Mirage's project in Macau under way
Reported by the Las Vegas Review-Journal
- MGM Mirage became the third Las Vegas-based casino operator
to begin construction of a gambling complex in Macau when
the company broke ground today on a 600-room hotel-casino
in the Chinese gaming enclave. "Macau may be a small
place, but it always thinks big," Terry Lanni, chairman
and CEO of MGM Mirage, said Tuesday. "This is a fascinating
part of the world, and we're very happy we are entering
this dynamic new market and playing a role in this, yet
another turning point in Macau's rich history. "
The $975 million MGM Grand Macau will be located on a
waterfront site, which the company has called as the city-state's
future casino Strip. The groundbreaking took place around
8 p.m. Tuesday, Las Vegas time, which was 1 p.m. Wednesday
in China. The MGM Mirage property is near the Lisboa hotel-casino
and an under construction gambling house being built by
Wynn Resorts Ltd. MGM Grand Macau will be jointly owned
and operated by MGM Mirage and Chinese businesswoman Pansy
Ho Chiu-king. In April, MGM Mirage said the joint venture
partnership had been granted a subconcession by the government
of Macau that allowed development and operation of a hotel
and casino complex. The resort will include several restaurants
and entertainment facilities and a casino with space for
300 table games and 1,000 slot machines.
Laughlin casino deal sparks complaints
reported by the Las Vegas Review-Journal
VEGAS, Nevada- Poster Financial Group and Barrick
Gaming Corp. have filed competing complaints in Clark
County District Court over a $1 million deposit left in
limbo after a deal to sell the Golden
Nugget Laughlin collapsed this week.
owner of several downtown casinos, agreed in November
to pay Poster Financial $31 million for the 300-room,
tropical-themed hotel-casino on the Colorado River, but
the contract expired Tuesday.
filed a complaint in District Court the same day, seeking
to reclaim its $1 million deposit on the casino.Meanwhile,
Poster Financial, which also owns the Golden
Nugget Las Vegas but agreed in February to sell the
property to Houston-based Landry's Restaurants for $295
million in cash and debt assumptions, filed a competing
complaint Wednesday seeking to keep the $1 million deposit.
which is entering the gaming business through its purchase
of the 1,800-room downtown casino, will acquire the Laughlin
casino as well without having to put up any additional
money since the Barrick transaction fell through.
worked in good faith with Barrick and its advisers to
enter into a purchase and sale agreement," Poster
Financial Chairman Tim Poster said in a statement. "It
is unfortunate that the transaction will not close, but
more troubling is the assertion that Barrick's failure
to close was caused by the performance of the Golden Nugget
Laughlin or the actions of Poster Financial Group."
Gaming President Stephen Crystal had said that the purchase
agreement was terminated because Poster Financial had
breached certain provisions in the contract.
this is without merit and it is disappointing to me, because
it is disrespectful to those individuals who have operated
Nugget Laughlin," Poster said.
declined comment Wednesday, saying the matter will be
decided in the court.Landry's expects to complete its
purchase of the Golden Nugget casinos by year's end