MGM Mirage has announced that it has completed its $7.9 billion acquisition of Mandalay Resort Group…
MGM Mirage has announced that it has completed its $7.9 billion acquisition of Mandalay Resort Group.
This is an historic moment not just for our company, but for the industry, said Terry Lanni, Chairman and CEO of MGM Mirage. The combination of MGM Mirage and Mandalay Resort Group creates the world`s leading gaming, entertainment and leisure company.
There will be unrivaled opportunities in our dynamic new organization. Our dream combination of people and assets creates the best opportunity to serve an ever more diversified customer base. In representing all segments of the resort and gaming industry, we are better able to meet those needs and strategically realize revenue growth. As we do so, we will reach new milestones in our industry-leading diversity initiatives while at the same time continue to make a positive impact in the communities we serve, Mr. Lanni said.
Immediately prior to the completion of the acquisition, Mandalay closed on the previously announced sale of its 53.5% interest in the MotorCity Casino in Detroit, Michigan for approximately $525 million and placed into escrow Mandalay`s 50% interest in the Grand Victoria riverboat casino in Elgin, Illinois.
MGM MIRAGE now owns and operates 24 hotel and casino properties in Nevada, Mississippi and Michigan and has investments in three other properties in Nevada, New Jersey and the United Kingdom. The company has more than 70,000 employees and pro forma revenues of more than $7 billion.
Jim Murren, MGM Mirage`s President, CFO and Treasurer said, Our excellent financial position allowed us to complete this transaction while we maintain maximum flexibility for future growth. We believe that the combination of these two companies will produce material revenue and cost enhancement opportunities that result in an immediately accretive transaction for our shareholders and provide an unparalleled platform to expand our business.
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