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MGM Mirage Raises Wembley Bid

LONDON – As reported by Reuters: "U.S. casino giant MGM Mirage (NYSE:MGG) raised its recommended offer for British racetrack owner Wembley Plc (London:WMY.L) to at least 301 million pounds ($556 million) on Thursday, in a bid to knock out a rival U.S. suitor.

"U.S. firms are keen to take advantage of the ongoing relaxation of Britain's strict gambling laws, which analysts think could lead to a new boom in betting.

"Las Vegas-based MGM Mirage said it would pay 840 pence per share in cash for Wembley, which owns dog and horse racetracks and runs video slot machines in Britain and the United States.

"This tops an 800p-per-share offer from BLB Investors, a U.S. consortium including golf-course-to-hotel firm Starwood Capital, Bahamas resort owner Kerzner International (NYSE:KZL) and leisure firm Waterford Group.

"…Greg Feehely, an industry analyst at Altium Capital, said this gave MGM Mirage a much better chance of success, as BLB Investors control about 22.25 percent of Wembley shares…"

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