MGM MIRAGE, Peel plan
U.K. projects
MGM MIRAGE and U.K. real estate developer Peel Holdings Plc today
said they may build casinos in British cities including Manchester
and Liverpool for $1.17 billion to benefit from a possible relaxation
of gambling laws there.
(PRWEB) April 21, 2004 -- MGM MIRAGE and U.K. real estate developer
Peel Holdings Plc today said they may build casinos in British cities
including Manchester and Liverpool for $1.17 billion to benefit from
a possible relaxation of gambling laws there.
The deal -- which represents among the largest number of potential
casino sites under development by a U.S. casino operator in Britain
-- would complement several other joint ventures MGM MIRAGE has struck
with British firms to develop possible casinos in that country.
The move indicates that interest by U.S. casino giants in Britain
hasn't waned even after "less than favorable" recommendations
on pending gambling deregulation issued by a committee of Parliament
last week, Merrill Lynch analyst David Anders said today.
Some analysts said the recommendations indicated that the final rules
might not be as lucrative for casino operators as initially thought
because of possible limits on the number of slot machines and potential
restrictions on locations of major casinos, among other things.
Uncertainties about the timing of deregulation and casino taxes remain,
Anders wrote in a research note to investors today. He also said it
isn't clear how the costs of the projects would be split between the
two companies.
MGM MIRAGE, based in Las Vegas, and Manchester-based Peel may also
build casinos and entertainment complexes in Salford and Glasgow,
the companies said in a statement.
The projects the companies anticipate building include:
A leisure complex on 125 acres of land known has Glasgow Harbor owned
by Peel Holdings.
A multi-purpose center in East Manchester adjacent to the City of
Manchester Stadium.
A 20,000-seat sports stadium, casino and hotel in Salford adjacent
to the Manchester Ship Canal.
A leisure complex in Liverpool on land known as the King's Waterfront.
MGM MIRAGE would develop and operate the casinos on those sites.
MGM MIRAGE is looking to develop and acquire companies in the U.K.
in case legal restrictions on gambling are eased. The company is also
bidding to acquire Wembley Plc to gain dog tracks in London, Birmingham
and Manchester.
A U.K. legislative committee recommended earlier this month that
casinos be allowed to install more slot machines and end membership
requirements.
"All of the projects that we have announced today, and others
which we are still exploring, have the potential to re costs of the
projects would be split between the two companies.
MGM MIRAGE, based in Las Vegas, and Manchester-based Peel may also
build casinos and entertainment complexes in Salford and Glasgow,
the companies said in a statement.
The projects the companies anticipate building include:
A leisure complex on 125 acres of land known has Glasgow Harbor owned
by Peel Holdings.
A multi-purpose center in East Manchester adjacent to the City of
Manchester Stadium.
A 20,000-seat sports stadium, casino and hotel in Salford adjacent
to the Manchester Ship Canal.
A leisure complex in Liverpool on land known as the King's Waterfront.
MGM MIRAGE would develop and operate the casinos on those sites.
MGM MIRAGE is looking to develop and acquire companies in the U.K.
in case legal restrictions on gambling are eased. The company is also
bidding to acquire Wembley Plc to gain dog tracks in London, Birmingham
and Manchester.
A U.K. legislative committee recommended earlier this month that
casinos be allowed to install more slot machines and end membership
requirements.
"All of the projects that we have announced today, and others
which we are still exploring, have the potential to result in unprecedented
levels of inward investment, jobs and tourism for each of the locations
we have chosen," MGM MIRAGE Managing Director in Europe Lloyd
C. Nathan said.
Shares of MGM MIRAGE rose 45 cents to $44.94 in early New York Stock
Exchange composite trading. They've risen 19 percent this year. The
company owns casinos including The Mirage and Bellagio in Las Vegas.