MGM MIRAGE Comments on Advice From Tracinda
20 Junho 2007 - 10:45AM
PR Newswire (US)
LAS VEGAS, June 20 /PRNewswire-FirstCall/ -- MGM MIRAGE (NYSE:MGM)
announced that its majority stockholder Tracinda Corporation
advised the Company's Board of Directors at yesterday's regularly
scheduled meeting that it had determined not to pursue negotiations
regarding a possible acquisition of the Company's Bellagio and
CityCenter properties, and that it would be making a public
announcement to that effect. In view of this advice, the Board of
Directors terminated the Transactions Committee formed to consider
any proposal that Tracinda might choose to make. J. Terrence Lanni,
MGM MIRAGE's Chairman and Chief Executive Officer said: "We are
very gratified by the overwhelming interest in our company that
followed Tracinda's initial announcement. We want to thank the
Transactions Committee and its advisors, UBS Investment Bank and
Weil, Gotshal & Manges LLP, for their efforts during this
period." MGM MIRAGE (NYSE:MGM), one of the world's leading and most
respected hotel and gaming companies, owns and operates 17
properties located in Nevada, Mississippi and Michigan, and has
investments in three other properties in Nevada, New Jersey and
Illinois. In addition, the Company has major new developments under
construction in Nevada, Michigan and Macau S.A.R. CityCenter is a
multi-billion dollar mixed-use urban development in the heart of
the Las Vegas Strip; a new MGM Grand hotel and casino complex is
being built in downtown Detroit; and the Company has a 50% 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: MGM MIRAGE CONTACT: Investment
Community, James J. Murren, President, Chief Financial Officer
& Treasurer, +1-702-693-8877, or News Media, Alan M. Feldman,
Senior Vice President, Public Affairs, +1-702-891-7147, both of MGM
MIRAGE; or Joele Frank or Dan Katcher of Joele Frank, Wilkinson
Brimmer Katcher, +1-212-355-4449, for MGM MIRAGE Web site:
http://www.mgmmirage.com/
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