control of New York-New York.

In February 2000, MGM Grand made an unsolicited offer of $17 a share to buy Mirage Resorts, which had
foundered due to disappointing results at its new Beau Rivage and Bellagio resorts. Analysts expected a
protracted battle, with Mirage founder Steve Wynn seen as unwilling to give up control but under pressure
from institutional investors Mirage rejected the offer, but Wynn met with Kerkorian the next day and named
a price of $21 a share. The companies agreed on the higher price, for a total of $4.4 billion plus $2 billion in
assumed debt. The merger closed in May 2000, giving MGM ownership of the Mirage, Treasure Island,
Bellagio, Boardwalk, and Golden Nugget casinos in Las Vegas, the Golden Nugget in Laughlin, and the Beau
Rivage in Mississippi, and a half share of the Monte Carlo. The company changed its name to MGM Mirage
in August 2000 Mirage had also owned a half stake in the Borgata, a planned casino in Atlantic City, in a joint
venture managed by Boyd Gaming. Work on the Borgata continued apace, and it would open in July 2003.

and Wynn Resorts.

INTRODUCTION

MGM Resorts International (NYSE: MGM) is a global entertainment company with national and international
locations featuring best-in-class hotels and casinos, state-of-the art meetings and conference spaces,
incredible live and theatrical entertainment experiences, and an extensive array of restaurant, nightlife and
retail offerings. MGM Resorts creates immersive, iconic experiences through its suite of Las Vegas-inspired
brands. The MGM Resorts portfolio encompasses 27 unique hotel offerings including some of the most
recognizable resort brands in the industry. The company is expanding throughout the U.S. and around the
world, developing MGM Springfield in Massachusetts and MGM COTAI in Macau, and debuting the first
international Bellagio-branded hotel in Shanghai. The 77,000 global employees of MGM Resorts are proud
of their company for being recognized as one of FORTUNE Magazine's World's Most Admired
Companies.
CURRENT SITUATION

Current Logo

Shape of the MGM Mirage

The logo features a graphic image of a reclining lion (from a side view) on a pedestal that has the text "A
Metro-Goldwyn-Mayer Picture" inscribed on it. Behind the lion is a semi-circular film ribbon with the "Ars
Gratia Artis" motto, much like the film ribboning of the company's primary logo.

Colors of the MGM Mirage Logo

Font of the MGM Mirage Logo

Current Vision and Values

MGM Resorts International vision is to recognized global leader in entertainment and hospitality. We embrace
innovation and diversity to inspire excellence. We reward our employees, invest in our communities and
enrich our stakeholders. We Engage, Entertain and Exceed the expectations of our guests worldwide.

Company Core Values

Teamwork: We treat each other with mutual respect, we value the contributions of all of our
employees and we encourage open communication of ideas, opinions and suggestions.

Integrity: We do not compromise our integrity, even for the sake of profit. The quality of our
reputation is just as important as the quality of our resorts.

Excellence: We do not compromise in our efforts to deliver superior service and an exceptional
experience to our guests.

Current Mission and Guiding Principles

MGM Resorts International mission is to be the leader in entertainment and hospitality - a diverse collection
of extraordinary people, distinctive brands and best-in-class destinations. Working together we create
partnerships and experiences that Engage, Entertain and Inspire.

GUIDING PRINCIPLES

Our Principles

Honesty is the cornerstone of our relationships with our school customers, education departments, our
colleagues, our suppliers and our community.
Doing the right thing is an individual and collective responsibility to be practiced in all matters, every working
day.
We place a high emphasis on fairness, equality of treatment, and common courtesy.
Our Brands

We are actively expanding our presence globally, with potential developments in a number of domestic and
international markets. At MGM Resorts International, we are all striving together to deliver an enticing blend
of entertainment to every corner of the world.

Our Customers

We strive to maximize our profits while adhering to this Policy. We believe this is best done by dealing with
all persons honestly, fairly and ethically. We apply these principles with particular care to our guests,
customers, employees, vendors and the local communities where we do business. This means that we act,
and we expect you to act, in accordance with this Policy and its principles even if we could increase our
profits by violating this Policy
Creativity and Innovation
We value a work environment where the entrepreneurial elements to the maintenance of an entrepreneurial
spirit and employee enthusiasm are: a well-articulated corporate mission, stimulating personal challenges
and a secure environment where openness, loyalty, trust, and recognition coexist.
Each of us shares the responsibility for taking initiative and identifying and making the most of opportunities.

Our Neighbour

Our Leaders

By acting with integrity in every aspect of our business, we earn the trust of our customers, co-workers,
regulators and suppliers in the communities in which we live and work those whose trust we depend on for
success. It is the right thing to do and makes business sense - James J. Murren, Chief Executive Officer.
Evaluation of the MGM Mirage Mission Statement

When our mission was first written, it was created to guide all employees, at every level, in every
department and in every job. That mission became a guiding force for our company and for each of us, and
can be summarized in three words:

Engage (Bienvenida)
Entertain (Entretenidos) and
Inspire (Inspirarda)
Engage, entertain and inspire
Thats what we do each day

Were out to
Engage, entertain and inspire
Every guest in every way

We want to
Engage, entertain and inspire
Throughout our company

Engage, entertain and inspire

Keeps em coming back you see

Thats our mission: to make sure every guest is engaged, entertained and inspired. Engage:
welcome our guests and make them feel at home. Entertain: recommend a show, restaurant or
sign them up for M life. And when we get the first two right, we inspire our guests to come back
again and again.
Engage, entertain and inspire
Thats what we do each day

Were out to
Engage, entertain and inspire
Every guest in every way

We want to
Engage, entertain and inspire
Throughout our company

Engage, entertain and inspire

Keeps em coming back you see

We also have some Core Values that TIE our mission together. They are TEAMWORK,
INTEGRITY, and EXCELLENCE.
T.I.E.
Teamwork. Ive got your back.
Integrity. Doing the right thing.
And when we nail the first two, we are on our way to Excellence, achieving our mission which is

Engage, entertain and inspire

Thats what we do each day

Were out to
Engage, entertain and inspire
Every guest in every way

We want to
Engage, entertain and inspire
Throughout our company
 Engage, entertain and inspire
Keeps em coming back you see

CURRENT OBJECTIVES

CURRENT STRATEGIES

NEW VISION MISSION STATEMENT

Vision

Mission

Over the course of the last decade, MGM Resorts has engaged in a sweeping transformation, building a new
Company on an entirely new trajectory and forging a single, unified vision about who we are and what we
do.

Our Las Vegas roots are a proud part of our history and a signature element of everything we create,
wherever we may go. In our eyes, entertainment is not extracurricular its a fundamental human need.
Therefore, we exist to ENTERTAIN THE HUMAN RACE.

OPPORTUNITIES & THREATS

Opportunities

Threats
MGM Resorts International

CompanyName LastSale NetChange Volume Today's 52 P/E Market

Symbol: Market High /Low Weeks Ratio Cap
High
/ Low

Belmond Ltd. $ 13.55 -0.05 211,036 $ 13.75 $ 14.45 193.57 1,386,477

BEL: NYSE $ 13.55 $ 11

Boyd Gaming Corporation $ 28.70 0.30 1,119,228 $ 28.90 $ 28.70 7.53 3,236,987
BYD: NYSE $ 28.37 $ 16.77

Caesars Entertainment $ 12.20 0.15 8,663,631 $ 12.275 $ 13.60 NE 1,792,949

Corporation $ 12 $ 6.70
CZR: NASDAQ-GS

Century Casinos, Inc. $ 8.06 0.01 45,554 $ 8.30 $ 8.89 23.03 197,220
CNTY: NASDAQ-CM $ 8.02 $6

China Lodging Group, $ 134.52 2.15 464,010 $ 138.4112 $ 138.44 68.28 9,379,542
Limited $ 132.37 $ 41.69
HTHT: NASDAQ-GS

Choice Hotels $ 67.95 -0.50 124,731 $ 68.75 $ 68.80 25.17 3,838,971

International, Inc. $ 67.60 $ 44.10
CHH: NYSE

Civeo Corporation $ 2.49 0.03 509,522 $ 2.53 $ 3.73 NE 329,303

CVEO: NYSE $ 2.44 $ 1.08

Eldorado Resorts, Inc. $ 25.50 -0.30 486,422 $ 26.05 $ 27.15 NE 1,201,203

ERI: NASDAQ-GS $ 25.50 $ 10.65

Extended Stay America, Inc. $ 20.36 -0.22 2,229,135 $ 20.72 $ 20.95 59.88 4,168,649
STAY: NYSE $ 20.09 $ 13.26

Full House Resorts, Inc. $ 2.86 unch 6,979 $ 2.86 $ 2.99 NE 65,468
FLL: NASDAQ-CM $ 2.794 $ 1.59

Hilton Grand Vacations Inc. $ 40.03 -0.20 363,792 $ 40.43 $ 40.42 NE 3,966,252
HGV: NYSE $ 39.82 $ 24.60
CompanyName LastSale NetChange Volume Today's 52 P/E Market
Symbol: Market High /Low Weeks Ratio Cap
High
/ Low

Hilton Worldwide Holdings $ 71.04 -0.06 1,726,947 $ 71.41 $ 71.54 546.04 23,032,092
Inc. $ 70.515 $ 52
HLT: NYSE

Hyatt Hotels Corporation $ 61.85 -0.01 440,175 $ 61.98 $ 62.23 30.93 2,408,501
H: NYSE $ 61.59 $ 47.96

Intercontinental Hotels $ 53.66 -0.57 80,514 $ 53.75 $ 57.80 NE 755,318

Group $ 53.52 $ 38.13
IHG: NYSE

La Quinta Holdings Inc. $ 18.11 -0.02 1,271,547 $ 18.39 $ 18.53 51.74 2,127,255
LQ: NYSE $ 18.075 $ 9.73

Las Vegas Sands Corp. $ 62.69 0.35 2,128,958 $ 62.81 $ 66.22 24.3 49,608,039
LVS: NYSE $ 62.28 $ 51.35

Marriott International $ 115.02 -0.18 2,545,237 $ 115.61 $ 116.67 39.66 42,835,748

MAR: NASDAQ-GS $ 114.40 $ 65.91

Melco Resorts & $ 23.91 0.73 5,603,367 $ 24.14 $ 24.57 45.98 11,763,122
Entertainment Limited $ 23.42 $ 14.885
MLCO: NASDAQ-GS

MGM Resorts International $ 31.03 0.55 6,788,716 $ 31.12 $ 34.65 18.36 17,848,208
MGM: NYSE $ 30.735 $ 25.15

Monarch Casino & Resort, $ 40.90 -0.43 43,058 $ 41.39 $ 41.83 27.64 710,392
Inc. $ 40.72 $ 21.13
MCRI: NASDAQ-GS

Park Hotels & Resorts Inc. $ 28.48 -0.49 1,409,129 $ 29.10 $ 33.40 NE 6,118,672
PK: NYSE $ 28.44 $ 24.65

Peak Resorts, Inc. $5 0.10 158,254 $ 5.05 $ 6.20 NE 69,910

SKIS: NASDAQ-GM $ 4.90 $ 3.901
CompanyName LastSale NetChange Volume Today's 52 P/E Market
Symbol: Market High /Low Weeks Ratio Cap
High
/ Low

Penn National Gaming, Inc. $ 25.13 0.21 432,029 $ 25.20 $ 25.21 31.41 2,098,933
PENN: NASDAQ-GS $ 25.03 $ 11.93

Pinnacle Entertainment, $ 24.99 0.01 233,406 $ 25.26 $ 25.17 96.12 1,390,868

Inc. $ 24.91 $ 11.36
PNK: NASDAQ-GS

Planet Fitness, Inc. $ 26.53 0.50 561,606 $ 26.74 $ 27.22 47.38 2,272,321
PLNT: NYSE $ 26.16 $ 18.32

GUIDING PRINCIPLES

Our Principles
Honesty is the cornerstone of our relationships with our school customers, education departments, our
colleagues, our suppliers and our community.
Doing the right thing is an individual and collective responsibility to be practiced in all matters, every working
day.
We place a high emphasis on fairness, equality of treatment, and common courtesy.

Our Brands
We are actively expanding our presence globally, with potential developments in a number of domestic and
international markets. At MGM Resorts International, we are all striving together to deliver an enticing blend
of entertainment to every corner of the world.
Our Customers
We strive to maximize our profits while adhering to this Policy. We believe this is best done by dealing with
all persons honestly, fairly and ethically. We apply these principles with particular care to our guests,
customers, employees, vendors and the local communities where we do business. This means that we act,
and we expect you to act, in accordance with this Policy and its principles even if we could increase our
profits by violating this Policy
Creativity and Innovation
We value a work environment where the entrepreneurial elements to the maintenance of an entrepreneurial
spirit and employee enthusiasm are: a well-articulated corporate mission, stimulating personal challenges
and a secure environment where openness, loyalty, trust, and recognition coexist.
Each of us shares the responsibility for taking initiative and identifying and making the most of opportunities.
Our Neighbors

Our Leaders
By acting with integrity in every aspect of our business, we earn the trust of our customers, co-workers,
regulators and suppliers in the communities in which we live and work those whose trust we depend on for
success. It is the right thing to do and makes business sense - James J. Murren, Chief Executive Officer.
CURRENT OBJECTIVES
CURRENT STRATEGEIS
MGM Resorts Internationals strategic plan for environmental responsibility is designed to reduce our
consumption of the planets limited resources. Through our comprehensive sustainability platform, the Green
Advantage, we are able to integrate environmentally responsible practices which effectively lower the carbon
footprint of our operations, including our resorts, restaurants, retail spaces, meetings and conventions.

New Vision and Mission Statement

Vision
MGM Resorts International is the recognized global leader in entertainment and hospitality. We embrace
innovation and diversity to inspire excellence. We reward our employees, invest in our communities and
enrich our stakeholders. We Engage, Entertain and Exceed the expectations of our guests worldwide.

Mission
MGM Resorts International is the leader in entertainment and hospitality - a diverse collection of extraordinary
people, distinctive brands and best-in-class destinations. Working together we create partnerships and
experiences that Engage, Entertain and Inspire.
Strength and Weaknesses
Strengths
MGM Mirage stands as the third largest gaming company in the industry. Their portfolio includes some of the
top ranked resorts and casinos in the United States. MGM Mirage owns and operates six of the largest
casinos on the Strip in Las Vegas, and 50% ownership of the Monte Carlo Resort & Casino, also located on
the Strip. In 2003, over 75% of their net revenues and operating income was generated by their wholly owned
casinos and resorts on the Strip. MGM Mirage strives to be leading competitor in the gaming industry by
creating a high quality atmosphere for a premium price. Luxurious accommodations and exquisite dinning
are only a fraction of what one might experience when choosing MGM Mirage. Another strength of MGM
Mirage includes the companys ability and continuance to grow. EE&K Architects is currently master planning
MGM Mirages new six billion, sixty-six acre, Project CityCenter located on the Las Vegas Strip. 11
Considered the largest private development in the country, the project will entail creating a vertical city
including retail, dinning, entertainment, as well as boutique hotels and residential buildings lining the streets.
MGM expects completion of this massive project by 2010.
Weaknesses
Limited geographic diversification restricts MGM Mirage from competing with their competitors due to their
heavy concentration on the Las Vegas Strip. This limits their ability to target more customers, unlike their
largest competitors, who operate in more gaming markets. Also, guestroom, dinning and entertainment prices
are higher than their competitors because MGM Mirage feels that the quality of their facilities and services
are much higher than that of their competitors. Finally, to some extent, MGM Mirage has competition within
its own hotels and casinos for customers. For example, the Bellagio, MGM Grand Las Vegas and The Mirage
all compete for the same high-end customer.

Opportunities and threats

Opportunities
MGM Mirage and CapitaLand (one of the largest listed property companies in Asia), have agreed to submit
a joint concept proposal to the Singapore government for the development of an integrated
entertainment/resort complex at Marina Bay in Singapore. Not only will this project allow MGM Mirage to gain
foreign business relations, it will also give them a unique opportunity to showcase its expertise in this tourist
sector. MGM Mirage has also proposed $4.8 billion to acquire Mandalay Resort Group which if completed,
would create the worlds largest gaming company. However, if Harrahs completes its merger with Caesars,
MGM-Mandalay would fall second to largest.
Threats
The main threat for MGM Mirage is substitution of products and mergers of other companies within this
industry. Upon the acquisition of Mandalay Resort Group, MGM Mirage now stands as the largest gaming
corporation in the industry. However, Harrahs has proposed a plan to merge with Caesars which upon
completion puts them as the largest corporation in the gaming industry. Substitution of products in the gaming
industry is becoming more of a threat as technology increases. The online casinos have been attracting more
and more customers by giving them everything involved within a casino at the click of a button. This market
has expanded in tremendous rates because it allows one to gamble in the comfort of ones home. With the
gaming industry targeting more markets, globalization might prove to be more of a threat than an advantage.
MGM mirage has proposed a plan to the Singapore government for a high class casino/resort in Marina Bay.
This might prove to be a threat because of the weakness in the economies over seas. Also, due to the
unrelenting competition in the United States, MGM Mirage isnt the only gaming corporation targeting global
economies.
,