MGM Mirage Heading To China With Gambling-Free Hotel
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MGM Mirage has forever had its name linked to casino gambling. The company has many luxury hotel and casinos all over the world, and is one of the most recognizable names in the gambling industry.
The company will now try and move away from being isolated in only casino gambling. They have announced plans to join their partner, Diaoyutai State Guesthouse, to bring a luxury gambling-free casino to Tianjin, China.
The complex will be called the MGM Grand Tianjin. It will have a fifty suite Skylofts at MGM Grand and will also have sixty condominiums. That is in addition to the 350 room hotel that will be on the property.
The move is being made by MGM Mirage to try and branch out away from the gambling industry. “We believe this hospitality entity could ultimately be spun off in a separate publicly traded company and would expect many more deals like this one in geographies like Asia, the Middle East, Europe, and Northern Africa,” said Bill Lerner, a gambling analyst from Deutsche Bank AG.
Another reason for the move into the hotel business could be recent analysis from stocks. Casino stocks have took a plunge over the past year, while hotel stocks have for the most part retained their value.
If all goes well in the hotel endeavor, MGM has stated that they would consider splitting their hotel operations from their gambling operations.
Tropicana Casino Gets Another four Months To Find Buyer
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The Tropicana Casino and Resort in Atlantic City has not been experiencing the best of times as of late. The casino’s former owners Columbia Sussex Corp. failed to keep the casino up to standard, and was forced to sell the property.
The sale has not gone smoothly, however. Columbia Sussex, when they lost their license in New Jersey, fell on hard times. Tropicana Entertainment LLC., a Columbia Sussex affiliate, filed for bankruptcy.
Due to the bankruptcy, potential buyers have low balled their bids, causing a sticking point for the sale of the property. The national economy and the credit market have also had a negative effect on the sale of the casino.
“I think it’s realistic in this sense: the market remains tight, but on the other hand, we know many of the interested buyers, and we’re much farther along than when we started,” said retired Supreme Court Judge Gary Stein who is overseeing the sale of the casino. He was speaking on the prospects of the sale getting done.
The New Jersey Casino Control Commission has extended another 120 days to Stein to find an acceptable new owner. The Commission has thrown out all bids they have received up until this point, and has now started the process from scratch.