The casino was originally granted a licence in 1979 and opened at its current premises in 1983 as the Mindil Beach Casino. In 1984, the territorial government forcibly acquired it, along with the Alice Springs Casino, from Federal Hotels for $50 million. A joint venture between Greate Bay Casino Corp. (owner of the Sands Atlantic City) and Aspinall Holdings (a British casino operator) was set up to operate the two casinos. The Mindil Beach Casino was renamed as the Diamond Beach Hotel and Casino. Aspinall bought out Greate Bay's interest for US$1 million in 1986, and then acquired the territorial government's 17 percent interest for $5 million in 1987.
In 1995, MGM Grand acquired the property for US$75 million, including US$13 million of assumed debt. It was renamed as the MGM Grand Darwin. The Skycity Entertainment Group purchased the hotel in 2004 for $195 million and took ownership on 23 July 2004.