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New Casino Giant Eyes the World

Newly merged casino behemoth MGM Mirage is looking outside the US as it prepares to swing its weight through an aggressive growth plan stretching from Las Vegas to Singapore.

The $US4.8 billion ($6.9 billion) buy-out of Mandalay Resort Group by MGM Mirage will have global implications for the gambling and convention markets, according to company executives.

Hours after it stitched up the buy-out of Mandalay in the biggest casino deal in history, MGM Mirage put competitors on notice that the tie-up would have global implications for the gambling and convention markets.

And the gambling giant warned it would not let the merger slow efforts to build new casinos around the world.

"With all of the additional resources we’ll gain from this transaction, we’ll be better able to compete across all segments of the gaming and leisure market," MGM Mirage chief executive Terry Lanni said.

MGM Mirage was looking at opportunities to build casinos in Britain, Thailand, Singapore and Macau, a Chinese enclave near Hong Kong.

Under the agreement, MGM Mirage will pay $US71 a share for Mandalay and assume $US2.5 billion in debt. It also takes on about $US600 million in bonds that can be exchanged for company shares.

John Mulkey, a Bear Stearns gambling analyst in New York, said MGM Mirage would benefit in executing its expansion plans.

"We believe it’s a good acquisition for them," Mr Mulkey said.

"Their size and brands would almost guarantee them a seat in any discussions for new gaming jurisdictions domestically or internationally."

Glenn Schaeffer, Mandalay’s president and chief financial officer, said the two companies were a perfect fit with their diverse assets, and their combined potential was formidable.

"The strategic aspect of this combination has worldwide implications," he said. "I think the combination of forces . . . will bring forth a pretty exciting growth dynamic."

The transaction will give MGM Mirage revenues of about $US6.5 billion and control of 28 properties in the US, becoming the biggest gambling group in the world.

Read the entire article at: The West Australian 

2004 Online Casino News Archive


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