MGM MIRAGE Enters Into Settlement Agreement in New Jersey
12 Março 2010 - 11:00AM
PR Newswire (US)
LAS VEGAS, March 12 /PRNewswire-FirstCall/ -- MGM MIRAGE today
announced that it has entered into a settlement agreement with the
New Jersey Division of Gaming Enforcement (DGE) under which it will
sell its 50% ownership interest in the Borgata Hotel Casino &
Spa and related leased land in Atlantic City. The settlement is
subject to approval by the New Jersey Casino Control Commission
(CCC). If approved, MGM MIRAGE will cease doing business as a
gaming licensee in New Jersey. As MGM MIRAGE previously announced,
the DGE has recommended to the CCC that MGM MIRAGE's joint venture
partner in Macau be found unsuitable and the Company be directed to
disengage itself from any business association with this partner.
"We have the utmost respect for the DGE but disagree with its
assessment of our partner in Macau," said Jim Murren, Chairman and
Chief Executive Officer. "Regulators in other jurisdictions in
which we operate casinos have thoroughly considered this matter and
all of them have either determined that the relationship is
appropriate or have decided that further action is not necessary.
Since the DGE takes a different view, we believe that the best
course of action for our company and its shareholders is to settle
this matter and move forward with the compelling growth
opportunities we have in Macau." The Casino Control Commission is
expected to hold a hearing on the settlement on March 17, 2010.
Under the terms of the settlement, the company will place its
interest in the Borgata and related leased land in a divestiture
trust. The settlement mandates the sale of the trust property
within a 30-month period. During the first 18 months, MGM MIRAGE
will have the right to direct the trustee to sell the trust
property, subject to approval of the CCC. If a sale is not
concluded by that time, the trustee will be responsible for selling
MGM MIRAGE's interest in the Borgata and related leased land during
the following 12-month period. Prior to the consummation of the
sale, the divestiture trust will retain any cash flows received in
respect of the assets in trust, but will pay property taxes and
other costs attributable to the trust property to the extent that
minimum trust cash balances are maintained. MGM MIRAGE will be the
sole economic beneficiary of the trust. The company will be
permitted to reapply for a New Jersey gaming license beginning 30
months after the completion of the sale. MGM MIRAGE owns the
Borgata through a 50-50 joint venture with Boyd Gaming Corporation
whose interest is not affected by the settlement. "The Borgata is
the most successful property in the Atlantic City marketplace, and
we expect there will be strong interest in this valuable asset,"
said Murren. MGM MIRAGE , one of the world's leading and most
respected companies with significant holdings in gaming,
hospitality and entertainment, owns and operates 15 properties
located in Nevada, Mississippi and Michigan, and has 50%
investments in five other properties in Nevada, New Jersey,
Illinois and Macau. One of those investments - CityCenter - is also
managed by MGM MIRAGE. CityCenter, an unprecedented urban
metropolis on the Las Vegas Strip with Gold LEED ®
certifications, is a joint venture between MGM MIRAGE and Infinity
World Development Corp, a subsidiary of Dubai World. CityCenter
features ARIA Resort & Casino, Vdara Hotel & Spa, Mandarin
Oriental, Las Vegas; Veer Towers, and Crystals retail and
entertainment district. MGM MIRAGE Hospitality has entered into
management agreements for casino and non-casino resorts throughout
the world. MGM MIRAGE supports responsible gaming and has
implemented the American Gaming Association's Code of Conduct for
Responsible Gaming at its properties. MGM MIRAGE has received
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 Web site
at http://www.mgmmirage.com/. Statements in this release which are
not historical facts are "forward looking" statements and "safe
harbor statements" within the meaning of Section 21E of the U.S.
the Securities Exchange Act of 1934, as amended, and other related
laws 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. We have based those
forward-looking statements on management's current expectations and
assumptions and not on historical facts. These forward-looking
statements involve a number of risks and uncertainties. Among the
important factors that could cause actual results to differ
materially from those indicated in such forward-looking statements
include whether or not the New Jersey Casino Control Commission
approves the settlement and the timing of any such approval; the
level of interest, the timing, and the amount of proceeds relating
to the sale of the company's interests in the Borgata and related
leased land; and risks relating to the joint venture in Macau
including the regulatory framework, political and economic
instability and extreme weather conditions in the region. In
providing forward-looking statements, the Company is not
undertaking any duty or obligation to update these statements
publicly as a result of new information, future events or otherwise
except as required by law. DATASOURCE: MGM MIRAGE CONTACT:
Investment Community, Dan D'Arrigo, Executive Vice President
&Chief Financial Officer, +1-702-693-8895, or News Media, Alan
M. Feldman,Senior Vice President - Public Affairs, +1-702-650-6947,
both of MGM MIRAGE Web Site: http://www.mgmmirage.com/
Copyright
MGM Resorts (NYSE:MGM)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024
MGM Resorts (NYSE:MGM)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024