The theater seats 5,200, and was built on the former site of the Lance Burton Theatre. A new venue, the Park Theater, opened in 2016 and has since been renamed Dolby Live. Magician Lance Burton served as the Monte Carlo's longtime headliner, entertaining in the 1,200-seat Lance Burton Theatre from 1996 to 2010. Park MGM includes a 76,982-square-foot (7,200 m 2) casino and 2,700 rooms, not counting another 293 at NoMad. Hotel32 was removed, and the top four floors of the tower were rebranded as NoMad Las Vegas, a new hotel-within-a-hotel. 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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