August 30, 2016 6:47 PM ET

Company Overview of MGM Grand Detroit, Inc.

Company Overview

MGM Grand Detroit, Inc. was incorporated in 1997 and is based in Las Vegas, Nevada. MGM Grand Detroit, Inc. operates as a subsidiary of MGM Resorts International.

3950 Las Vegas Boulevard South

Las Vegas, NV 89119

United States

Founded in 1997

Phone:

702-693-7120

Key Executives for MGM Grand Detroit, Inc.

Chairman of MGM Resorts International and Chief Executive Officer of MGM Resorts International
Age: 54
Compensation as of Fiscal Year 2016.

MGM Grand Detroit, Inc. Key Developments

MGM Mulls Listing Of 10 Properties After Spinoff

MGM Resorts International (NYSE:MGM) is planning to get its assets listed. The company, under pressure from a shareholder, said that it would spin off 10 resorts into a publicly traded real estate investment trust. MGM said it would transfer seven Las Vegas resorts The Mirage Hotel and Casino, Mandalay Corp. (Mandalay Bay), Victoria Partners L.P. (Monte Carlo), New York-New York Hotel & Casino, LLC, Ramparts, Inc. (Luxor), New Castle Corp Inc (Excalibur), The Park, Mgm Grand Detroit, Inc., Beau Rivage Resorts Inc. and Gold Strike Tunica. MGM shareholder Land and Buildings has been putting pressure on the company throughout this year to convert its real estate assets into a REIT and spin off its hotels. MGM said it expects to complete the spin-off by the first quarter of 2016. MGM's shares rose 9% in premarket trading on October 29, 2015.

MGM Grand Detroit Announces Unaudited Earnings Results for the Second Quarter and Six Months Ended June 30, 2015

MGM Grand Detroit announced unaudited earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported operating income of $36,806,000 compared with $33,804,000 for the same period a year ago. Adjusted EBITDA was $42,739,000 compared with $39,653,000 for the same period a year ago. Net Revenue was $141,029,000 compared with $136,350,000 for the same period a year ago. Adjusted property EBITDA was $42,739,000 compared with $39,653,000 for the same period a year ago. For the six months, the company reported operating income of $64,545,000 compared with $61,458,000 for the same period a year ago. Adjusted EBITDA was $76,351,000 compared with $73,019,000 for the same period a year ago. Net Revenue was $274,344,000 compared with $269,498,000 for the same period a year ago. Adjusted property EBITDA was $76,351,000 compared with $73,019,000 for the same period a year ago.

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