Mashantucket Pequot Tribal Nation and MGM MIRAGE Announce Multi-Faceted Strategic Alliance
25 Abril 2006 - 10:00AM
PR Newswire (US)
MASHANTUCKET, Conn. and LAS VEGAS, April 25 /PRNewswire-FirstCall/
-- The Mashantucket Pequot Tribal Nation ("MPTN") and MGM MIRAGE
(NYSE:MGM) announced today that they have agreed to enter into a
multi-faceted strategic alliance encompassing a major new
destination hotel/casino resort at Foxwoods Resort Casino and the
development of additional gaming and non-gaming projects, both at
Foxwoods and outside of Connecticut. The strategic alliance, which
is subject to the execution of definitive agreements and such
regulatory approvals as may be required, contemplates a series of
ongoing relationships between MPTN and MGM MIRAGE, including the
following: * MGM MIRAGE will consult with MPTN in the development
of the $700 million destination hotel/casino resort, currently
under construction at Foxwoods and scheduled to open in Spring
2008. The new resort will utilize one of the most well-known brands
in the hotel/casino resort industry - MGM Grand - under long-term
license arrangements, and will contain the kind of fine dining,
night club, entertainment, spa and recreational and retail
amenities for which MGM MIRAGE is famous. * The Mashantucket Pequot
Tribal Nation and MGM MIRAGE will collaborate on the master
planning of future destination gaming resorts and other facilities
at Foxwoods. The parties contemplate that additional MGM MIRAGE
brands may be associated with such projects. * MGM MIRAGE will
provide MPTN with a variety of technical services in connection
with operations at Foxwoods. * MPTN and MGM MIRAGE will develop a
variety of cross-marketing opportunities between their resorts. *
MPTN and MGM MIRAGE will enter into a strategic alliance to develop
gaming and non-gaming enterprises, including Indian and non-Indian
gaming, throughout the United States and abroad. MGM MIRAGE will
provide a loan of up to $200 million, intended to be used to
finance a portion of MPTN's investment in joint projects. Terry
Lanni, MGM MIRAGE's Chairman and Chief Executive Officer, said:
"Our strategy includes joining forces with strong and
well-respected partners to enhance our growth prospects. Foxwoods,
under the experienced management of the Mashantucket Pequot Tribal
Nation, is one of the most successful and respected Indian gaming
enterprises, operating one of the preeminent hotel/casino resorts
in the United States. We are honored to associate our company and
our brands with the Mashantucket Pequot Tribal Nation, and to
provide MPTN with the benefit of our experience in developing
destination resorts in multiple venues. The alliance with MPTN
provides a whole new dimension for our company and MPTN to combine
the best of both organizations as equal partners in the development
and operation of appropriate gaming and non-gaming opportunities."
Michael J. Thomas, Chairman of the Mashantucket Pequot Tribal
Nation, said: "The Tribal Nation here at our ancestral homelands in
Mashantucket welcomes and honors this strategic alliance with MGM
MIRAGE. Our affiliation with MGM MIRAGE provides us with an
experienced advisor in gaming, a proven resort development partner,
at Mashantucket, and an equal partner in a powerful venture - all
at once. The quality and positive energy of the people who lead MGM
MIRAGE mirror the culture we have embraced from the onset of our
gaming enterprise. "Our Tribe has been carefully matching our needs
and opportunities with potential strategic partners in recent
years. This relationship with MGM MIRAGE will enable our Tribal
Community to develop a destination resort with a greater range of
entertainment experiences than any other in the world, while also
diversifying our Tribal economy without deviating from our core
competencies. We will also develop, as a Tribal Community, the
institutional capacity to maximize our economic success over the
long term through this relationship without compromising the direct
control of gaming at Mashantucket that we are noted for within
Indian Country." About Mashantucket Pequot Tribal Nation The
Mashantucket Pequot Tribal Nation is located on its ancestral
homelands in southeastern Connecticut, dating back hundreds of
years. The modern Tribe is governed by a seven-person Tribal
Council, including a chairman, vice chairman, secretary and
treasurer, and an Elders Council. The government and its citizens
own and operate several businesses, the largest of which is
Foxwoods Resort Casino, which opened in 1992. The Tribal Nation
opened an award-winning Native American museum, the Mashantucket
Pequot Museum and Research Center, in 1998. Foxwoods Resort Casino
is the largest resort casino in the world with entertainment,
gaming, dining and shopping. Foxwoods (http://www.foxwoods.com/)
offers world-class gaming with 7,400 slot machines, 380 table
games, the largest poker room on the East coast, High Stakes Bingo
and the Ultimate Racebook. The resort also features 55,000 square
feet of superior meeting space. Restaurants, retail shops and
nightclubs line the glass enclosed concourses and 1,400 luxury
hotel rooms and suites await the leisure and business traveler.
There is world- class entertainment in the unique and intimate Fox
Theater, and the resort has a B.B. King nightclub and a Hard Rock
Cafe. About MGM MIRAGE MGM MIRAGE (NYSE:MGM), one of the world's
leading and most respected hotel and gaming companies, owns and
operates 23 properties located in Nevada, Mississippi and Michigan,
and has investments in three other properties in Nevada, New Jersey
and Illinois. 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 MGM Grand Macau, a hotel-casino resort currently 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: The Mashantucket Pequot Tribal
Nation; MGM MIRAGE CONTACT: Bruce MacDonald of Mashantucket Pequot
Tribal Nation, +1-860-396-6572, ; Media: Alan M. Feldman, Sr. Vice
President Public Affairs, +1-702-891-7147, or Investment Community:
James J. Murren, President, CFO & Treasurer, +1-702-693-8877,
both of MGM MIRAGE Web site: http://www.mgmmirage.com/
http://www.foxwoods.com/
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