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Rod Smith Gaming Guru - Page 26MGM Mirage Considering Keeping Circus Circus24 June 2004
LAS VEGAS -- MGM Mirage, once its $7.9 billion buyout of Mandalay Resort Group is done, is
interested in keeping and maybe redeveloping Circus Circus rather than selling it off
as has been speculated, MGM Mirage President Jim Murren said.
"We're not interested in selling Circus Circus. ... (read more)
Wynn Proposal Begs Questions, Club Members Wonder If They're Getting All The Facts23 June 2004
The Las Vegas County Club's board of directors is preparing a response to Las Vegas developer Steve Wynn's $40 million buyout offer, although some members believe they are not being told all of the facts, sources said Tuesday.
Wynn last week offered the club's 650 equity members up to $50,000 each so he could take over the historic golf course on Joe W. ... (read more)
Gaming Industry: Experts See Land as Key Deal Asset23 June 2004
MGM Mirage's plans to buy Mandalay Resort Group would set the company up to be the primary Strip developer for the next 15 years, company executives and industry analysts said.
If MGM Mirage's $7.9 billion offer for its rival gaming company is completed, the emerging company will end up with more than 100 acres in four prime sites north of Russell Road. ... (read more)
Wynn Offers $40 Million for Las Vegas Country Club22 June 2004
Las Vegas developer Steve Wynn last week teed up an offer to buyout the landmark Las Vegas Country Club on Joe W. Brown Drive across from the Las Vegas Hilton for $40 million.
Wynn Resorts already is developing an 18-hole golf course, designed by Tom Fazio and Wynn, on the old Desert Inn site. ... (read more)
MGM Mirage Expansion: Deal Struck for Resort in Macau22 June 2004
LAS VEGAS and MACAU -- With the ink barely dry on its $7.9 billion proposal to buy Mandalay Resort Group, MGM Mirage on Monday entered into a joint venture agreement with Pansy Ho Chiu-king to develop, build and operate a hotel-casino resort in Macau.
"Macau is certainly part of our global expansion and growth strategy," said MGM Mirage spokesman Alan Feldman. ... (read more)
MGM Mirage-Mandalay Deal May Produce Big Debt Burden22 June 2004
Even while MGM Mirage is keeping mum about its plans to finance the largest corporate buyout in gaming industry history, Wall Street analysts Monday were speculating the deal is likely to leave the surviving company heavily mortgaged and deeply in debt.
The proposed $7.9 billion megamerger would ... (read more)
California Deal With Tribes Unlikely to Hurt Las Vegas22 June 2004
The new tribal casino compact agreements signed by Gov. Arnold Schwarzenegger on Monday likely will have no effect on the gaming industry in Las Vegas and little in the rest of the state, industry insiders and experts said.
Schwarzenegger signed new gambling compacts with representatives of five ... (read more)
Caesars Completes Sale of Hilton for $280 Million22 June 2004
Another Las Vegas landmark changed hands Friday when Caesars Entertainment completed the $280 million sale of the Las Vegas Hilton to Colony Capital.
Caesars officials said they will use the proceeds of the sale to pay down more than $4 billion in debt, and that the sale will let the company focus resources on rebuilding the Caesars brand. ... (read more)
Treasury Official Keeps Eye on Las Vegas21 June 2004
The threat of terrorism crippling construction in Las Vegas and the potential for money laundering in casinos have made Las Vegas a unique focus of federal and state agencies, U.S. Treasury Secretary John Snow told a business roundtable on Friday.
"Anywhere there are large volumes of cash payments and cash flows, we need to be alert," he said. ... (read more)
MGM Mirage-Mandalay Execs Ponder Future17 June 2004
LAS VEGAS -- MGM Mirage bosses on Wednesday started pulling back the curtains on future plans for
what will be the largest gaming company in the world after the merger with Mandalay
Resort Group.
The new company's focus will be on expansion and using Mandalay's properties as a
foundation for ... (read more)
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