Gaming News

MGM Mirage, British Land Company Plan Entertainment Complex

LAS VEGAS – (Press Release) -- MGM MIRAGE (NYSE: MGG), the most respected U.S.-based gaming and entertainment company, and The British Land Company PLC, today announced their intention to develop a leisure and entertainment complex, with a projected cost of between 200 million British pounds sterling (approximately $364 million U.S. dollars) and 250 million British pounds sterling (approximately $455 million U.S. dollars), adjacent to British Land's Meadowhall Shopping Centre in Sheffield, one of the United Kingdom's largest and most successful retail centers. This follows the recent announcement by Sheffield City Council and British Land of a joint new masterplan initiative aimed at revitalizing the Lower Don Valley by attracting new investment into the area.

The agreement between the two companies envisages the construction of a major multi-purpose leisure development, incorporating a casino, and other related facilities such as restaurants, entertainment venues and a hotel and conference center. The casino would be operated by MGM MIRAGE and the development could create as many as 4,500 construction jobs and 2,000 leisure- related jobs.

The complex, completion of which is contingent upon timely implementation of proposed gaming law reforms and obtaining required planning approvals, will further strengthen Sheffield's regional role as a focal point for leisure, sport and tourism, as well as Meadowhall's position as a highly successful retail leisure destination and one which already services up to 800,000 visitors per week.

Commenting on the announcement, Terry Lanni, Chairman and CEO of MGM MIRAGE, said: "We are pleased to be pursuing this development with British Land in Sheffield and this agreement represents a further key element of our ambitious plans to invest in the United Kingdom. We plan to use our unparalleled knowledge and experience of the gaming and leisure industries to create a variety of entertainment opportunities."

John Ritblat, Chairman and Managing Director of The British Land Company PLC, said: "We are delighted to be working with MGM MIRAGE on such an exciting initiative, and with the opportunity to strengthen our investment in Meadowhall and our commitment to Sheffield."

Lloyd C. Nathan, Managing Director of MGM MIRAGE Development, Europe, added: "Meadowhall represents a great opportunity for our company and a wealth of new and exciting possibilities for the people of South Yorkshire and the North of England. Although the development clearly relies upon the anticipated modernization of the United Kingdom's gaming laws, planning and a new tax regime, we believe that on completion the region could benefit from a large number of new jobs, inward investment and enhanced tourism opportunities. We look forward to working with the local community to achieve these aims."

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