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Updates December 2008 Jockey Club MGM City Walk Project - MGM CEO, Terry Lanni , 65, stepped aside





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2007-08-09 Updates tviNews Events
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.
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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.

2008 - MGM CEO, Terry Lanni, Updates





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1. Feature Story / Dubai partner sues MGM Mirage over Jockey Club - City Center in Vegas
•••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.

D%2302/%23%23$$mmaarrttsitemaster2010/ImagesCSnews/MGMJockeyProj09Update108w.jpgJockey 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

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, 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."

MGM Mirage - Jockey Club Alliance CityWalk project.
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.

• • 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.
• • 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.

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.
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.

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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.

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