MGM Grand, Inc. (NYSE: MGG) announced
today it has completed the merger acquisition of Primadonna Resorts, Inc.
(Nasdaq: PRMA), which is now a wholly-owned subsidiary of MGM Grand. In the
merger, Primadonna`s stockholders received 0.33 shares of MGM Grand common
stock for each share of Primadonna stock held.
Primadonna Resorts, Inc. is an entertainment, hotel and gaming company.
Primadonna owns Whiskey Pete`s, Buffalo Bill`s and the Primm Valley Resort in
Primm, Nevada, a 50% interest in New York—New York Hotel and Casino in Las
Vegas, Nevada, and two championship golf courses in California.
MGM Grand, Inc. is an entertainment, hotel and gaming company
headquartered in Las Vegas, Nevada. MGM Grand operates the MGM Grand Hotel
and Casino in Las Vegas, the MGM Grand Hotel and Casino in Darwin, Australia,
owns a 50% interest in the New York—New York Hotel and Casino in Las Vegas
and manages casinos in Nelspruit, Witbank, and Johannesburg, South Africa.
MGM Grand is developing a temporary casino in Detroit, Michigan, which is
anticipated to open in the fall of 1999, followed by the permanent hotel and
casino resort thereafter. MGM Grand has also announced plans to develop a
hotel and casino resort in Atlantic City, New Jersey.