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ReturnTop top top MORE
STORY
2005 • TVI
Magazine NBS100 120
PIXELS 3 columns •
•
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
ReturnTop
ˆ
ˆ
ˆ
ˆ
TVInews - 108
MGM is spending $7 billion in Las Vegas to
develop Project City Center, a 66-acre
complex of hotels, casinos and
condominiums.
1.
Feature Story / MGM
Mirage - Jockey Club Alliance CityWalk
project.
COVER
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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
•
TVI
MAGAZINE - 1996 / Page
73
•
TVI
MAGAZINE - 1996 / Page
95
•
TVI
MAGAZINE - 1996 / Page
96
•
TVI
MAGAZINE - 1997 /
p00
•
TVI
MAGAZINE - 1997 /
p95
•
TVI
MAGAZINE - 1997 / p96
Josie
Cory
Publisher/Editor
TVI Magazine
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• TVI
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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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