According to a recent report by Associated Press, MGM Mirage is to build a hotel-casino next to one of the largest retail centers in the United Kingdom.
The report goes on to say that it was the second major deal in the past two weeks that the gambling giant has signed in anticipation of gambling expansion in Great Britain.
MGM Mirage officials said they had reached an agreement with The British Land Co. PLC to construct a $364 million to $455 million leisure and entertainment complex next to the Meadowhall Shopping Center in Sheffield, England. The shopping center is also owned by The British Land Co., one of the United Kingdom's biggest property companies.
The agreement between the two companies will include building a multipurpose leisure development, including a casino and other related facilities such as restaurants, entertainment venues and a hotel and conference center.
The casino would be operated by MGM Mirage, and the development could create as many as 4,500 construction jobs and 2,000 leisure-related jobs.
Completion of the complex is contingent upon gambling laws being reformed and building permits being issued. Industry observers say the United Kingdom could pass new gambling legislation by late this year or early next year. Revised gambling laws also would bring new taxes.
"This agreement represents a further key element of our ambitious plans to invest in the United Kingdom," Terry Lanni, MGM Mirage chairman and chief executive officer, said in a statement.
MGM Mirage said last week that it has agreed to pay about $490 million for London-based Wembley PLC, owner of a Rhode Island dog racing track and video slot center and race tracks in Colorado and England.
MGM Mirage owns and operates 12 casino resorts in Nevada, Mississippi, Michigan and Australia. |
