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Rod Smith Gaming Guru - Page 27MGM: Buyout Gets OK16 June 2004
After a seven-hour meeting behind closed doors, Mandalay Resort Group's board of directors late Tuesday gave a thumbs up to MGM Mirage's $7.9 billion buyout proposal, an MGM Mirage executive said late Tuesday.
MGM Mirage's board had met earlier in the day and approved a definitive agreement that ... (read more)
Hilton Buyer Gets License Approval from Gaming Board15 June 2004
LAS VEGAS -- The Nevada Gaming Control Board, paving the way for the $280 million sale of the Las Vegas Hilton, on Monday gave its approval to granting gaming licenses for buyer Colony Capital.
Gaming Control Board Chairman Dennis Neilander said the financing for the takeover from Caesars ... (read more)
MGM Mirage and Mandalay: $7.9 Billion Deal Reached15 June 2004
Boards for both MGM Mirage and Mandalay Resort Group will meet today to consider a $7.9 billion buyout proposal that would create the world's largest gaming company, controlling the lion's share of the Strip's hotel rooms, convention space and slots.
The boards are expected to OK a revised ... (read more)
Proposed MGM Mirage Buyout of Mandalay Resort Group: What Happens Next?14 June 2004
Mandalay Resort Group may be saying no to a marriage with MGM Mirage, but industry insiders, analysts and experts still see some merits to a union between the two gaming giants.
Despite some doubting Thomases, most of the gaming experts last week said the proposed $7.65 billion merger, which ... (read more)
MGM Offer Stalled by Price11 June 2004
LAS VEGAS -- Concerns that antitrust issues might trip up MGM Mirage's plans to buy Mandalay
Resort Group were fading fast Thursday as talks between the companies seemed to be
boiling down to nothing more than price.
Institutional investors, industry analysts and hedge fund managers said a deal ... (read more)
MGM Mirage Extends Deadline on Buyout Offer9 June 2004
MGM Mirage Tuesday extended the deadline on its offer to buy Mandalay Resort Group until 5 p.m. Friday, leading Wall Street analysts to believe the two companies have reopened meaningful talks on what would be the largest gaming merger ever.
Both companies declined to comment on the extension that was announced just an hour before the original 5 p.m. ... (read more)
Times Series Gets Mixed Reviews From Observers7 June 2004
Critical or not, many local advertising and gaming officials saw some upside in the New York Times' critical six-part series on Las Vegas.
University of Nevada, Las Vegas professor and casino industry expert Bill Thompson summed it up when he said front-page coverage in the Times can only help Las Vegas. ... (read more)
As Shock Wears Off, Analysts Warm Up To MGM Mirage's Bid for Mandalay7 June 2004
LAS VEGAS -- MGM Mirage's offer to buy rival Mandalay Resort Group might have caught everyone by surprise, but it shouldn't disappoint shareholders and the gaming industry, Wall Street analysts and insiders said this weekend.
MGM Mirage late Friday offered to purchase Mandalay Resort for $68 per ... (read more)
Strip Room Rates Increasing at Steady Pace7 June 2004
Room rates at Strip hotel-casinos maintained their steady climb in the second quarter of 2004, accelerating as Las Vegas heads into the hot summer months.
Gaming analysts say shrewd marketing campaigns combined with a strong economic recovery are boosting business in Las Vegas more than any other business or leisure visitor destination. ... (read more)
Harrah's Breaks Ground on Rio Expansion3 June 2004
LAS VEGAS -- Harrah's Entertainment kicked off a 60,000-square-foot expansion of the Rio Pavilion
Convention Center on Wednesday with a ceremonial pouring of concrete.
The $39 million expansion will increase the overall size of the Rio's convention
center to 160,000 square feet, making it the eighth-largest hotel meeting space in
Las Vegas. ... (read more)
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