Art has become increasingly important to MGM, which now considers itself to be more about the \u201cexperiential business\u201d than the gambling business. Today, 70 percent of its revenues come from these non-gaming \u201cexperiences.\u201d<\/p>\n
It even has an executive director of Art and Culture, Tarissa Tiberti. Tiberti\u2019s job involves managing\u00a0the collection, commissioning new works, and\u00a0overseeing MGM’s visual arts-focused partnerships.<\/p>\n
The art budget is part of the entire experience budget,\u201d<\/strong> Ari Kastrati, MGM Resorts’ Chief Hospitality Officer, told the Financial Times<\/em> on Sunday. \u201cWhen we commit to designing something new, art is at the epicenter of that decision.\u201d<\/strong><\/p><\/blockquote>\nThe man who started this ball rolling, Steve Wynn, whose Mirage resort arguably kicked off the diversification of Las Vegas, quit the casino business under a cloud in 2018. That\u2019s after he was accused in a Wall Street Journal<\/em> expos\u00e9 of engaging in a decades-long pattern of sexual misconduct towards female staff members.<\/p>\nWynn has since reinvented himself as a dealer in multimillion-dollar fine art. His new company, Wynn Fine Art, currently has Picassos, Matisses, and Warhols for sale.<\/p>\n","protected":false},"excerpt":{"rendered":"
MGM Resorts cashed in 11 Picassos for a total of $109 million via a Sotheby\u2019s auction at the Bellagio in Las Vegas on Saturday. The artworks were part of the MGM Resorts Fine Art Collection, which was started by Steve Wynn. MGM acquired the works when it bought the Mirage from Wynn in 2000 for […]<\/p>\n","protected":false},"author":36,"featured_media":189831,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,18],"tags":[],"acf":[],"yoast_head":"\n
MGM Resorts Raises Over $100M in Picasso Selloff<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n