AccessMyLibrary provides FREE access to over 30 million articles from top publications available through your library.
Create a link to this page
Copy and paste this link tag into your Web page or blog:
MGM ROLLS THE DICE IN LAS VEGAS - Takeover Of Rival Mirage Is Big Bet On City's Fast Growth.
Byline: Steve Watkins, Investor's Daily
The lion is swallowing a bigger rival in Las Vegas, creating a new king of the jungle. MGM Grand Inc. plans to absorb the larger Mirage Resorts Inc. in a $ 6.2 billion merger, creating what will be the largest leisure and gaming company in terms of sales. The union brings together two giants on Las Vegas' strip amid strong growth in the nation's gaming mecca. Las Vegas is expected toadd another 3,400 hotel rooms this year, yet keep a 92.1% occupancy rate. MGM Grand Chief Executive Kirk Kerkorian is betting the good times in Vegas - the nation's fastest-growing region - will continue. "It's a really good, strategicdeal for MGM," said Stuart Linde, gaming analyst at Lehman Bros. Analysts worry Las Vegas' hotels may be overbuilding. But increases in visitor volume have surpassed the growth in the number of rooms. Fewer Owners And the casino industry has been consolidating. Analysts say the five top casino operators account for at least 85% of the casino "win" in the U.S., excluding Indian casinos. The $ 6.2 billion pact reached Monday calls for MGM to pay $ 4.4 billion in cash, or $ 21 a share, for Mirage and assume $ 2 billion in debt. Mirage owns the Bellagio, Mirage, Treasure Island and Golden Nugget casinos, aswell as casinos in Laughlin, Nev., and in Biloxi, Miss. MGM owns the MGM Grandand New York-New York in Las Vegas, and casinos in Primm, Nev., and Detroit. The combined company will pass Park Place Entertainment in sales. ark Place, though, will still be tops in cash flow. Park Place was created a year ago whenHilton Hotels spun it off. It owns Bally's, Caesars and other top properties. Comparing Results MGM earned $ 86 million on revenue of $ 1.4 billion last year, including one-time preopening charges. (See MGM chart on page A2.) Miragenetted $ 110 million on revenue of $ 2.6 billion - it also incurred one-time charges. Park Place netted $ 136 million on revenue of $ 3.2 billion last year.The deal was driven by Mirage's weak stock, ...
- JetBlue Inaugurates New York-Las Vegas Service With A 250 Ticket Give-Away.
- Press release article from: Business Wire November 15, 2002 700+ words
...kicking off service between New York City and Las Vegas today with a give-away...commence service between New York and Las Vegas on January 7, but moved...JFK) to Las Vegas (LAS) Las Vegas to New York Depart -- Arrive Depart...
- JetBlue Moves up Launch of New York-Las Vegas Service to November 15; Plans to...
- Press release article from: Business Wire November 7, 2002 700+ words
...respectively. The schedule for the new service, effective November 15 through January 6, will be: New York (JFK) to Las Vegas, NV (LAS) Las Vegas to New York -------------...
- JetBlue Airways Plans to Add Route between New York, Las Vegas.
- Newspaper article from: Knight Ridder/Tribune Business News November 5, 2002 700+ words
...twice-daily flights between Las Vegas and New York City's JFK International Airport...started service last month between Las Vegas and its West Coast base in Long Beach, Calif. The flight from Las Vegas to New York connects to Buffalo, Rochester...
- NSF shifts shows to N.Y., Vegas. (National Shoe Fair's trade shows in New York...
- Magazine article from: Footwear News Silverman, Dick May 27, 1991 700+ words
...each season at both the New York and Las Vegas NSF events. He predicted...future shows: 1992: New York, Aug. 2-4; Las Vegas, Aug. 10-12; 1993...Jan. 31-Feb. 2, Las Vegas, Feb. 8-10; New York, Aug. 1-3, Las Vegas...
- Try business-class to New York, Las Vegas or Washington; MAXjet offers...
- Press release article from: M2 Presswire February 19, 2007 700+ words
...Try business-class to New York, Las Vegas or Washington; MAXjet...announces today a fare sale to New York, Las Vegas and Washington with return...between London Stansted and New York JFK, Washington IAD and Las Vegas LAS. Fares, taxes and...
- New York, Las Vegas, Los Angeles, Miami and San Francisco popular U.S....
- Press release article from: M2 Presswire July 31, 2008 700+ words
...July 2008-Delta Air Lines: New York, Las Vegas, Los Angeles, Miami and San...London Heathrow to Atlanta and New York-JFK airports earlier this year...passengers include: Atlanta, New York, Las Vegas, Miami, Los Angeles, Salt...
- Virgin America launches HBO Entourage branded New York-Las Vegas route.
- Magazine article from: Airline Industry Information August 26, 2008 700+ words
...teamed up with HBO for the launch of its new non-stop New York to Las Vegas service which will start on 5 September. The service...start with a celebrity party at a private hanger in New York on 4 September, the airline said. ((Comments on...
- FAO to Sell New York, Las Vegas Stores, Internet Business for $20 Million.
- Newspaper article from: Knight Ridder/Tribune Business News December 27, 2003 700+ words
...said yesterday that it would sell its flagship New York store and one in Las Vegas, as well as its Internet and catalog businesses...investment and technolog development firm based in New York. The buyer plans to close the stores, remodel...
- Ark Restaurants Corp., operator of 22 restaurants and 26 fast-food concepts in...
- News wire article from: Nation's Restaurant News Daily NewsFax August 11, 2004 700+ words
NEW YORK -- ARK RESTAURANTS CORP., operator of 22 restaurants and 26 fast-food concepts in New York, Las Vegas and Washington, D.C., reported net income of $3 million, or 84...
- Virgin America to launch New York-Las Vegas route.(Brief article)
- Magazine article from: Airline Industry Information September 3, 2008 700+ words
...2008 M2 COMMUNICATIONS LTD Virgin America is preparing to launch a new service between New York's John F. Kennedy International Airport (JFK) and Las Vegas McCarran International Airport. The inaugural flight will be tomorrow (4 September...