MGM Resorts International has inked a deal with Pansy Ho to take a controlling stake it Macau casino joint venture. The two companies have also agreed to an Initial Public Offering on the Hong Kong Stock Exchange.
According to Buddhist teachings, the meaning of a red Lotus is love and compassion. In February, couples will be invited to re-ignite, rejuvenate and replenish their passions through MGM Grand Spa’s exclusive Red Lotus Love Ritual.
MGM Grand, Inc. (NYSE: MGG) announcedtoday that Daniel M. Wade, 46, Executive Vice President, has been promoted toChief Operating Officer of the Company. Previously, Alex Yemenidjian, 43,held the dual responsibilities of President and Chief Operating Officer.Mr. Yemenidjian will retain his position as President of MGM Grand and willcontinue to serve as a member of its Board of Directors and the ExecutiveCommittee.
MGM Grand, Inc. (NYSE: MGG) and Primadonna Resorts, Inc. (Nasdaq: PRMA) announced today that their respectiveBoards of Directors have approved in principle MGM Grand`s acquisition ofPrimadonna in an all stock transaction. The terms of the merger provide forPrimadonna`s stockholders to receive 0.33 shares of MGM Grand common stock foreach share of Primadonna stock held, or a total of approximately 9.5 millionshares of MGM Grand common stock. The transaction is subject to the executionof a definitive merger agreement, Primadonna shareholder approval and thesatisfaction of various conditions to be contained in the merger agreement,including obtaining certain regulatory approvals.
MGM Grand, Inc. (NYSE: MGG) todayreported earnings for the second quarter ended June 30, 1998 of 25 cents perdiluted share, compared with 56 cents per diluted share for the 1997 quarter.Net income for the 1998 second quarter was $14.4 million compared with$33.0 million in the 1997 period.
MGM Grand, Inc. (NYSE: MGG) todayannounced the appointment of William J. Hornbuckle as Executive VicePresident-Operations at MGM Grand Las Vegas, reporting to Daniel M. Wade,President and Chief Operating Officer of the Las Vegas resort.
MGM Grand, Inc. (NYSE: MGG) todayreported earnings for the third quarter ended September 30, 1998 of 31 centsper diluted share, compared with 25 cents per diluted share for the 1997quarter. Net income for the 1998 third quarter was $17.1 million comparedwith $14.5 million in the prior year`s quarter. Before one-time charges andextraordinary items, the 1997 third quarter net income was $37.1 million, or63 cents per diluted share. The 1997 third quarter earnings benefited fromthe reversal of previously expensed costs totaling $3.8 million (after tax),or 7 cents per diluted share.
MGM Grand, Inc. (NYSE: MGG) today announced the appointment of James J. Murren as Executive Vice President and Chief Financial Officer. Mr. Murren will also serve as a member of the Boardof Directors and its Executive Committee.