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Mandalay-MGM Mirage Deal Closes


According to a report by the BBC, MGM Mirage's $7.9bn (£4.4bn) bid for rival casino firm Mandalay Resort has been accepted, paving the way for the creation of a new dominant operator

The new company would own 28 casinos in Nevada, Mississippi, Michigan and Illinois, and half the Borgata hotel-casino in Atlantic City, New Jersey.

It would also control 50% of the Las Vegas Strip hotel market, and a third of the gambling capital's casinos.

The new group is expected to clock up revenues of $6bn a year.

But first the deal between will need to be approved by the US Federal Trade Commission as well as by gambling regulators in all the states in which the two companies operate.

Analysts expect they will get it without having to make many concessions.

The deal is set to be the biggest yet between two gambling companies.

The last record was set in 2000 when Kirk Kerkorian paid $4.4bn for Steve Wynn's Mirage Resorts.

MGM's bid includes the $4.8bn cash offer which delivers a 30% premium on Mandalay's market value before bidding started

MGM will also take on $2.5bn of debts and $600m in bonds that are convertible to shares.

 


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