Mandalay Resort Group
Encyclopedia
Mandalay Resort Group was a hotel-casino operator based in Las Vegas
, Nevada
. Its major properties included Mandalay Bay
, Luxor
, Excalibur
and Circus Circus
, as well as half of the Monte Carlo
. In terms of market capitalization, it was one of the largest casino
operators in the world. It was formerly known as Circus Circus Enterprises. Its stock traded on the New York Stock Exchange
with the ticker symbol "MBG".
's 1968 opening of the Circus Circus
Hotel and Casino as well as a Circus Circus Hotel and Casino
in Reno, which opened in 1978. The group subsequently developed the Excalibur Hotel and Casino
in 1990, the Luxor Las Vegas in 1993, and the Mandalay Bay Resort and Casino
in 1999 for which the group was renamed. The group was also a partner in the 1996 opening of the nearby Monte Carlo Resort and Casino
.
The group entered into a joint venture in 1993 with Don Carano of Eldorado Hotel-Casino in Reno to develop and build Reno's largest and tallest megaresort titled Silver Legacy The $350 million hotel opened on July 28, 1995. Circus Circus Enterprises then turned Mandalay Resort Group held majority stake in that Reno resort. Today, now MGM Resorts International continues to hold majority ownership.
The Group incorporated as Circus Circus Enterprises (CCE) in 1974 to purchase Circus Circus
from Sarno at a time when the casino was experiencing financial difficulties. The company went public in 1983 and traded on the New York Stock Exchange. The original majority owners of CCE were William Pennington, a former oil lease speculator, and William Bennett, a former furniture salesman and the manager of the The Mint Las Vegas
casino. The Group's properties found success in the 1980s offering a Las Vegas experience to families subsequently experimented upon by its competitors. Its converted Circus Circus (originally developed for the upmarket) and later Excalibur properties offered gaming opportunities for adults and separate non-gambling games and theme-park-style experiences for underage visitors under the same roof. In 1995, William Bennett resigned from the Board of Directors, sold his stock in CCE, and bought the Sahara Hotel and Casino.
On March 20, 1995, Circus Circus Enterprises announced that it had agreed to acquire Gold Strike Resorts, a closely held budget casino owner and operator, in a deal valued at more than $600 million. At the time of the acquisition Jean
, Nevada
based Gold Strike Resorts owned the Gold Strike Hotel and Gambling Hall
, Nevada Landing Hotel and Casino
, and Railroad Pass Hotel and Casino.
On June 4, 2004, one of Mandalay Resort Group's largest competitors, MGM Mirage
, announced a bid to acquire it for $68 per share plus assumption of debt. The stock closed at $60.27 per share on June 4. Although the proposal was announced after the close of trading on June 4, the volume of trading in Mandalay Resort Group stock on that day was quadruple the normal, with the stock closing at $60.27 per share. The ensuing negotiations between the two companies included at one point an announcement that the Mandalay board was rejecting the offer because of antitrust concerns. On June 15, 2004, however, both companies' boards approved a revised offer of $71 per share. The agreement called for MGM Mirage to pay $4.8 billion and to assume $2.5 billion in debt. The transaction was completed on April 26, 2005 for $7.9 billion.
Las Vegas, Nevada
Las Vegas is the most populous city in the U.S. state of Nevada and is also the county seat of Clark County, Nevada. Las Vegas is an internationally renowned major resort city for gambling, shopping, and fine dining. The city bills itself as The Entertainment Capital of the World, and is famous...
, Nevada
Nevada
Nevada is a state in the western, mountain west, and southwestern regions of the United States. With an area of and a population of about 2.7 million, it is the 7th-largest and 35th-most populous state. Over two-thirds of Nevada's people live in the Las Vegas metropolitan area, which contains its...
. Its major properties included Mandalay Bay
Mandalay Bay Resort and Casino
Mandalay Bay Resort and Casino is a 44-story luxury hotel casino on the Las Vegas Strip in Paradise, Nevada. It is owned by MGM Resorts International. Five floors of the main hotel building are occupied by the five-star and AAA Five-Diamond Four Seasons Hotel Las Vegas...
, Luxor
Luxor Hotel
Luxor Las Vegas is a hotel and casino located on the Las Vegas Strip in Paradise, Nevada. The 30-story hotel, which is operated by MGM Resorts International, features a casino floor that includes over 2,000 slot machines and 87 table games....
, Excalibur
Excalibur Hotel and Casino
The Excalibur Hotel and Casino is a hotel and casino located on the Las Vegas Strip in Paradise, Nevada, in the United States. It is owned and operated by MGM Resorts International....
and Circus Circus
Circus Circus Las Vegas
Circus Circus Las Vegas is a hotel and casino located on the Las Vegas Strip in Las Vegas, Nevada. It is owned and operated by MGM Resorts International. Circus Circus features circus acts and carnival type games daily on the Midway...
, as well as half of the Monte Carlo
Monte Carlo Resort and Casino
The Monte Carlo Resort and Casino is a megaresort hotel and casino located on the Las Vegas Strip in Paradise, Nevada, USA. The hotel is 32 stories, featuring a casino floor with over 2,200 slot and video poker machines and 95 table games. It is operated by MGM Resorts International...
. In terms of market capitalization, it was one of the largest casino
Casino
In modern English, a casino is a facility which houses and accommodates certain types of gambling activities. Casinos are most commonly built near or combined with hotels, restaurants, retail shopping, cruise ships or other tourist attractions...
operators in the world. It was formerly known as Circus Circus Enterprises. Its stock traded on the New York Stock Exchange
New York Stock Exchange
The New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...
with the ticker symbol "MBG".
History
The Group was originally known as Circus Circus Enterprises and originated with Jay SarnoJay Sarno
Jay Sarno was a Las Vegas business entrepreneur who owned several high-profile hotels. He was the creator of both the Caesars Palace hotel and Circus Circus, and many credit him with being the father of today's more family-oriented Las Vegas...
's 1968 opening of the Circus Circus
Circus Circus Las Vegas
Circus Circus Las Vegas is a hotel and casino located on the Las Vegas Strip in Las Vegas, Nevada. It is owned and operated by MGM Resorts International. Circus Circus features circus acts and carnival type games daily on the Midway...
Hotel and Casino as well as a Circus Circus Hotel and Casino
Circus Circus Reno
Circus Circus is a circus-themed hotel and casino located in Reno, Nevada, owned by MGM Resorts International. Circus Circus includes a 1,572 room hotel and a casino which features free circus acts on a regular basis throughout the day over the midway which also offers 33 carnival games.Circus...
in Reno, which opened in 1978. The group subsequently developed the Excalibur Hotel and Casino
Excalibur Hotel and Casino
The Excalibur Hotel and Casino is a hotel and casino located on the Las Vegas Strip in Paradise, Nevada, in the United States. It is owned and operated by MGM Resorts International....
in 1990, the Luxor Las Vegas in 1993, and the Mandalay Bay Resort and Casino
Mandalay Bay Resort and Casino
Mandalay Bay Resort and Casino is a 44-story luxury hotel casino on the Las Vegas Strip in Paradise, Nevada. It is owned by MGM Resorts International. Five floors of the main hotel building are occupied by the five-star and AAA Five-Diamond Four Seasons Hotel Las Vegas...
in 1999 for which the group was renamed. The group was also a partner in the 1996 opening of the nearby Monte Carlo Resort and Casino
Monte Carlo Resort and Casino
The Monte Carlo Resort and Casino is a megaresort hotel and casino located on the Las Vegas Strip in Paradise, Nevada, USA. The hotel is 32 stories, featuring a casino floor with over 2,200 slot and video poker machines and 95 table games. It is operated by MGM Resorts International...
.
The group entered into a joint venture in 1993 with Don Carano of Eldorado Hotel-Casino in Reno to develop and build Reno's largest and tallest megaresort titled Silver Legacy The $350 million hotel opened on July 28, 1995. Circus Circus Enterprises then turned Mandalay Resort Group held majority stake in that Reno resort. Today, now MGM Resorts International continues to hold majority ownership.
The Group incorporated as Circus Circus Enterprises (CCE) in 1974 to purchase Circus Circus
Circus Circus Las Vegas
Circus Circus Las Vegas is a hotel and casino located on the Las Vegas Strip in Las Vegas, Nevada. It is owned and operated by MGM Resorts International. Circus Circus features circus acts and carnival type games daily on the Midway...
from Sarno at a time when the casino was experiencing financial difficulties. The company went public in 1983 and traded on the New York Stock Exchange. The original majority owners of CCE were William Pennington, a former oil lease speculator, and William Bennett, a former furniture salesman and the manager of the The Mint Las Vegas
The Mint Las Vegas
The Mint Las Vegas was a hotel and casino in downtown Las Vegas, Nevada. Opened in 1957, a 26-story hotel tower was added in 1965. In 1988, The Mint was sold and became part of Binion's Horseshoe....
casino. The Group's properties found success in the 1980s offering a Las Vegas experience to families subsequently experimented upon by its competitors. Its converted Circus Circus (originally developed for the upmarket) and later Excalibur properties offered gaming opportunities for adults and separate non-gambling games and theme-park-style experiences for underage visitors under the same roof. In 1995, William Bennett resigned from the Board of Directors, sold his stock in CCE, and bought the Sahara Hotel and Casino.
On March 20, 1995, Circus Circus Enterprises announced that it had agreed to acquire Gold Strike Resorts, a closely held budget casino owner and operator, in a deal valued at more than $600 million. At the time of the acquisition Jean
Jean, Nevada
Jean is a small commercial town in Clark County, Nevada, located approximately north of the Nevada-California state line along Interstate 15. Las Vegas is located about to the north...
, Nevada
Nevada
Nevada is a state in the western, mountain west, and southwestern regions of the United States. With an area of and a population of about 2.7 million, it is the 7th-largest and 35th-most populous state. Over two-thirds of Nevada's people live in the Las Vegas metropolitan area, which contains its...
based Gold Strike Resorts owned the Gold Strike Hotel and Gambling Hall
Gold Strike Hotel and Gambling Hall
Opened in 1990, the Gold Strike is a hotel and casino located in Jean, Nevada, approximately from the California state line, and about from downtown Las Vegas. The hotel, owned by MGM Resorts International, has 811 rooms and several different places to eat...
, Nevada Landing Hotel and Casino
Nevada Landing Hotel and Casino
The Nevada Landing was a hotel and casino designed to resemble two riverboats. It was located in Jean, Nevada, near the California state line, within sight of Interstate 15. The hotel, owned by MGM Resorts International, had 303 rooms, four restaurants, over 800 slot machines , live keno, table...
, and Railroad Pass Hotel and Casino.
On June 4, 2004, one of Mandalay Resort Group's largest competitors, MGM Mirage
MGM Mirage
Not to be confused with the Las Vegas, Nevada based casino/resort operator Resorts International Holdings.MGM Resorts International is a Paradise, Nevada based corporation that brands itself as a global hospitality company. It is the second largest gaming company in the world by revenue - about...
, announced a bid to acquire it for $68 per share plus assumption of debt. The stock closed at $60.27 per share on June 4. Although the proposal was announced after the close of trading on June 4, the volume of trading in Mandalay Resort Group stock on that day was quadruple the normal, with the stock closing at $60.27 per share. The ensuing negotiations between the two companies included at one point an announcement that the Mandalay board was rejecting the offer because of antitrust concerns. On June 15, 2004, however, both companies' boards approved a revised offer of $71 per share. The agreement called for MGM Mirage to pay $4.8 billion and to assume $2.5 billion in debt. The transaction was completed on April 26, 2005 for $7.9 billion.
Hotels and casinos when acquired by MGM Mirage
- Circus CircusCircus Circus Las VegasCircus Circus Las Vegas is a hotel and casino located on the Las Vegas Strip in Las Vegas, Nevada. It is owned and operated by MGM Resorts International. Circus Circus features circus acts and carnival type games daily on the Midway...
, Las VegasLas Vegas, NevadaLas Vegas is the most populous city in the U.S. state of Nevada and is also the county seat of Clark County, Nevada. Las Vegas is an internationally renowned major resort city for gambling, shopping, and fine dining. The city bills itself as The Entertainment Capital of the World, and is famous...
, NevadaNevadaNevada is a state in the western, mountain west, and southwestern regions of the United States. With an area of and a population of about 2.7 million, it is the 7th-largest and 35th-most populous state. Over two-thirds of Nevada's people live in the Las Vegas metropolitan area, which contains its... - Slots-A-Fun CasinoSlots-A-Fun CasinoThe Slots-A-Fun Casino is a small casino located on the Las Vegas Strip, owned by MGM Resorts International. It is adjacent to Circus Circus....
, Las VegasLas Vegas, NevadaLas Vegas is the most populous city in the U.S. state of Nevada and is also the county seat of Clark County, Nevada. Las Vegas is an internationally renowned major resort city for gambling, shopping, and fine dining. The city bills itself as The Entertainment Capital of the World, and is famous...
, NevadaNevadaNevada is a state in the western, mountain west, and southwestern regions of the United States. With an area of and a population of about 2.7 million, it is the 7th-largest and 35th-most populous state. Over two-thirds of Nevada's people live in the Las Vegas metropolitan area, which contains its... - Circus Circus RenoCircus Circus RenoCircus Circus is a circus-themed hotel and casino located in Reno, Nevada, owned by MGM Resorts International. Circus Circus includes a 1,572 room hotel and a casino which features free circus acts on a regular basis throughout the day over the midway which also offers 33 carnival games.Circus...
, Reno, NevadaReno, NevadaReno is the county seat of Washoe County, Nevada, United States. The city has a population of about 220,500 and is the most populous Nevada city outside of the Las Vegas metropolitan area... - Colorado Belle Hotel & CasinoColorado Belle Hotel & CasinoThe Colorado Belle Hotel & Casino is a resort on the banks of the Colorado River in Laughlin, Nevada. The Colorado Belle is a fixed building made to look like a six-deck replica of a 19th century Mississippi paddle wheel riverboat, and has 1,168 recently remodeled rooms in two seven story towers...
, Laughlin, NevadaLaughlin, NevadaLaughlin is a census-designated place in Clark County, Nevada, United States, and a port located on the Colorado River. Laughlin is south of Las Vegas, located in the far southern tip of Nevada. It is best known for its gaming, entertainment, and water recreation. As of the 2010 census, the... - EdgewaterEdgewater Hotel and CasinoThe Edgewater Hotel and Casino is a resort in Laughlin, Nevada, on the banks of the Colorado River. The hotel has 1,450 rooms in a large 26 story tower, and has a casino with more than of gaming space. It has the largest race and sports book in Laughlin, poker, and a keno lounge...
, LaughlinLaughlin, NevadaLaughlin is a census-designated place in Clark County, Nevada, United States, and a port located on the Colorado River. Laughlin is south of Las Vegas, located in the far southern tip of Nevada. It is best known for its gaming, entertainment, and water recreation. As of the 2010 census, the...
, NevadaNevadaNevada is a state in the western, mountain west, and southwestern regions of the United States. With an area of and a population of about 2.7 million, it is the 7th-largest and 35th-most populous state. Over two-thirds of Nevada's people live in the Las Vegas metropolitan area, which contains its... - ExcaliburExcalibur Hotel and CasinoThe Excalibur Hotel and Casino is a hotel and casino located on the Las Vegas Strip in Paradise, Nevada, in the United States. It is owned and operated by MGM Resorts International....
, Las VegasLas Vegas, NevadaLas Vegas is the most populous city in the U.S. state of Nevada and is also the county seat of Clark County, Nevada. Las Vegas is an internationally renowned major resort city for gambling, shopping, and fine dining. The city bills itself as The Entertainment Capital of the World, and is famous...
, NevadaNevadaNevada is a state in the western, mountain west, and southwestern regions of the United States. With an area of and a population of about 2.7 million, it is the 7th-largest and 35th-most populous state. Over two-thirds of Nevada's people live in the Las Vegas metropolitan area, which contains its... - Gold Strike Hotel and Gambling HallGold Strike Hotel and Gambling HallOpened in 1990, the Gold Strike is a hotel and casino located in Jean, Nevada, approximately from the California state line, and about from downtown Las Vegas. The hotel, owned by MGM Resorts International, has 811 rooms and several different places to eat...
, Jean, NevadaJean, NevadaJean is a small commercial town in Clark County, Nevada, located approximately north of the Nevada-California state line along Interstate 15. Las Vegas is located about to the north... - Gold Strike Resort and CasinoGold Strike Resort and CasinoGold Strike Resort and Casino in Tunica Resorts, Mississippi is an MGM Resorts International resort located 20 minutes south of Memphis, Tennessee. In 2008, MGM Mirage made a large investment in Gold Strike Casino Resort and a commitment to the Tunica market with a multi-million dollar renovation...
, Tunica, MississippiTunica, MississippiTunica is a town in Tunica County, Mississippi, United States, located near the Mississippi River. Until the early 1990s the town was one of the most impoverished places in the United States, semi-famous for the particularly deprived neighbourhood known as "Sugar Ditch Alley", named for the open... - Grand VictoriaGrand Victoria Casino ElginThe Grand Victoria Casino Elgin is a riverboat casino in Elgin, Illinois, located about west of Chicago. It is 50% owned and operated by RBG, LLP, a subsidiary of Hyatt, and 50% by a subsidiary of MGM Resorts International, which acquired Mandalay Resort Group, the former 50% partner company, in...
, Elgin, IllinoisElgin, IllinoisElgin is a city in northern Illinois located roughly northwest of Chicago on the Fox River. Most of Elgin lies within Kane County, Illinois, with a portion in Cook County, Illinois... - LuxorLuxor HotelLuxor Las Vegas is a hotel and casino located on the Las Vegas Strip in Paradise, Nevada. The 30-story hotel, which is operated by MGM Resorts International, features a casino floor that includes over 2,000 slot machines and 87 table games....
, Las VegasLas Vegas, NevadaLas Vegas is the most populous city in the U.S. state of Nevada and is also the county seat of Clark County, Nevada. Las Vegas is an internationally renowned major resort city for gambling, shopping, and fine dining. The city bills itself as The Entertainment Capital of the World, and is famous...
, NevadaNevadaNevada is a state in the western, mountain west, and southwestern regions of the United States. With an area of and a population of about 2.7 million, it is the 7th-largest and 35th-most populous state. Over two-thirds of Nevada's people live in the Las Vegas metropolitan area, which contains its... - Mandalay BayMandalay Bay Resort and CasinoMandalay Bay Resort and Casino is a 44-story luxury hotel casino on the Las Vegas Strip in Paradise, Nevada. It is owned by MGM Resorts International. Five floors of the main hotel building are occupied by the five-star and AAA Five-Diamond Four Seasons Hotel Las Vegas...
, Las VegasLas Vegas, NevadaLas Vegas is the most populous city in the U.S. state of Nevada and is also the county seat of Clark County, Nevada. Las Vegas is an internationally renowned major resort city for gambling, shopping, and fine dining. The city bills itself as The Entertainment Capital of the World, and is famous...
, NevadaNevadaNevada is a state in the western, mountain west, and southwestern regions of the United States. With an area of and a population of about 2.7 million, it is the 7th-largest and 35th-most populous state. Over two-thirds of Nevada's people live in the Las Vegas metropolitan area, which contains its... - Monte CarloMonte Carlo Resort and CasinoThe Monte Carlo Resort and Casino is a megaresort hotel and casino located on the Las Vegas Strip in Paradise, Nevada, USA. The hotel is 32 stories, featuring a casino floor with over 2,200 slot and video poker machines and 95 table games. It is operated by MGM Resorts International...
, Las VegasLas Vegas, NevadaLas Vegas is the most populous city in the U.S. state of Nevada and is also the county seat of Clark County, Nevada. Las Vegas is an internationally renowned major resort city for gambling, shopping, and fine dining. The city bills itself as The Entertainment Capital of the World, and is famous...
, NevadaNevadaNevada is a state in the western, mountain west, and southwestern regions of the United States. With an area of and a population of about 2.7 million, it is the 7th-largest and 35th-most populous state. Over two-thirds of Nevada's people live in the Las Vegas metropolitan area, which contains its...
(Joint ownership) - MotorCity CasinoMotorCity CasinoMotorCity Casino Hotel in Detroit, Michigan is one of three casino resort hotels in the city, and one of four in the Detroit–Windsor area. The $825 million complex incorporates the historic Wagner Baking Company building designed c.1915 by architect Walter W. Ahlschlager, who went on to design the...
, DetroitDetroit, MichiganDetroit is the major city among the primary cultural, financial, and transportation centers in the Metro Detroit area, a region of 5.2 million people. As the seat of Wayne County, the city of Detroit is the largest city in the U.S. state of Michigan and serves as a major port on the Detroit River...
, MichiganMichiganMichigan is a U.S. state located in the Great Lakes Region of the United States of America. The name Michigan is the French form of the Ojibwa word mishigamaa, meaning "large water" or "large lake".... - Nevada Landing Hotel and CasinoNevada Landing Hotel and CasinoThe Nevada Landing was a hotel and casino designed to resemble two riverboats. It was located in Jean, Nevada, near the California state line, within sight of Interstate 15. The hotel, owned by MGM Resorts International, had 303 rooms, four restaurants, over 800 slot machines , live keno, table...
, Jean, NevadaJean, NevadaJean is a small commercial town in Clark County, Nevada, located approximately north of the Nevada-California state line along Interstate 15. Las Vegas is located about to the north... - Railroad Pass Hotel and Casino, Henderson, NevadaHenderson, Nevada-Demographics:According to the 2000 census, there were 175,381 people, 66,331 households, and 47,095 families residing in the city. The population density was 2,200.8 people per square mile . There were 71,149 housing units at an average density of 892.8 per square mile...
- Silver Legacy Resort CasinoSilver Legacy Resort CasinoThe Silver Legacy Resort & Casino is a land based hotel and casino in Downtown Reno, Nevada, it opened on July 28, 1995. It anchors a network of connected hotel-casinos in the downtown Reno core that included jointly owned properties Eldorado Hotel-Casino and Circus Circus Reno...
, Reno, NevadaReno, NevadaReno is the county seat of Washoe County, Nevada, United States. The city has a population of about 220,500 and is the most populous Nevada city outside of the Las Vegas metropolitan area...
(Joint ownership)