MGM Grand, Inc. (NYSE: MGG) today
announced that it has completed the $6.4 billion acquisition of Mirage
Resorts, Incorporated (NYSE: MIR). The acquisition, the largest ever in the
gaming industry, was closed only 87 days after the date the deal was announced
on March 6, 2000.
“This historic transaction creates a dream combination of assets and
people and results in a company that is unquestionably the best in the
industry,” said Terry Lanni, chairman of MGM Grand, Inc.
MGM Grand, Inc. now includes 18 stellar properties on three continents
representing the best brands in the business. Our guests will be offered the
most highly recognized restaurants, spectacular shows and leisure activities,
and shopping at the finest names in fashion. Our greatest asset is a family
of almost 50,000 employees and cast members committed to providing unrivaled
customer service,” said Mr. Lanni.
“As promised when the acquisition was announced, the combined company has
received an investment grade rating by both Moody`s and Standard & Poor`s. We
strongly believe that the revenue enhancement and cost reduction opportunities
and non-strategic asset sales arising out of this transaction will create a
meaningful increase in the value of MGM Grand stock,” said Mr. Lanni.