investors plan to open casino resort at Mhoon Landing
As reported by The Memphis Business Journal
A new casino is headed to Tunica. When it gets there is
Gold Casino Hotel and Resort has been proposed by Memphis
businessman Robert Carpenter and his wife, Patricia Shaw.
They have invested $6.5 million initially in the venture,
which eventually will include the casino, dining barge,
a hotel and an entertainment facility. The $6.5 million
includes $2.5 million of their personal funds.
who was previously senior vice president of Guaranteed
Mortgage Bank, and Shaw, who has been with FedEx for 25
years, are in the final turn of a 10-year journey to make
the casino a reality. The two are the sole owners of the
proposed casino, but Carpenter says they are meeting with
two additional investors for the planned hotel.
Gold has acquired two barges from Harrah's, one for gaming
and the other for dining, with plans for the hotel to
be built soon.
says that once the license is approved, a group of private
investors has $23 million ready to invest in the project,
but those funds will have to wait on the approval itself.
Those investors would own 49% of the casino, while Shaw
and Carpenter maintain ownership of 51%.
stands to be the first female casino owner in Mississippi
and the second in the world. Shaw says the inspiration
behind Solid Gold was simple -- no one has done it locally
decided to do it and we've spent the last 10 years working
on the business plan and idea," she says. "We
did it all ourselves. Once we made the decision to either
build or buy, we decided to get the best on the market."
Mirage Increases Offer for Mandalay
YORK - Casino operator MGM Mirage on Monday said it
raised its offer to buy Mandalay Resort Group to $71 a
share from $68 a share, hoping to seal a deal that would
build the world's largest casino empire.
offer, which includes $600 million in convertible debentures
and the assumption of about $2.5 billion in debt in addition
to the $71 a share in cash, would immediately add to earnings
per share, MGM said.
on Friday had rejected MGM's $68 a share offer. The prior
offer had also included the assumption of $2.8 billion
in debt. In rejecting the bid, Mandalay had said MGM wanted
it to shoulder the risk that regulators would not approve
deal would combine MGM's high-end Las Vegas casinos like
and MGM Grand
with lower-tier Mandalay holdings such as Excalibur
It would create a company that would play in every sector
of the gambling market, a dominance that might require
divestitures to convince regulators to pass the deal.
deal between MGM Mirage and Mandalay would create a formidable
presence that would control nearly 50 percent of the hotel
market on the Las Vegas Strip and about one-third of its
companies said their boards would meet on June 15 to consider