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MGM
Mirage, Peel may build casinos in UK for £650m
As reported by The Business Times
US
casino company MGM Mirage and UK real estate developer Peel
Holdings may build casinos in cities including Manchester and
Liverpool for £650 million (US $1.9 billion) to benefit
from a possible easing of gambling laws there.
They
may also develop casinos and entertainment complexes in Salford
and Glasgow, the companies said. US casino companies including
Harrah's Entertainment are looking to expand in the UK in case
legal restrictions on gambling are relaxed. MGM Mirage is also
bidding to acquire Wembley plc to gain dog tracks in London,
Birmingham and Manchester.
A
UK legislative committee recommended earlier this month that
casinos be allowed to install more slot machines and end membership
requirements.
MGM
owns casinos including the Mirage
and Bellagio in
Las Vegas.
Peel
owns real estate valued at 2 billion, including a 125-acre waterfront
site called Glasgow Harbour, where the two companies may build
one of the developments.
MGM
Mirage, which gets about two-thirds of its profit from Las Vegas,
said in October it may spend 150 million to build a casino in
London's Hammersmith in partnership with Earls Court and Olympia.
About
70 per cent of UK residents gamble, mostly on the lottery or
at betting offices, according to Merrill Lynch & Co.
About
3 per cent to 4 per cent of the population visits casinos, providing
an opportunity for growth.
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Harrah's
Entertainment Inc. will break ground in May on a $106
million expansion at