MGM MIRAGE and NYRA Enter Into Agreement for VLT Facility at Aqueduct
16 Junho 2005 - 10:30AM
PR Newswire (US)
MGM MIRAGE and NYRA Enter Into Agreement for VLT Facility at
Aqueduct LAS VEGAS, June 16 /PRNewswire-FirstCall/ -- MGM MIRAGE
(NYSE:MGM) announced that it has entered into a definitive
management agreement with the New York Racing Association (NYRA),
under which MGM MIRAGE will develop and manage a 4500-unit video
lottery terminal (VLT) facility at Aqueduct. The project had been
on hold pending favorable legislative and judicial developments in
New York State, which now will permit the project to move forward.
MGM MIRAGE's participation remains subject to New York regulatory
approval. The Aqueduct facility, budgeted at $170 million, is
expected to open in mid-2006. Revenue from the facility will
contribute to education in New York State and to strengthening New
York's racing industry. "We are eager to resume work on this
long-delayed project," said Terry Lanni, Chairman and Chief
Executive Officer of MGM MIRAGE. "We look forward to being a
positive factor in the state of New York and New York City for
years to come." NYRA is a private, non-profit racing corporation,
which has provided New York State with $3 billion in direct revenue
since its inception in 1955. MGM MIRAGE (NYSE:MGM), the world's
leading and most respected hotel and gaming company, owns and
operates 24 properties located in Nevada, Mississippi and Michigan,
and has investments in three other properties in Nevada, New
Jersey, and the United Kingdom. MGM MIRAGE has also announced plans
to develop Project CityCenter, a multi-billion dollar mixed-use
urban development project in the heart of Las Vegas, and has a 50
percent interest in the MGM Grand Macau hotel/casino under
construction in Macau S.A.R. MGM MIRAGE supports responsible gaming
and has implemented the American Gaming Association's Code of
Conduct for Responsible Gaming at its properties. MGM MIRAGE also
has been the recipient of numerous awards and recognitions for its
industry-leading Diversity Initiative and its community
philanthropy programs. For more information about MGM MIRAGE,
please visit the company's website at http://www.mgmmirage.com/.
Statements in this release which are not historical facts are
"forward- looking" statements and "safe harbor statements" Under
the Private Securities Litigation Reform Act of 1995 that involve
risks and/or uncertainties, including risks and/or uncertainties as
described in the company's public filings with the Securities and
Exchange Commission. DATASOURCE: MGM MIRAGE CONTACT: Investor
Relations, James Murren, President and Chief Financial Officer,
+1-702-693-8877, or Media, Alan Feldman, Senior Vice President of
Public Affairs, +1-702-891-7147, both of MGM MIRAGE Web site:
http://www.mgmmirage.com/
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