It’s No Go Ho for MGM Resorts. Maybe Vietnam will be Asia’s first big bust gambling community things aren’t looking cheery for the MGM Ho Tram Strip these days ( just for want of the ‘p’ are the jokes on that name maybe not endless).
In accordance with a recent securities and exchange Commission (SEC) filing, MGM Resorts International exercised its directly to end their agreement to manage the home based on a lack of pre-opening milestones having been accomplished as of March 1, 2013. The project is partially owned by Las Vegas-based Pinnacle Entertainment.
The story began in August of 2011, with Pinnacle investing in a $95 million stake in Asian Coast Development, with Harbinger Capital Partners being almost all owner. Pinnacle had been a 23 % stakeholder; apparently, that was not a harbinger of good things to come.
By 2012, Pinnacle had already written off $25 million on their investment, due to delays. A prominent gaming security analyst, Chad Beynon of Macquarie Securities, told investors he expected that Pinnacle could well take even more write-offs on the Vietnamese property.
‘The proven fact that MGM Hospitality will no longer be associated using this project will significantly detract from the success regarding the resort/casino,’ stated Beynon in a recent report. ‘MGM maybe not only provided an international brand title, but it was also a significant the main design and vision of the phase that is first. It remains uncertain that will actually manage the p Continue reading Can a witness is got by me? Adelson Heading back once again to Court in Breach Case