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Press Release: MGM MIRAGE
April 20, 2004
LAS VEGAS, NV -- MGM MIRAGE (NYSE: MGG), the most respected US based gaming and entertainment company, and Peel
Holdings Plc, one of the UK's largest private landowners and property developers, today announced a strategic alliance
to pursue the potential development of several multi-purpose leisure, entertainment and gaming complexes in a number
of the UK's leading cities including Liverpool, Manchester, Salford and Glasgow.
The first phase of the gaming and related elements of the proposed schemes have a potential projected cost in excess
of 650 million pounds sterling (about $1.1 billion dollars), which if developed, will lead to the creation of approximately
20,000 direct and indirect new jobs together with related significant regeneration and tourism benefits. The projects,
all of which are contingent upon the timely implementation of gaming reforms, planning and a new tax regime, include:
- An innovative mixed-use development of 125 acres of land known as
Glasgow Harbour, currently owned by Peel Holdings, which will
incorporate a casino operated by MGM MIRAGE and other related leisure
facilities. Development of the casino alone has the potential to
create as many as 2,500 direct construction jobs and 2,000 direct
leisure-related jobs, as well as significant additional indirect jobs.
- A formal expression of interest to construct a major multi-purpose
leisure and gaming development, incorporating a casino operated by MGM
MIRAGE and other related facilities, including restaurants and
entertainment venues, at Sportcity in East Manchester adjacent to The
City of Manchester Stadium. The development has the potential to
create as many as 2,500 direct construction jobs and 1,600 direct
leisure related jobs, as well as significant additional indirect jobs.
- An outline planning application to Salford City Council to develop a
20,000-seat sports stadium, casino and hotel in Salford adjacent to
the M60 motorway and the Manchester Ship Canal. The development has
the potential to create as many as 2,500 direct construction jobs and
1,600 direct leisure related jobs, as well as significant additional
indirect jobs.
- A formal expression of interest with Liverpool City Council to develop
on land known as King's Waterfront. The development has the potential
to create as many as 1,500 direct construction jobs and 1,000 direct
leisure related jobs, as well as significant additional indirect jobs.
Commenting on the proposals, Terry Lanni, Chairman and CEO of MGM MIRAGE, said: "MGM MIRAGE and Peel are both
companies focused on building world-class facilities. Our combined resources and experience create an important
alliance that we believe will lead to the development of entertainment venues that could transform the leisure
opportunities available to those in and around Liverpool, Manchester, Salford and Glasgow. Our companies' unrivalled
reputation, manpower and financial resources create a partnership singularly positioned to develop multiple projects
of this scale while maintaining unparalleled levels of quality."
John Whittaker, Chairman of Peel Holdings Plc, said of the alliance: "Peel has extensive property interests
and landholdings near to major cities together with vast experience in building high quality regeneration developments.
MGM MIRAGE owns and operates what we believe to be the best leisure, entertainment and gaming destinations in the
world and this is undoubtedly the ideal partnership to bring the best possible gaming experience to the UK. We
look forward to working with MGM MIRAGE on evaluating further projects and developing a number of these destinations".
Lloyd C. Nathan, Managing Director, Europe, of MGM MIRAGE Development said: "All of the projects that we have
announced today, and others which we are still exploring, have the potential to result in unprecedented levels
of inward investment, jobs and tourism for each of the locations we have chosen. With all of our projects relying
on the timely implementation of commercially viable gaming reforms, we look forward to working together with all
of the local communities, their political representatives and with the Government, with the aim of ensuring that
these valuable benefits are fully realized."
Notes to Editors
1. For further information please contact:
Lalu Dasgupta at Carl Byoir and Associates on 020 7413 3042 or
07836 560 981.
Alison Tennant, PR Manager, Peel Holdings on 0161 629 8229 or
07901 883388.
James Murren, President and Chief Financial Officer, MGM MIRAGE on
(702) 693-8877
Or Alan Feldman, Senior Vice President of Public Affairs, MGM MIRAGE
on (702) 891-7147
2. MGM MIRAGE (NYSE: MGG), one of the world's leading and most respected
hotel and gaming companies, owns and operates 12 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 40,000 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 ("TI"), 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 is a 50-percent owner of Borgata, a
destination casino resort at Renaissance Pointe in Atlantic City, New
Jersey. Internationally, MGM MIRAGE also owns a 25 percent interest
in Triangle Casino, a local casino in Bristol, UK. The Company has
entered an agreement to sell MGM Grand Australia in Darwin, Australia
pending finalization. For more information about MGM MIRAGE, please
visit the company's website at http://www.mgmmirage.com.
3. Peel Holdings PLC is one of the leading property and transport
companies in the UK with assets valued at over 2 bn pounds Sterling.
These include the 900M pounds sterling multi-award winning Trafford
Centre - a key tourist attraction in the North West and one of the
UK's leading shopping and leisure destinations, attracting over 27
million visitors pa. Situated five miles outside of the city centre
between junctions 9 and 10 of the M60 the 1.4 sq. million ft. Centre
has 280 stores positioned along three miles of granite and marble
boulevards, including Selfridges, Debenhams, Marks and Spencer. The
Centre's leisure and dining area -- The Orient is the largest of its
kind in Europe and hosts 36 restaurants and fast food eateries. It
is home to the UCI 20 screen cinema -- one of the largest and busiest
in the UK. Peel has a UK property investment and land portfolio
consisting of 5 million sq. feet of investment property and 20,000
acres of land. Peel also has overseas investments in Bermuda, The
Bahamas and Spain. Peel Ports Division operates the ports of
Clydeport and the Manchester Ship Canal, providing a broad range of
port facilities and services to shippers and cargo owners. Peel
Airports Division comprises Liverpool John Lennon Airport, Durham
Tees Valley, Doncaster Finningley -- recently renamed Robin Hood
Airport Doncaster Sheffield and a 50% share in both Sheffield City
Airport and Barton Airport, Manchester. For further information
please visit www.peel.co.uk.
Source: MGM MIRAGE