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NEWS
MGM moves in on Vegas rival
POSTED 08 Jun 2004 . BY
Las Vegas-based casino operator, MGM Mirage, has made a $7.65bn offer for rival operator, Mandalay Resort Group.

MGM’s offer includes purchasing each Mandalay Resort share for $68 and the assumption of $2.8bn debt.

The deal represents a premium of 12.8 per cent for shareholders over Mandalay’s weekend closing share price of $60.27.

Terry Lanni, chair and CEO of MGM Mirage, said: “The combination of these two great companies would provide Mandalay shareholders with a premium price for their shares as well as providing several strategic benefits to shareholders in MGM Mirage.”

MGM – which operates the MGM, The Mirage, The Bellagio and Treasure Island casinos in Las Vegas – was recently involved in a bidding war for UK-based gaming group, Wembley, but withdrew its offer after being trumped for a second time by rival bidder, BLB Investors.

Mandalay Resorts operates the Las Vegas casinos, Mandalay Bay, Excalibur, Luxor and Circus Circus.

Should MGM’s offer be accepted, the enlarged group would most likely have to dispose of some of its casino assets to satisfy competition authorities.

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The Park Playground opens first immersive VR franchise in Porto
The Park Playground, has opened its first Immersive VR franchise in Porto, Portugal.
Bridgerton Season three – most Instagrammed locations
Following the release of season three Of Bridgerton, a study reveals its ten most Instagrammable filming locations.
Getty Museum refuses to surrender prized Greek bronze to Italy
The European Court of Human Rights has recognised Italy’s claim to a prized Greek antiquity.
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NEWS
MGM moves in on Vegas rival
POSTED 08 Jun 2004 . BY
Las Vegas-based casino operator, MGM Mirage, has made a $7.65bn offer for rival operator, Mandalay Resort Group.

MGM’s offer includes purchasing each Mandalay Resort share for $68 and the assumption of $2.8bn debt.

The deal represents a premium of 12.8 per cent for shareholders over Mandalay’s weekend closing share price of $60.27.

Terry Lanni, chair and CEO of MGM Mirage, said: “The combination of these two great companies would provide Mandalay shareholders with a premium price for their shares as well as providing several strategic benefits to shareholders in MGM Mirage.”

MGM – which operates the MGM, The Mirage, The Bellagio and Treasure Island casinos in Las Vegas – was recently involved in a bidding war for UK-based gaming group, Wembley, but withdrew its offer after being trumped for a second time by rival bidder, BLB Investors.

Mandalay Resorts operates the Las Vegas casinos, Mandalay Bay, Excalibur, Luxor and Circus Circus.

Should MGM’s offer be accepted, the enlarged group would most likely have to dispose of some of its casino assets to satisfy competition authorities.

MORE NEWS
Excurio and The Muséum National d'Histoire Naturelle create evolutionary VR experience
Virtual reality creators Excurio has teamed up with experts from The Muséum National d'Histoire Naturelle to create Life Chronicles London, a free-roaming VR experience.
The Park Playground opens first immersive VR franchise in Porto
The Park Playground, has opened its first Immersive VR franchise in Porto, Portugal.
Bridgerton Season three – most Instagrammed locations
Following the release of season three Of Bridgerton, a study reveals its ten most Instagrammable filming locations.
Getty Museum refuses to surrender prized Greek bronze to Italy
The European Court of Human Rights has recognised Italy’s claim to a prized Greek antiquity.
Merlin unveils record-breaking Hyperia coaster at Thorpe Park
Merlin Entertainments has launched its new Hyperia rollercoaster at Thorpe Park to celebrate its 45th year.
Second Chaos Karts launches in Dubai
Live action video game experience Chaos Karts has launched in a 15,000sq ft arena in Al Quoz, Dubai.
+ More news   
 
COMPANY PROFILES
ProSlide Technology, Inc.

A former national ski team racer, ProSlide® CEO Rick Hunter’s goal has been to integrate the smoot [more...]
IAAPA EMEA

IAAPA Expo Europe was established in 2006 and has grown to the largest international conference and [more...]
TechnoAlpin

TechnoAlpin is the world leader for snowmaking systems. With the Indoor snow division, TechnoAlpin c [more...]
Vekoma Rides Manufacturing B.V.

Vekoma Rides has a large variety of coasters and attractions. [more...]
+ More profiles  
CATALOGUE GALLERY
+ More catalogues  
DIRECTORY
+ More directory  
DIARY

 

03-05 Sep 2024

ASEAN Patio Pool Spa Expo

IMPACT Exhibition Center, Bangkok, Thailand
03-08 Sep 2024

Spa Peeps International Corporate Cruise

Cruise London, Amsterdam, Zeebrugge, United States
+ More diary  
 


ADVERTISE . CONTACT US

Leisure Media
Tel: +44 (0)1462 431385

©Cybertrek 2024

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