Issue 197
June 21 - 27, 2004
Volume 4
page 1
 

This Issue

Gaming News

MGM MIRAGE Announces Agreement for Macau-Based Casino

Station Helps Workers Buy Homes

Mississippi Gaming Commission Approves Site Plans for 3 Casinos

Pinnacle Entertainment Announces Name of Its Lake Charles Resort Casino

European Union's First Licensed Online Gaming System

 

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Mamma Mia!, a sell-out sensation on four continents and the world's hottest show, is playing at the Mandalay Bay.

Column
What Happens When the Dealer Hits Soft 17? By Fred Renzey

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MGM MIRAGE Announces Agreement for
Macau-Based Casino

LAS VEGAS -- MGM MIRAGE announced today that it has entered into a joint venture agreement with Pansy Ho Chiu-king to develop, build and operate a major hotel-casino resort in Macau S.A.R.

The facility, which will use the "MGM Grand" name, will be 50/50 owned and jointly operated by the two partners. The resort will be located on a prime waterfront site next to the planned Wynn Resorts facility and near the Lisboa hotel-casino, an area destined to become the casino "Strip" of Macau. Design and planning work has commenced and it is anticipated that the property could open by late 2006.

The joint venture will operate in Macau as an independent entity under the terms of a subconcession. The agreement is subject to, among other things, the approval of the government of Macau S.A.R., and other regulatory approvals, as well as the entry into a subconcession agreement with Sociedade de Jogos de Macau (SJM), the holder of the concession.

Pansy Ho is managing director of Shun Tak Holdings Limited, a leading Hong Kong-based conglomerate operating four core businesses -- shipping, property, hospitality and investments.

Terry Lanni, Chairman and Chief Executive Officer of MGM MIRAGE said: "We are pleased to be entering the Macau market with our partner, Pansy Ho, for whom we have the greatest respect. We have always said we would like to participate in Macau under the right circumstances. We are very excited about our joint venture with Pansy Ho."

Terry Lanni, Chairman and Chief Executive Officer of MGM MIRAGE said: "We are pleased to be entering the Macau market with our partner, Pansy Ho, for whom we have the greatest respect. We have always said we would like to participate in Macau under the right circumstances. We are very excited about our joint venture with Pansy Ho."

In addition to her position with Shun Tak Holdings, Pansy Ho is a director of Sociedade de Turismo e Diversoes de Macau, S.A.R.L. and chairman of Macau Tower Convention and Entertainment Centre. She is also a committee member of the Chinese People's Political Consultative Conference of Beijing, member of the executive committee of All-China Federation of Industry and Commerce, executive vice president of Guangdong Chamber of Foreign Investors, founding honorary advisor and board director of The University of Hong Kong Foundation for Educational Development and Research and advisory council member of the Better Hong Kong Foundation.


Station Helps Workers Buy Homes
As reported by The Las Vegas Sun

LAS VEGAS -- Station Casinos Inc., in a joint effort with housing finance giant Fannie Mae, is rolling out a program to help its workers buy homes in an effort by Station to attract and retain employees.

The announcement came at the same time Fannie Mae, the nation's largest source of financing for home mortgages, and the Henderson Chamber of Commerce announced a partnership to get Henderson-based businesses involved in employer- assisted housing programs.

Valerie Murzl, Station Casinos vice president of human resources, said the company estimates that up to 35 percent of employees do not own homes. The company, which has 10 casinos across the valley, employs about 10,000 people, she said.

Murzl said Station Casinos will hold numerous meetings for employees to let them know about homebuyer programs in the community and put them in contact with lenders. At those meetings Station Casinos executives will survey how many people want to take part in the program.

The company is still evaluating how much money, if any, will be offered to employees who want to buy homes. Murzl said employees would be able to buy homes anywhere in the Las Vegas Valley.

"First we want to get a handle on how many people want to do this," she said.

The Henderson Chamber of Commerce and Fannie Mae announced Thursday they are offering assistance to help employers set up employer-assisted housing programs, similar to the one Station Casinos announced, as a way to recruit and retain employees.

"Even though companies are putting their money into it, they are reducing their turnover costs," said Corie Craig, senior deputy director of Fannie Mae, Nevada Partnership office. "Once somebody gets into a home, they will think twice before changing jobs."

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