The two-year renovation, costing more than $550 million, concluded in December 2018. In June 2016, MGM announced that it would renovate the Monte Carlo and rebrand it as Park MGM, with the name change taking effect on May 9, 2018. It operated as a hotel-within-a-hotel, offering 50 rooms. The top floor suffered water damage and received a total renovation, reopening as Hotel32 in August 2009.

The resort lost nearly $100 million because of the fire, including damage and lost revenue from the closure. The fire, caused by welding, forced the evacuation and closure of the Monte Carlo, and 13 people were treated for smoke inhalation. In January 2008, a fire occurred on the rooftop of the 32-story hotel. Its design was based on the Monte Carlo Casino in Monaco.

The resort opened as the Monte Carlo on June 21, 1996. It was developed by Mirage Resorts and Circus Circus Enterprises, both later acquired by MGM. It is owned by Vici Properties and operated by MGM Resorts International. Park MGM, formerly Monte Carlo Resort and Casino, is a megaresort hotel and casino on the Las Vegas Strip in Paradise, Nevada, United States.

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