Following a $1 billion stock offering by MGM Mirage amidst the global credit crunch, Tracinda's shares were diluted from 53.8 percent to 39 percent. īillionaire 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. City Center's development coincided with the global financial crisis, causing more than $1 billion in writedowns in its valuation. The company shifted its focus from owning and operating resorts and casinos to developing and building real estate in the leisure and gaming industry-launching the massive Cit圜enter 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. 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. and became MGM Mirage in 2000, after acquiring Mirage Resorts. The company began operations in 1987 as MGM Grand, Inc. MGM Resorts International is an American global hospitality and entertainment company operating destination resorts in Las Vegas, Massachusetts, Michigan, Mississippi, Maryland, Ohio, and New Jersey, including Bellagio, Mandalay Bay, MGM Grand, and Park MGM.

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