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Liz Benston Gaming Guru - Page 57Combined MGM Mirage, Mandalay Vow to Grow16 June 2004
The boards of MGM MIRAGE and Mandalay Resort Group on Tuesday voted to approve MGM MIRAGE's proposed $7.9 billion offer for competitor Mandalay, a deal that -- in finalized -- will create a gaming titan with the means to develop multiple resorts along the Las Vegas Strip as well as expand existing ... (read more)
MGM Mirage Cites 'Juggernaut'15 June 2004
If MGM MIRAGE consummates the biggest casino deal in history by acquiring Mandalay Resort Group, regulators aren't likely to require the company to sell off any of the combined entity's 29 casinos with the possible exception of a property in Detroit, where both companies each operate a casino, a top ... (read more)
Mandalay is Weighing Sweetened Merger Deal14 June 2004
and Richard N. Velotta
LAS VEGAS -- The biggest merger in casino industry history may be back on.
MGM MIRAGE said today it reached an agreement with top executives of fellow casino operator Mandalay Resort Group on the fundamentals of a sweetened deal in which MGM MIRAGE would buy Mandalay for $7.9 billion, or $71 per share. ... (read more)
Mandalay Shares Soar After Takeover Bid7 June 2004
Mandalay Resort Group shares soared 20 percent this morning after news late Friday that MGM MIRAGE offered to buy Mandalay for $68 per share, or $7.65 billion.
Shares rose about $12, or about 20 percent, to $72.26 in early trading today after rising more than $5, or about 12 percent, Friday on ... (read more)
Visitors Unlikely to Notice Changes7 June 2004
MGM MIRAGE's pending offer for Mandalay Resort Group would create a gaming behemoth with the kind of power to control prices for rooms and other amenities, some customers and analysts say. But others say the deal would have little to no effect on the way the casinos are run and would be ... (read more)
Compensation Soars For Casino Executives7 June 2004
Large grants of restricted stock and sales of millions of dollars' worth of stock options boosted compensation for casino executives to record highs last fiscal year, with experts attributing much of the rich pay increases to savvy profit-taking and impressive gains in casino stocks.
Mandalay ... (read more)
Makeover of Resort Reflects Complex Legacy1 June 2004
LAS VEGAS -- When Los Angeles resident Scott Abramowitz comes to Las Vegas, he bypasses newer resorts such as Bellagio and Mandalay Bay to stay at Caesars Palace.
"You get a lot of bang for your buck," Abramowitz, 35, said. "I'm worried that will change as they discover they can get more money for ... (read more)
Commercial Casino Take Up27 May 2004
LAS VEGAS -- Nontribal casinos nationwide generated more than $27 billion in gambling revenue last year -- a 2 percent increase from 2002 -- and more than Americans spent going to the movies, visiting theme parks or renting or buying videos, an industry-funded study issued today found.
Those figures include commercial casinos as well as racetrack casinos in Iowa and Louisiana. ... (read more)
Harrah's Unveils New Marketing Program26 May 2004
LAS VEGAS -- Harrah's Entertainment Inc. has introduced a pilot program in its East Chicago, Ind., casino that allows employees to market to customers while they are gambling, such as by intercepting gamblers on a losing streak to offer them a free meal or other perks, the company's top executive ... (read more)
Station Casinos Claims Key Patent Victory25 May 2004
Station Casinos Inc. today said it won partial victories in a drawn-out patent dispute with Harrah's Entertainment Inc. that has implications for casinos nationwide.
At issue is a lawsuit Harrah's filed against Station Casinos in July 2001, claiming Station's popular "Boarding Pass" slot club ... (read more)
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