Nevada regulators OK MGM Mirage-Mandalay merger

24.02.2005, Lesen Sie hier den Bericht über «Nevada regulators OK MGM Mirage-Mandalay merger».

US - Nevada gambling regulators recommended approval yesterday for MGM Mirage´s plan to buy rival Mandalay Resort Group and create one of the world´s largest gambling companies.



Gaming Control Board members said they were satisfied the deal to create a company with 11 resorts, half the employees and almost half the 74,424 hotel rooms on the Las Vegas Strip won´t overwhelm other businesses.

"There is a lot of competition out there today," board Chairman Dennis Neilander said after MGM Mirage officials discounted figures showing the combined company would control almost 43 percent of annual gross gambling revenues on the Strip. "These are companies that spend millions of dollars to try to differentiate between each other," Neilander said.

The board recommendation goes Thursday to the Nevada Gaming Commission. The Federal Trade Commission approved the sale last week.

Combining the Las Vegas-based companies would give MGM Mirage revenues of about us$ 6.5 billion and control of 28 properties in Nevada, Illinois, New Jersey, Michigan and Mississippi. The MGM Mirage- Mandalay deal has been under study by regulators since June, when MGM Mirage announced it would pay us$ 4.8 billion in cash, us$ 2.5 billion in debt and us$ 600 million in convertible debentures to buy Mandalay Resorts.

Terry Lanni, MGM Mirage chairman and chief executive, said yesterday the company was seeking required regulatory approvals in the other states. Mississippi approved the deal in December.

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