The nongaming hotel division of MGM Resorts International announced an agreement Tuesday to participate in multiple hotel developments in the capital of India.
The casino operator said its MGM Hospitality subsidiary will break ground in March on the MGM Grand and Skylofts New Delhi. The project will mark the company's first venture into India.
The hotel is one of multiple hotel sites that will be built in several markets in India, including the cities of Gurgaon and South Delhi, a diplomatic region, New Delhi's central business district, and a new commercial and hospitality district near the New Delhi International Airport.
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Showing posts with label MGM. Show all posts
Showing posts with label MGM. Show all posts
Tuesday, February 1, 2011
Sunday, January 16, 2011
MGM reinvents loyalty program
M Life is MGM Resorts International's answer to Marriott Rewards, Hilton Honors, Caesars Entertainment's Total Rewards and other hotel or casino customer reward programs.
But it's more than a slot club with loyalty incentives.
Let's say you're planning a guy's weekend in Las Vegas. On the M Life website you can develop the entire weekend itinerary, all within the confines of MGM Resorts' 10 Strip hotel-casinos.
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But it's more than a slot club with loyalty incentives.
Let's say you're planning a guy's weekend in Las Vegas. On the M Life website you can develop the entire weekend itinerary, all within the confines of MGM Resorts' 10 Strip hotel-casinos.
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Friday, January 14, 2011
Investors Bet On CityCenter As Casino Complex Sells $1.5B Bonds
NEW YORK (Dow Jones)--CityCenter Holdings, owner of the joint-venture Las Vegas casino complex between MGM Resorts International (MGM) and a subsidiary of Dubai World, sold $1.5 billion of senior secured bonds on Thursday, including $600 million of risky debt that can pay interest in the form of more debt.
Underwriters on Thursday afternoon had altered the structure of the deal, increasing a five-year first-lien bond offering to $900 million from $500 million and decreasing a first-lien bank term loan by an equivalent amount to $500 million, according to a person familiar with the deal, due to heavy investor demand for the first-lien bonds.
The $900 million tranche of first-lien notes due Jan. 15, 2016 sold at par to yield 7.625%, compared to earlier price guidance of 7.75%
A $600 million tranche of second-lien pay-in-kind notes due Jan. 15, 2017 sold at par with a coupon of 10.75% when interest is paid in cash and 11.5% when paid in kind with more debt. The first three semiannual interest payments will be paid in kind, and thereafter the company will have the option to pay in cash, in kind or half in cash and half in kind, according to the person familiar with the deal.
Earlier price guidance for the $600 million of six-year second-lien notes was in the area of 10.75% to 11% if paid in cash, stepping up by 75 basis points if paid in kind with additional debt.
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Underwriters on Thursday afternoon had altered the structure of the deal, increasing a five-year first-lien bond offering to $900 million from $500 million and decreasing a first-lien bank term loan by an equivalent amount to $500 million, according to a person familiar with the deal, due to heavy investor demand for the first-lien bonds.
The $900 million tranche of first-lien notes due Jan. 15, 2016 sold at par to yield 7.625%, compared to earlier price guidance of 7.75%
A $600 million tranche of second-lien pay-in-kind notes due Jan. 15, 2017 sold at par with a coupon of 10.75% when interest is paid in cash and 11.5% when paid in kind with more debt. The first three semiannual interest payments will be paid in kind, and thereafter the company will have the option to pay in cash, in kind or half in cash and half in kind, according to the person familiar with the deal.
Earlier price guidance for the $600 million of six-year second-lien notes was in the area of 10.75% to 11% if paid in cash, stepping up by 75 basis points if paid in kind with additional debt.
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Thursday, January 6, 2011
CES, adult conventions send Las Vegas hotel room rates soaring
Two of Las Vegas’ largest annual conventions — the Consumer Electronics Show and Adult Entertainment Expo — are scheduled to open today and have given Strip room rates a major boost for the weekend.
That is, if guests can even find an open hotel room this weekend. Most of the major hotels, including Palms, Caesars Palace, Cosmopolitan of Las Vegas and Wynn Las Vegas, are sold out for most days this weekend.
Guests trying to book last-minute rooms will find average daily rates like $600 at Palazzo, $566 at Bellagio and $525 at Aria and the Venetian. They’ll find less expensive room rates at second-tier hotels such as $448 at MGM Grand and $420 at Mandalay Bay.
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That is, if guests can even find an open hotel room this weekend. Most of the major hotels, including Palms, Caesars Palace, Cosmopolitan of Las Vegas and Wynn Las Vegas, are sold out for most days this weekend.
Guests trying to book last-minute rooms will find average daily rates like $600 at Palazzo, $566 at Bellagio and $525 at Aria and the Venetian. They’ll find less expensive room rates at second-tier hotels such as $448 at MGM Grand and $420 at Mandalay Bay.
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Wednesday, December 15, 2010
CityCenter sees year of ups, downs
It's the largest private development ever built in the United States, and a year after its opening, CityCenter still holds an outsized sway over the Las Vegas hospitality market.
It has been an adventure: From opening a passel of boutiques and earning more than 20 industry awards to scrapping an unfinished tower and writing down the property's value, CityCenter, which turns 1 on Thursday, has provided its share of ups and downs for local gaming observers to follow. Both its successes and its stumbles offer important lessons and indicators as the city prepares to welcome yet another megaresort in The Cosmopolitan of Las Vegas, which is scheduled to open Wednesday.
It has been an adventure: From opening a passel of boutiques and earning more than 20 industry awards to scrapping an unfinished tower and writing down the property's value, CityCenter, which turns 1 on Thursday, has provided its share of ups and downs for local gaming observers to follow. Both its successes and its stumbles offer important lessons and indicators as the city prepares to welcome yet another megaresort in The Cosmopolitan of Las Vegas, which is scheduled to open Wednesday.
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Sunday, November 7, 2010
We’re Not That Bankrupt MGM! Says MGM Resorts.
Metro-Goldwyn-Mayer, the Hollywood movie studio known as MGM, filed for bankruptcy protection this week. But NOT the MGM that runs hotels and casinos like the Bellagio, MGM Grand and Mandalay Bay in Las Vegas. That company, MGM Resorts International, goes by the ticker symbol “MGM.” Confused?
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So MGM Resorts – NOT THE BANKRUPT ONE – felt compelled to issue a press release to clarify.
“MGM Studios is a completely separate entity with no common ownership. MGM Studios, a privately held, independent company, filed for bankruptcy on Nov. 3, 2010. The filing has no impact whatsoever on MGM Resorts International,” the company that isn’t in Chapter 11 said.Read More:
Tuesday, November 2, 2010
Las Vegas City Center scrambling to fix financial situation
The massive City Center casino complex opened in Las Vegas last December amid the steepest decline in tourism there in decades. Now, its owners are still scrambling to figure out how to fix the 67-acre development's financial problems.
The $8.7 billion project, with its hotels, condominiums, casino and giant mall designed by Daniel Libeskind, is the largest privately funded construction project in the U.S. It was supposed to usher in a new era of sophistication and urban living in the gaming capital. But it almost collapsed before it opened, and because of its huge scale, its fortunes and those of Las Vegas are closely linked.
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The $8.7 billion project, with its hotels, condominiums, casino and giant mall designed by Daniel Libeskind, is the largest privately funded construction project in the U.S. It was supposed to usher in a new era of sophistication and urban living in the gaming capital. But it almost collapsed before it opened, and because of its huge scale, its fortunes and those of Las Vegas are closely linked.
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Saturday, October 16, 2010
MGM's half of Borgata could sell at a loss
ATLANTIC CITY — MGM Resorts International’s proposed sale of its half-ownership in Borgata Hotel Casino & Spa shows that even Atlantic City’s dominant gaming hall is not immune to the real estate meltdown.
The Las Vegas gaming giant announced Tuesday it has received a $250 million offer for its share in Borgata, but it did not disclose the name of the would-be buyer.
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The Las Vegas gaming giant announced Tuesday it has received a $250 million offer for its share in Borgata, but it did not disclose the name of the would-be buyer.
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Wednesday, August 25, 2010
Dubai World plans to sell Investments in Atlantis and MGM among others
Dubai World plans to sell its prized assets over a period of eight years to generate as much as $19.4-billion (U.S.) to pay off creditors burned by its overambitious expansion, according to a restructuring document obtained by Reuters on Wednesday.
The state-owned conglomerate told creditors at a July 22 meeting, held at Dubai’s lavish Atlantis Hotel, that its capital structure was inappropriate and needed “urgent” restructuring, according to the document handed out at the meeting.
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The state-owned conglomerate told creditors at a July 22 meeting, held at Dubai’s lavish Atlantis Hotel, that its capital structure was inappropriate and needed “urgent” restructuring, according to the document handed out at the meeting.
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Saturday, August 7, 2010
Value of Las Vegas City Center project plummets
MGM Resorts International's CityCenter, which was built at a cost of $8.5 billion, now has an equity value of $2.65 billion, company officials said Tuesday.
The Las Vegas-based casino giant announced the new valuation during a conference call Tuesday when it blamed much of its second quarter loss on a $1.12 billion pretax, noncash impairment charge related to its investment in CityCenter.
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The Las Vegas-based casino giant announced the new valuation during a conference call Tuesday when it blamed much of its second quarter loss on a $1.12 billion pretax, noncash impairment charge related to its investment in CityCenter.
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Sunday, July 4, 2010
Las Vegas Harmon Hotel stuck in limbo
CityCenter's most famous architect is also its least publicized. His name is Norman Foster. He is a globetrotting superstar with books and museum exhibits dedicated to his work. "Stormin' Norman," as the British press calls him, serves as chairman of London-based Foster + Partners, an architecture, design and planning firm responsible for famous buildings across Europe and Asia, including the Hongkong and Shanghai Bank headquarters and Reichstag New German Parliament. The Harmon Hotel at CityCenter was to be Foster's Las Vegas debut.
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Saturday, June 5, 2010
MGM Mirage says it is paying CityCenter subcontractors
LAS VEGAS, Nevada -- MGM Mirage said in a court filing it has begun the process of paying subcontractors caught in the middle of its legal skirmish with CityCenter general contractor Perini Building Co.
The casino operator, which owns CityCenter in a 50-50 joint venture with Dubai World, said it is actively working through the closeout process with 25 of the 220 first-tier subcontractors who worked on the development. MGM Mirage said there are "hundreds" of lower-tier subcontractors who are also owed for their work on CityCenter.
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The casino operator, which owns CityCenter in a 50-50 joint venture with Dubai World, said it is actively working through the closeout process with 25 of the 220 first-tier subcontractors who worked on the development. MGM Mirage said there are "hundreds" of lower-tier subcontractors who are also owed for their work on CityCenter.
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Tuesday, May 18, 2010
MGM Mirage files counterclaim against Contractor
LAS VEGAS — MGM Mirage says it believes the contractor that built the $8.5 billion CityCenter complex on the Las Vegas Strip owes hundreds of millions of dollars for defective work and mishandled billing that has left many subcontractors unpaid.
In a counterclaim filed Friday against Perini Building Co., MGM Mirage said it has begun paying subcontractors despite Perini's contractual obligations to pay them.
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In a counterclaim filed Friday against Perini Building Co., MGM Mirage said it has begun paying subcontractors despite Perini's contractual obligations to pay them.
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Thursday, May 6, 2010
MGM MIRAGE Reports First Quarter Results
LAS VEGAS, May 6, 2010 /PRNewswire via COMTEX/ --MGM MIRAGE (NYSE: MGM) today announced its financial results for the first quarter of 2010. As previously reported, the Company recorded a first quarter diluted loss per share of $0.22 compared to earnings of $0.38 per share in the prior year first quarter. The current year results include a gain on extinguishment of debt of $142 million (or $0.21 per share, net of tax) related to the restatement and amendment of the Company's senior credit facility in March and a pre-tax non-cash charge of approximately $86 million (or $0.13 per share, net of tax) representing the Company's share of an impairment at CityCenter related to its residential inventory. The prior year results include a gain of approximately $190 million (or $0.44 per share, net of tax) related to the sale of Treasure Island hotel and casino.
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Wednesday, May 5, 2010
Builder wants state to probe MGM Mirage nonpayment
The primary contractor that built the $8.5 billion CityCenter complex on the Las Vegas Strip is asking Nevada's governor to investigate why MGM Mirage hasn't paid $490 million in construction bills.
MGM Mirage has said it believes it owes Perini far less because the Harmon Hotel was shortened and delayed because of problems with its reinforcing steel.
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MGM Mirage has said it believes it owes Perini far less because the Harmon Hotel was shortened and delayed because of problems with its reinforcing steel.
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Sunday, April 25, 2010
MGM-branded casino planned for Vietnam resort area
LOS ANGELES, April 21 (Reuters) - A group backed by hedge fund Harbinger Capital Partners plans to open in early 2013 Vietnam's first Las Vegas-style casino resort in a coastal area to be called the Ho Tram Strip.
Asian Coast Development Ltd said on Wednesday that it had named Lloyd Nathan, formerly president of MGM Mirage's (MGM.N) global gaming development, as its chief executive officer, a post from which he will oversee the project's financing and construction.
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Asian Coast Development Ltd said on Wednesday that it had named Lloyd Nathan, formerly president of MGM Mirage's (MGM.N) global gaming development, as its chief executive officer, a post from which he will oversee the project's financing and construction.
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Wednesday, April 21, 2010
MGM Mirage seeks to rebrand as MGM Resorts Int'l
LAS VEGAS (AP) -- MGM Mirage is asking shareholders to approve changing its name to MGM Resorts International, as the company looks to emphasize the scope of its brand.
The company, known mostly for its Las Vegas casinos, said Wednesday that the new name better represents its global presence. MGM and its joint venture partner in Macau expect to launch an IPO on the Hong Kong market later this year, and the company is developing Bellagio, MGM Grand and Skylofts hotels in Dubai that are expected to open in 2013.
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The company, known mostly for its Las Vegas casinos, said Wednesday that the new name better represents its global presence. MGM and its joint venture partner in Macau expect to launch an IPO on the Hong Kong market later this year, and the company is developing Bellagio, MGM Grand and Skylofts hotels in Dubai that are expected to open in 2013.
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Saturday, April 17, 2010
Lawsuit filed against CityCenter over Vdara condo-hotel units
A California man who put down a deposit to buy a condo-hotel unit at Vdara filed a class-action lawsuit Friday against MGM Mirage's CityCenter, alleging developers unlawfully sold the units as securities without providing investors details on what they were buying.
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MGM Mirage Boosts Size of Debt Sale to $1 Billion
April 16 (Bloomberg) -- MGM Mirage, the biggest casino owner on the Las Vegas Strip, increased its convertible debt sale to $1 billion after investors sought more than the planned $750 million.
Initial buyers of the 4.25 percent convertible senior notes due in 2015 have the option to purchase $150 million more to cover overallotments, the Las Vegas-based company said yesterday in a statement. The owner of 10 Strip resorts said it will use the funds to refinance part of its senior credit facility.
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Initial buyers of the 4.25 percent convertible senior notes due in 2015 have the option to purchase $150 million more to cover overallotments, the Las Vegas-based company said yesterday in a statement. The owner of 10 Strip resorts said it will use the funds to refinance part of its senior credit facility.
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So much for Obama hurting Las Vegas
President Barack Obama, in February 2009, commented that banks receiving government bailouts shouldn’t go to Las Vegas at taxpayers’ expense. The comment did not sit well with our casino leaders.
Several thought the comments would have a devastating impact on the slumping Las Vegas market. Fortunately for Las Vegas, it turned out the “gloom and doom” prognosticators were wrong.
It is true that shortly after the comments were made, major Las Vegas stocks hit bottom. March 2009 brought stock prices of around $2 and $3 per share for MGM Mirage and Las Vegas Sands, and for Wynn Resorts the price for its stock fluctuated between $15 to $23 that month.
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Several thought the comments would have a devastating impact on the slumping Las Vegas market. Fortunately for Las Vegas, it turned out the “gloom and doom” prognosticators were wrong.
It is true that shortly after the comments were made, major Las Vegas stocks hit bottom. March 2009 brought stock prices of around $2 and $3 per share for MGM Mirage and Las Vegas Sands, and for Wynn Resorts the price for its stock fluctuated between $15 to $23 that month.
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