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STORY
2008 • TVI
Magazine NBS100 120
PIXELS 3 columns •TVInews
Jockey Club Las Vegas Updates / December 2008
Jockey
Club MGM City Walk Project 2008 - MGM CEO, Terry
Lanni , 65, stepped aside as questions continued to
swirl about his
resume.
He leaves as MGM Mirage
and other casinos struggle with the worst financial
crisis since the Great Depression. Its shares have
plunged 87% this year as it has tried to get enough
cash to cover loans and finish the $11.2-billion
CityCenter project on the Las Vegas Strip. MGM Mirage -
Jockey
Club Alliance CityWalk
project. •
•
MGM also owns and runs
casinos in Detroit, Mississippi and Illinois and
co-owns the Borgata Hotel, Casino & Spa in
Atlantic City, N.J., with Boyd Gaming Corp. 3.
Editor's 2005 Notes
/
Casino owner MGM Mirage,
placing greater value on the land under the
Boardwalk than the casino itself, said last
November it will shutter the beachside
midway-themed resort on Jan. 9,
2006. MORE
MOVIE Segments of Hong Kong Triad - 1997 / Jockey
Club PHOTO IMAGE665: The 1997 proposed ChinaExpo
Forbidden City project featured on TVI's 1997
cover. The new CityCenter Boardwalk Project -- is
slated to be closed by January 9, 2006, to make
room for MGM Mirage Boardwalk project. The project
would replace the Forbidden City project and
structures shown in insert photo. The photo depicts
pop dancers entertaining in Beijing's Forbidden
City, and being seen simultaneously in Las Vegas by
webcast. 4.
Related Stories 02
TVInews - 1996. A Special Jockey Club Money
Magazine Issue - China Expo 2000 - Jockey Club
Alliance Group Issue 03
A Fall ISSUE - 1996 - A Special Jockey Money
Magazine Issue •
MORE
STORY - LAS VEGAS HISTORY / JOCKEY
CLUB TVI Magazine Issues /
Related Stories More
Articles • Converging
News FEBRUARY 2007 / TeleCom BuyOuts, Spinoffs and
Asset Seizure Boom Respectfully
Submitted • top top top top 40 40+110+570=720
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Dubai
partner sues MGM Mirage over Jockey Club -
City Center in
Vegas
TVInews - 108
MGM is spending $7 billion in Las Vegas to
develop Project City Center, a 66-acre
complex of hotels, casinos and
condominiums.
Updates/
December 2008 Jockey
Club MGM City Walk Project 2008 - MGM CEO,
Terry Lanni , 65, stepped aside as
questions continued to swirl about his
resume.
1.
Feature Story
/
Dubai
partner sues MGM Mirage over Jockey Club - City
Center in
Vegas
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•••Associated
Press reported that Infinity World seeks to exit
the joint venture, saying that the casino
operator's statements about its debt put the
$8.6-billion project at risk.
•••March
24, 2009 Las Vegas -- The Dubai developer building
an $8.6-billion complex on the Las Vegas Strip with
casino company MGM Mirage Inc. is suing MGM Mirage
because it's worried about the project's
viability.
•••Dubai
World subsidiary Infinity World claims in a lawsuit
filed Monday in Delaware Chancery Court that MGM
Mirage's statements about its financial condition
put the project at risk.
•••Chief
Executive Jim Murren has said CityCenter, which the
company touts as the most expensive private
commercial development in U.S. history, is MGM
Mirage's top priority.
•••Infinity
World is asking the court to award it unspecified
damages and relieve it of its obligations under the
venture, but Dalton said Infinity wanted to see
Jockey Club - City Center through.
•••"What
we are attempting to do is complete this
project," Dalton said.
•••Dalton
said the state-owned company "had no choice" but
to file suit.
•••Dubai
World owns a 50% stake in the casino, hotel, retail
and residential CityCenter development and controls
about 9.5% of MGM Mirage shares.
•••"We're
not saying MGM won't be involved," Dalton added.
"We're anxious to work with them, but we need to
see them come out of their financial
problems."
•••Adam
Cohen, founder of independent credit research firm
Covenant Review, said Dubai World and Infinity
might have sued to stabilize their interest in the
project.
•••"If
MGM can't manage its bank debt, how is MGM going to
make more equity contributions?" Cohen said.
"Maybe the answer is, well, that gives Dubai
World leverage, and they want to control much more
than half of this joint venture when it's all
over."
•
Dubai World's general counsel, George Dalton,
in
particular cited concerns about a statement in MGM
Mirage's annual report warning it could default on
its loans for CityCenter -- which could force MGM
Mirage or the joint venture to seek bankruptcy
protection.
•••Struggling
under more than $13 billion in debt, MGM Mirage won
a waiver from the terms of some of its debt last
week that would give it until May 15 to get its
finances in shape.
•••Dalton
said there was "no certainty" the casino operator
could continue to operate even until May 15, '09 --
and that could jeopardize the massive development,
the first stage of which is to open late this
year.
•••"Our
concern is for the long-term health of the
project," he said. "We want to see some certainty
[from MGM] before we continue with our
obligations."
•••Cohen
said the lawsuit made it more difficult for MGM
Mirage to refinance its debt.
•••"When
you file a lawsuit that charges mismanagement and a
breach of fiduciary duty, how do you have a
refinancing discussion with that kind of talk?"
Cohen said Monday.
•••MGM
Mirage did not immediately respond to a request for
comment.
•Jockey
Club MGM Loan Default Mar 2009. - MGM Mirage
Auditors on March 17th
2009 raise doubts
about the casino operator ability to pay off
JockeyClub MGM Loan Default, which had a
$1.15-billion 2008 loss.
•••
Auditors raised "substantial doubt" about
MGM Mirage's ability to continue, the largest
casino owner on the Strip said on March 17th 2009,
in a regulatory filing. The company also reported a
$1.15-billion fourth-quarter loss after writing
down properties because of shrinking gambling
revenue.
•••
Casino Operator MGM Mirage who's in charge of the
Jockey Club - Las Vegas City Walk project, won a
two-month bank court reprieve to restructure its
debts.
••• The
auditors' comments increase the likelihood that MGM
Mirage will seek bankruptcy protection. Banks
granted waivers on the $7-billion bank-loan
facility until May 15. The company said March 3
that it was in talks to avert a potential breach of
covenants.
••• In
exchange for the temporary covenant waivers, MGM
Mirage is prohibited from prepaying or repurchasing
other long-term debt or selling assets. The company
will also repay $300 million of the fully drawn
revolving loan, and it accepted a 100-basis-point
increase in the interest rate.
••• MGM
Mirage, controlled by billionaire Kirk Kerkorian,
can also fund construction of its Las Vegas City
Center - Jockey Club project only if partner Dubai
World also finances its half of the costs, the
company said in the filing. The casino company
reiterated Tuesday that it would finish the project
on schedule.
•
Jockey
Club MGM, Deutshe Bank City Walk Project 2009 -
MGM, Deutsche talks said to
fail
- March - 2009 MGM Mirage and Dubai World
failed to reach agreement with Deutsche Bank and
talks on a $1.2-billion loan to complete the Las
Vegas CityCenter project collapsed, according to
five people with knowledge of the
matter.
•••
Deutsche Bank was seeking equity and debt stakes in
the $11.2-billion development on the Las Vegas
Strip in return for the loan. MGM Mirage and Dubai
World are now holding talks with other parties, one
of the people said. -- times wire
reports
•••
MGM Mirage, the casino firm
majority-owned by billionaire Kirk Kerkorian, said
Chairman and Chief Executive Terry Lanni retired in
November as questions about his resume surfaced.
Lanni says the USC business degree listed on his
company bio is honorary.
•••
"It's time for a younger
generation to take over," Lanni said in a telephone
interview. He also cited a desire to spend more
time with his family.
•••When
asked if he graduated with a master of business
administration degree from USC, as his company
biography states, Lanni said he had an honorary MBA
from the school. USC spokesman James Grant said
Lanni had taken MBA courses but didn't earn a
degree. Grant said he couldn't verify that the
school gave him an honorary degree.
•••"If
it needs to be corrected, it will be corrected,"
Lanni said.
•••
The discrepancy was
uncovered by the Fraud Discovery Institute, a group
co-founded by Barry Minkow, who served more than
seven years in prison for fraud in operating the
Reseda carpet cleaning business ZZZZ Best Co.
•••
Lanni served as chairman for
more than 13 years, expanding the company from one
property in Las Vegas to 17 resorts worldwide, the
company said. He oversaw MGM Grand Inc.'s
combination with Mirage Resorts in 2000 and
Mandalay Resort Group in 2005. The company had $7.7
billion in revenue last year.
•••
Mr. Lanni said, "I believe
it is now time to step aside from full-time
engagement and turn over the reins to the new
generation.
•••
Lanni recommended that the
board pick President and Chief Operating Officer
Jim Murren, 47, to succeed him, the Las Vegas
company said.
•••
Terry Lanni joined MGM
Grand, Inc. in June 1995, as President and Chief
Executive Officer and a member of the Board of
Directors. In July 1995 he was named to his current
position. Mr. Lanni guided MGM MIRAGE through
periods of unprecedented growth, including mergers
with Mirage Resorts (2000) and Mandalay Resort
Group (2005). He also led the business through
uncertain economic times, especially in the
aftermath of the tragedy of 9-11.
•••"The
Company will always be indebted to Terry for his
many years of leadership and wisdom. We are
delighted that he will remain as a member of the
Board and that the Company will have available his
wealth of experience and institutional knowledge,"
said Kirk Kerkorian, majority shareholder of MGM
MIRAGE.
•••MGM
MIRAGE President and COO Jim Murren said, "I
respect Terry's personal decision and I am honored
that he is recommending me to the Board to serve as
his successor. I will continue to devote all of my
energies to this great company. As a direct result
of Terry's leadership, we have a remarkable depth
of seasoned management and I am confident of our
Company's ability to manage through the current
economy and emerge stronger, more vigorous and
well-positioned to capitalize on future
opportunities as the economy rebounds from its
current slowdown."
February 15, 2007:
A Bloomberg report
stated that sales of condominiums and growth in
wagering were the elements that provided the record
amount of $6.69 billion in revenue for the $Billion
dollar Las Vegas MGM Mirage
conglomerate.
•
•
According to the official
reports from the Nevada Gaming Control Board, that
was an 11% increase from last year. That excludes
revenue from hotels, bars and shows. Fourth-quarter
Strip revenue was $1.78 billion.
•
•
A spokesman for the Jockey
Club Alliance group said that MGM is spending $7
billion in Las Vegas to develop Project CityCenter,
a 66-acre complex of hotels, casinos and
condominiums that includes most of the existing
property fronting Las Vegas Blvd. betweeen the
Monte Carlo and the Bellagio hotels. The project is
expected to open in 2009.
•
•
MGM Chief Executive, Terry
Lanni is expanding by building more casinos and
other projects, many in joint ventures with Jockey
Club condominium owners and hotel complexes
surrounding the MGM Mirage CityWalk
project.
•
•
The company has pre-sold
90%, or 200, of the Mandarin Oriental condominiums
at CityCenter with $613 million in sales contracts,
the project's president, Robert Baldwin, said.
Part
02
MGM Mirage, that
fourth-quarter 2006 earnings more than doubled as
it sold condominiums and gamblers wagered more at
its Las Vegas casinos.
•
• Net
income rose to $201.6 million, or 69 cents a share,
from $97.8 million, or 33 cents, a year earlier.
Revenue climbed 11% to $1.85 billion, the Las
Vegas-based company said.
•
• Revenue
at its 11 Las Vegas Strip properties, which account
for 80% of sales, increased 6.4%. The company also
had $65 million in profit from more condominium
sales at the Signature at MGM Grand, double what
some analysts estimated.
•
• "People
are waking up to the fact that these guys have
tremendous prospects," said Michael Halloran, a
research analyst at Allegiant Asset Management in
Pittsburgh. "People were starting to be concerned
about trends in Vegas and thought things were
slowing down, but that turned out not to be the
case."
•
• MGM
shares rose 14 cents to $70.38. The share price has
doubled since the $4.8-billion acquisition of
Mandalay Resort Group in April 2005.
•
• MGM had
per-share profit of 17 cents in insurance proceeds
from damage caused by Hurricane Katrina and
expenses of 5 cents for stock compensation and
start-up costs.
•
•
Excluding such items, MGM earned 52 cents.
On that basis, the average estimate of analysts
surveyed by Bloomberg was 48 cents.
•
• "Anyway
you slice it, they had a great quarter," said
Justin Sebastiano, an analyst at San
Francisco-based Nollenberger Capital Partners.
"They benefited from the strong trends of the Las
Vegas Strip as well as on the nongaming side."
•
• MGM had
its first full quarter of results from the reopened
Beau Rivage in Mississippi since the casino closed
after damage caused by Katrina.
•
• The Beau
Rivage generated about $106 million in revenue,
Chief Financial Officer James Murren said.
•
•
The Boardwalk's 749
employees learned of the pending closure Friday,
the company
said.
•
•
MGM Mirage is working to
transfer those affected to similar roles within its
other properties. Those placed elsewhere will keep
their existing hire dates as related to benefits
and accrued vacation
time.
•
•
Long rumored for a date with
a wrecking ball, the Boardwalk's fate was sealed in
November when MGM Mirage announced it would clear
the site to make room for Project CityCenter, a $5
billion development slated to rise on a largely
vacant 66-acre parcel between Bellagio and Monte
Carlo. It will include a 60-story, 4,000-room
hotel-casino; boutique hotels; a major shopping
mall; and 1,640 luxury condominium
units.
MORE STORY
2005 -
Jockey Club MGM Mirage BOARDWALK PROJECT
UpDates:
PHOTO
IMAGE665: 108 The
1997 proposed ChinaExpo Forbidden City Jockey Club
project featured on TVI's 1997 cover. The new
CityCenter Boardwalk Project -- is slated to be
closed by January 9, 2006, to make room for MGM
Mirage Boardwalk project.
Segment
One
Segment
Two
Segment
Three
Segment
Four
Segment
Five
MORE
STORY ABOUT THE OWNERS SHOWING THE JOCKEY CLUB
DEED.
•
TVI
MAGAZINE - 1996 / Page
00
•
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MAGAZINE - 1996 / Page
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•
TVI
MAGAZINE - 1996 / Page
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MAGAZINE - 1996 / Page
96
•
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MAGAZINE - 1997 /
p00
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MAGAZINE - 1997 /
p95
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TVI
MAGAZINE - 1997 / p96
Josie
Cory
Publisher/Editor
TVI Magazine
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TVInews - 108 MGM
is spending $7 billion in Las Vegas to
develop Project CityCenter, a 66-acre
complex of hotels, casinos and
condominiums on the Strip that is expected
to open in
2009.
• / Feature
Story / • 108MGMJockeyClubWalk.htm
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