Park Place Entertainment Corporation (NYSE: PPE) and Mandalay Resort Group (NYSE: MBG) today said they will continue to work with the government of Macau to secure one of three new gaming licenses to be issued by it.
Earlier today, the Macau government named MP Entertainment Company, a joint venture of Park Place, Mandalay and Macau telecommunications executive Jose Manuel dos Santos, as one of three preferred “alternate” groups for a gaming license in Macau if final negotiations between the Macau government and any of the three initial groups selected for that process are not successfully completed.
“We believe our partnership presents a unique opportunity to bring to Macau the experience, creativity and resources of two of the world’s biggest and best gaming companies in building a world class attraction. We will continue to work with the government to pursue that opportunity and we remain optimistic that the great advantages of our project and our venture will be made available to the people of Macau,” said Park Place President and Chief Executive Officer Thomas E. Gallagher.
“We have reaffirmed our interest in bringing a world-class resort to Macau,” said Mandalay President Glenn Schaeffer. “We believe our partnership offers an extraordinary opportunity to create tremendous value for the people of Macau and we remain committed to participating in the process.”
Mandalay Resort Group owns and operates 11 properties in Nevada: Mandalay Bay, Luxor, Excalibur, Circus Circus, and Slots-A-Fun in Las Vegas; Circus Circus-Reno; Colorado Belle and Edgewater in Laughlin; Gold Strike and Nevada Landing in Jean and Railroad Pass in Henderson. The company also owns and operates Gold Strike, a hotel/casino in Tunica County, Mississippi.
The company owns a 50 percent interest in Silver Legacy in Reno, and owns a 50 percent interest in and operates Monte Carlo in Las Vegas. In addition, the company owns a 50% interest in and operates Grand Victoria, a riverboat in Elgin, Illinois, and owns a 53.5 percent interest in and operates MotorCity in Detroit, Michigan.