April 24, 2013
Sports arena part of the package
MGM Resorts International will spend $100 million to transform land along the Strip and surrounding the New York-New York and Monte Carlo resorts into an outdoor plaza and pedestrian mall with trendy shops, restaurants and a public park.
The plaza will serve as a gateway into a 20,000-seat sports arena, which the company will build behind the two resorts with national arena developer AEG.
The facades of New York-New York and Monte Carlo will be renovated as part of the retail, dining and entertainment district. The development will include several eateries, nightlife venues and entertainment attractions new to Las Vegas.
MGM Resorts announced the development today . Some initial construction has begun, and the company expects the retail and restaurant complex to open by early 2014.
“Our vision is to dramatically change the sidewalk along the Las Vegas Strip, creating an area that will greatly enhance the area and create an energy that you find in the world’s great cities,” MGM Resorts Chairman Jim Murren said in an interview.
March 26, 2013
$100 million Hakkasan to open April 18 at MGM Grand
One of the Strip’s most expensive nightclub projects will debut next month.
Angel Management Group announced the opening schedule Tuesday for the Hakkasan Las Vegas at the MGM Grand.
The $100 million construction project removed the location of Studio 54 at the front of the hotel-casino for the development of a five-level restaurant and nightclub, that will offer indoor and outdoor views of the Strip.
The construction project expanded the space and redeveloped the front of the MGM Grand, which is owned by MGM Resorts International.
The Hakkasan nightclub portion of the facility will open April 18. The 10,000-square-foot nightclub will include different experiences and celebrity entertainment, including electronic music headliners Tiësto, Calvin Harris, deadmau5 and Steve Aoki.
March 3, 2013
Trump Sells for Cheap, Revel Goes Bankrupt, MGM Waits to Step out of Penalty Box
Atlantic City can’t catch a break.
The gaming market has seemingly been covered by dark clouds for much of the past six years. Last week’s announcement that Revel, the Boardwalk’s newest resort, was filing for bankruptcy less than a year after opening, didn’t shock anyone.
Bad news has become expected.
Atlantic City gaming revenues have declined more than 40 percent over the last six years. The Boardwalk suffered through labor strife, competition from resorts in neighboring states, casino closures, stalled investments and the recession.
When Hurricane Sandy washed ashore in October, shutting down portions of the Boardwalk for as long as to a week, several analysts quietly wondered whether the freakish storm was a warning sign from above.
February 5, 2013
MGM Resorts International entered into a partnership with a Canadian real estate developer to bid on, build and operate a hotel-casino complex in downtown Toronto.
In a statement, MGM Resorts Chairman Jim Murren said the 50/50 joint venture with The Cadillac Fairview Corporation Ltd. gives the Las Vegas-based casino giant a partner with extensive Canadian development experience.
In Cadillac Fairview we are partnering with the industry leader in developing high quality properties across North America and a company with whom we share a common vision for the development of an iconic integrated resort in Toronto,” Murren said.
MGM Resorts, along with Las Vegas Sands Corp. and Caesars Entertainment Corp., are exploring a potential casino development in Toronto. The Ontario Lottery Corp. has selected Toronto, Canadas largest city, for a single casino destination. But the concept still needs the approval of city leaders and residents.
November 16, 2012
CEO's contract extended four more years to oversee expansion
MGM Resorts International Chairman and Chief Executive Officer Jim Murren signed a new employment agreement with the Strip casino giant that keeps him in his current position through 2016.
In a filing with the Securities and Exchange Commission late Thursday, the agreement calls for Murren to receive a base salary of $2 million per year along with various bonuses, benefits and stock awards.
Murren, a former Wall Street analyst, has been with the company since 1999. Prior to becoming chairman and CEO in December 2008, Murren served as chief financial officer. Murren replaced the late Terry Lanni, who retired.
Murren is leading MGM Resorts current expansion efforts. The company is seeking to build hotel-casino developments in Maryland, Massachusetts, and Toronto.