Gaming Board Approves MGM MIRAGE Investment

7th Nov 2003

PRNewswire-FirstCall LAS VEGAS Nov. 7 :

MGM MIRAGE , the most respected U.S. based hotel and gaming company, today
announced that the Gaming Board for Great Britain has approved its
acquisition of a minority interest in Metro Casinos Limited and granted
Metro a Certificate of Continuance to own and operate a casino in Bristol.

MGM MIRAGE announced earlier this year that it had taken a 25% stake in
Metro Casinos Ltd, a subsidiary of R J Bown (Holdings) Ltd (owners of the
Westcliff casino). Metro is currently constructing a casino in Bristol.

UK gaming legislation requires that in the case of such change in
shareholding, the Gaming Board for Great Britain must approve new
participants. Before granting its approval, the Board therefore conducts
an investigation to satisfy itself that new shareholders are considered to
be fit and proper. Today`s announcement marks the end of this
investigatory process and is formal approval by the Gaming Board for the
acquisition of the 25% share.

Commenting on the announcement, Terry Lanni, Chairman and CEO of MGM
MIRAGE, said: “We are extremely pleased with the Gaming Board`s decision.
We see the UK as being a significant market in which we will be able to
utilize our depth of knowledge and experience to develop large-scale
gaming, leisure and entertainment complexes. Although today`s announcement
relates to our relatively modest investment in Bristol, it nevertheless
confirms our entrance into the UK market.”


Lloyd C. Nathan, Managing Director, MGM MIRAGE Development, Europe, added:
“Should the proposed deregulation create an attractive environment for
investment, we will be looking to own or operate a number of large-scale
casino operations in the United Kingdom, each of which will require an
individual license from the Gaming Board. The fact that Metro Casinos has
been granted this Certificate of Continuance following our acquisition of
a minority stake potentially stands us in good stead for the future.”

Andrew Herd, Chairman of Metro Casinos, said: “This is good news for Metro
Casinos as well as for Bristol. Our new casino, which is nearly finished
and is set to open in the first quarter of 2004, will provide a new and
exciting gaming venue. We continue to discuss with MGM MIRAGE possible
extensions to our joint venture.”

For further information, please contact Jim Murren, President and Chief
Financial Officer, MGM MIRAGE at (702) 693-8877 or Alan Feldman, Senior
Vice President of Public Affairs, MGM MIRAGE at (702) 891-7147.

MGM MIRAGE , one of the world`s leading and most respected hotel and
gaming companies, owns and operates 14 casino resorts located in Nevada,
Mississippi, Michigan and Australia, and has investments in two other
casino resorts in Nevada and New Jersey. The company is headquartered in
Las Vegas, Nevada, and offers an unmatched collection of casino resorts
with a limitless range of choices for guests. Guest satisfaction is
paramount, and the company has approximately 43,000 employees committed to
that result. Its portfolio of brands include AAA Five Diamond award-winner
Bellagio, MGM Grand Las Vegas - The City of Entertainment, The Mirage,
Treasure Island, New York - New York, Boardwalk Hotel and Casino and 50
percent of Monte Carlo, all located on the Las Vegas Strip; Whiskey
Pete`s, Buffalo Bill`s, Primm Valley Resort and two championship golf
courses at the California/Nevada state line; the exclusive Shadow Creek
golf course in North Las Vegas; Beau Rivage on the Mississippi Gulf Coast;
and MGM Grand Detroit Casino in Detroit, Michigan. The Company has entered
an agreement to sell Golden Nugget Las Vegas and Golden Nugget Laughlin
pending finalization. The Company is also a 50-percent owner of Borgata, a
destination casino resort at Renaissance Pointe in Atlantic City, New
Jersey. Internationally, MGM MIRAGE owns and operates MGM Grand Australia
in Darwin, Australia, and holds a 25 percent interest in casino developer
Metro Casinos Limited of Great Britain. For more information about MGM
MIRAGE, please visit the company`s website at .




Recommended for you

Follow Breaking Travel News

Travel Events Calendar

Media Partnerships

Global Restaurant Investment ForumThe Hospitality & Tourism SummitCATHIC
ITB AsiaChina Outbound Travel & Tourism MarketThe Travel Marketing Store
Serviced Apartment SummitWorld Travel MarketIMEX
AHICWTTCRoutes Online
UBM Aviation