PRNewswire-FirstCall LAS VEGAS Nov. 19 :
MGM MIRAGE , the most respected U.S. based hotel and gaming company, and
Newcastle United PLC today announced a 50:50 joint venture agreement to
build a major new mixed-use development on a prime site above St. James`
Metro Station, which is in the heart of Newcastle`s city centre and
adjacent to Newcastle United`s football stadium.
Newcastle United is one of the leading English Premier League (Soccer)
clubs, finishing 3rd and 4th in the Premier League in the past two seasons.
The site will be used to build an exciting new complex, which could house
commercial and retail outlets, residential apartments, a hotel, leisure
and entertainment facilities and a Las Vegas style casino of approximately
100,000 square feet. The complex, completion of which is contingent upon
timely implementation of proposed gaming law reforms and obtaining
required planning approvals, is expected to become a major new landmark
for the city.
The 50:50 joint venture involves Newcastle United PLC providing the land
and MGM MIRAGE an equity investment together with its unrivalled knowledge
and experience in the gaming and leisure industries to lead the
development and management of the new complex. The casino would be owned
and operated by MGM MIRAGE in facilities leased from the joint venture.
Commenting on the announcement, Terry Lanni, Chairman and CEO of MGM
MIRAGE, said: “We have ambitious plans for the UK—deregulation and
taxation levels permitting—and we are looking at other opportunities
across the country to develop casino facilities of varying sizes,
including, where market conditions warrant, large scale hotel/casino
destination resorts. Our proposed joint venture with Newcastle United,
adjacent to its football stadium, has considerable promise and will
contribute to the many positive developments already taking place in the
Freddy Shepherd, Chairman of Newcastle United, said: “This is a very
exciting opportunity for Newcastle, its people and for Newcastle United
Football Club. Situated alongside St. James` Park, we hope that the
development will become a focal point for the city of Newcastle, and
create a vibrant mixed-use development at the heart of the city. We are
delighted to be playing a leading role in the transformation of Newcastle
into a city that the people of the North East can be proud of. ”
Lloyd C. Nathan, Managing Director of MGM MIRAGE Development, Europe,
added: “Through our research, we have been very impressed by the
developments that have taken place in Newcastle over the last decade and
we are excited at the prospect of contributing to this further. The joint
venture complex promises to create a number of significant new
opportunities for Newcastle from jobs to leisure activities, as well as
tourist attractions. We look forward to working with the City`s people and
representatives as the project moves forward and to creating a dynamic
entertainment and leisure complex.”
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 http://www.mgmmirage.com/ .