MGM Grand Hotel Will Open at Foxwoods

25.04.2006, Lesen Sie hier den Bericht über «MGM Grand Hotel Will Open at Foxwoods».

MGM Mirage Inc. will open a hotel and casino alongside Foxwoods Resort Casino, an unusual partnership that will bring one of the world's largest gaming corporations onto an Indian reservation that's already home to one of the world's most successful casinos.

The deal, announced Tuesday morning, is part of a $700 million Foxwoods expansion that's already under way. The new hotel will be called the MGM Grand but will be operated by Foxwoods employees.

The agreement gives Foxwoods an experienced partner as it tries to expand its convention and entertainment business. Foxwoods will have access to MGM's database of more than 22 million customers and will use MGM's partnerships with other companies to help attract new restaurants and top-tier entertainers to eastern Connecticut, Foxwoods CEO William Sherlock said.

Las Vegas-based MGM Mirage owns and operates 24 casinos in Nevada, Mississippi and Michigan. Its Las Vegas properties include the MGM Grand, the Bellagio and Mirage hotels.

"They have some tremendous connections and alliances with restaurant operators and a tremendous access to entertainment," Sherlock said.

By partnering with Foxwoods, MGM gets brand exposure in the lucrative Northeast gaming market, which is dominated by Foxwoods and Mohegan Sun. MGM does not operate an East Coast casino, though it is a partial investor in the Borgata in Atlantic City.

Sherlock said he expects to add the MGM name to future projects as part of an ongoing marketing deal between the two companies.

The terms of the deal were not immediately released. Foxwoods is operated by the Mashantucket Pequot Tribal Nation, which does not release financial figures.

The Foxwoods expansion includes plans for an 825-room hotel, 5,000-seat theater, a convention center and ballroom, nightclubs and 1,500 more slot machines.

The two companies also agreed to collaborate on casino investments off the reservation, with MGM lending $200 million to the tribe's development company. The Mashantuckets are already planning a 600-acre resort and casino in the U.S. Virgin Islands.

MGM is scheduled to release first-quarter earnings this week. Fourth-quarter earnings were up 31 percent to $97.8 million, the company said in February.

Shares of MGM fell 1 cent to $43.48 in early trading on the New York Stock Exchange.

Über MGM Resorts International Operations, Inc.:

MGM Resorts International (NYSE: MGM) ist ein globales Unterhaltungsunternehmen des S&P 500 mit nationalen und internationalen Standorten, das erstklassige Hotels und Casinos, hochmoderne Tagungs- und Konferenzräume, unglaubliche Live- und Theaterunterhaltungserlebnisse bietet und eine umfangreiche Auswahl an Restaurants, Nachtleben und Einzelhandelsangeboten.

Das MGM Resorts-Portfolio umfasst 29 einzigartige Hotel- und Destination-Gaming- Angebote, darunter einige der bekanntesten Resort-Marken der Branche.

Wir betreiben ein Portfolio von Resorts in Las Vegas, darunter Bellagio, MGM Grand, Mandalay Bay und The Mirage, The Signature, Excalibur, Luxor, New York-New York, Park MGM und weitere. In Las Vegas haben wir auch eine bedeutende Beteiligung an CityCenter, dem legendären Hotel, Kongress-, Einzelhandels- und Restaurantkomplex im Herzen des Las Vegas Strip mit ARIA Resort und Casino und Vdara Hotel und Spa, Crystals Retail und Veer Eigentumswohnungen.

Das Unternehmen expandierte in den USA und auf der ganzen Welt und erwarb kürzlich den Betrieb des Empire City Casino in New York und des Hard Rock Rocksino in Ohio, das in MGM Northfield Park umbenannt wurde.

Im Jahr 2018 eröffneten MGM Resorts MGM Springfield in Massachusetts, MGM COTAI in Macau und das erste Hotel der Marke Bellagio in Shanghai.

Die über 80.000 Mitarbeiter von MGM Resorts weltweit sind stolz darauf, dass ihr Unternehmen als eines der weltweit am meisten bewunderten Unternehmen des FORTUNE Magazine anerkannt wurde.

--- Ende Artikel / Pressemitteilung MGM Grand Hotel Will Open at Foxwoods ---


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