LAS VEGAS, April 14, 2011 /PRNewswire/ -- The Board of
Directors of MGM Resorts International (NYSE: MGM) today announced
that it had voted unanimously to recognize Kirk Kerkorian, the legendary businessman and
philanthropist, with the distinction of Director Emeritus.
As Director Emeritus, Mr. Kerkorian will serve as a senior
advisor to both MGM Resorts management and the Board, and will have
a standing invitation to attend any meeting of the Board or its
executive committee. He will not, however, retain voting
rights on Board matters.
"Kirk's contributions to the growth and development of MGM
Resorts are far too many to detail," said MGM Resorts International
Chairman and CEO James J.
Murren. "Of even greater impact, however, have been
the contributions of his time, talent and treasure to so many
throughout the Las Vegas
community, across the United
States and around the world," Mr. Murren said.
"Throughout the years, I have relied on Kirk far beyond his role
as our largest shareholder," said Mr. Murren. "He has always
been available to discuss any detail or issue, and I look forward
to continuing to receive the benefit of his counsel for many years
to come."
Mr. Kerkorian will serve out his current term as a board member,
due to expire at the company's 2011 Annual Meeting of Shareholders
this June, at which time he will transition to his status as
Director Emeritus. Upon his formal appointment, he will become the
first Director Emeritus in the company's history.
"One of the most rewarding aspects of my life has been my
association with MGM Resorts and its predecessor companies," said
Mr. Kerkorian. "I am deeply indebted to the hundreds of
thousands of men and women who have worked for our companies
through these many years. Their hard work and dedication to
success created the extraordinary opportunity to share our success
with others. It has been a privilege to work with them all,
and I look forward to continuing to regularly consult with Jim and
the Board of this wonderful company."
BACKGROUND NOTES
Corporate History
Mr. Kerkorian first visited Las
Vegas in 1945 as a Cessna pilot. His first venture in
the gaming business was with a stake in the Dunes Hotel in
1955. In the 1960s, he was actively buying land in
Las Vegas for development.
By 1969, his International Leisure company was opening what was
then the largest hotel in the world: the International Hotel.
From its opening night, the $55
million International Hotel set a new bar for entertainment:
Barbra Streisand was the resort's first headliner, the rock musical
'Hair' was in another showroom and the opening lounge act was
Ike and Tina Turner. Elvis
Presley followed Streisand in the main showroom and changed the
face of Las Vegas.
In 1973, Mr. Kerkorian's company opened the original MGM Grand
Hotel (now Bally's), which was the largest hotel in the world at
that time. The new $107 million
megaresort was named for a 1932 MGM film, "Grand Hotel," and
featured 2,084 rooms, a 1,200-seat showroom and amenities like a
shopping arcade, movie theater and jai alai fronton.
Following the 1986 sale of the original MGM Grand hotels in
Las Vegas and Reno to Bally's, Mr. Kerkorian led the
development of the present day MGM Grand Hotel. At 5,000
rooms, it was the largest hotel in the world when it opened in
1993. To celebrate the opening, Barbra Streisand gave an
unprecedented concert in the 17,000 seat MGM Grand Garden
arena.
In 2000, Mr. Kerkorian led the first of two significant
transactions, the acquisition of Mirage Resorts. The second
occurred just four years later when that company, MGM MIRAGE,
merged with Mandalay Resort Group.
The 2009 opening of CityCenter would mark the fourth time that
Mr. Kerkorian would be involved in the opening of a record-setting
hotel complex. The $8.5 billion
resort, residential and retail complex was not only the largest
private investment ever made in U.S. history, but it would also be
recognized as the largest sustainable project ever built.
MGM Resorts International (NYSE: MGM) is one of the world's
leading global hospitality companies, operating a peerless
portfolio of destination resort brands, including Bellagio, MGM
Grand, Mandalay Bay and The Mirage. The Company has
significant holdings in gaming, hospitality and entertainment, owns
and operates 15 properties located
in Nevada, Mississippi and Michigan, and has
50% investments in four other properties
in Nevada, Illinois and Macau. One of those
investments is CityCenter, an unprecedented urban resort
destination on the Las Vegas Strip featuring its centerpiece ARIA
Resort & Casino. Leveraging MGM Resorts' unmatched
amenities, the M life loyalty program delivers one-of-a-kind
experiences, insider privileges and personalized rewards for guests
at the Company's renowned properties nationwide. Through its
hospitality management subsidiary, the Company holds a growing
number of development and management agreements for casino and
non-casino resort projects around the world. MGM Resorts
International supports responsible gaming and has implemented the
American Gaming Association's Code of Conduct for Responsible
Gaming at its gaming properties. The Company has been honored with
numerous awards and recognitions for its industry-leading Diversity
Initiative, its community philanthropy programs and the Company's
commitment to sustainable development and operations. For
more information about MGM Resorts International, visit the
Company's Web site at www.mgmresorts.com.
Statements in this release which are not historical facts are
"forward looking" statements and "safe harbor statements" within
the meaning of Section 21E of the U.S. the Securities Exchange Act
of 1934, as amended, and other related laws that involve risks
and/or uncertainties, including risks and/or uncertainties as
described in the Company's public filings with the Securities and
Exchange Commission. We have based those forward-looking
statements on management's current expectations and assumptions and
not on historical facts. In providing forward-looking
statements, the Company is not undertaking any duty or obligation
to update these statements publicly as a result of new information,
future events or otherwise except as required by law.
SOURCE MGM Resorts International