Mashantucket Pequot Tribune Nation (MPTN) and MGM Mirage (NYSE: MGM) today announced that they have entered into a series of agreements to implement a multifaceted strategic alliance with major new destination hotels/casino resorts adjacent to Foxwoods Resort Casino, including the development of additional gaming and non-game projects outside of Mashantucket and Connecticut.
* MGM Mirage will be in talks with MPTN to develop a $700 million destination hotel/casino resort currently under construction in Mashantucket, adjacent to the existing Foxwoods Resort Casino, which will be owned and operated by MPTN. Under the long-term license agreement, the new resort will utilize MGM Grand, one of the best-known brands in the hotel/casino industry, and will include Foxwoods and MGM Mirage famous conferences and conventions, fine dining, night clubs, entertainment, spas, and retail amenities. Scheduled to open in the spring of 2008, the new hotel/casino resort will be known as "MGM Grand at Foxwoods."
* Marsan-Tuket Pequot Tribal Countries and MGM Mirage will work with Marsan-Tuket on master plans for future destination resorts and other resort facilities nearby. The parties believe that MGM Mirage's additional branding may be related to such projects.
* MGM Mirage will provide MPTN with a variety of technical services regarding Foxwood Resort Casino and Foxwood's MGM Grand operations.
* MPTN and MGM Mirage will develop various cross-marketing opportunities between resorts.
* MPTN and MGM Mirage have formed a co-owned company, Unity Gaming, LLC, to acquire or develop gaming and non-gaming companies, including Indian and non-Indian gaming, across the United States and abroad. MPTN's existing resort development company, Foxwoods Development Co. (FDC), will represent MPTN and participate in the new Unity Gaming, LLC, which will be involved in off-reservation and/or out-of-state projects. MGM Mirage will offer a loan of up to $200 million that will be used to finance some of MPTN's investments in joint projects.
The contract between Tribal States and MGM Mirage has been reviewed and approved by the National Indian Gaming Commission, a national agency that enforces the Indian Gaming Act.
Terry Lanni, Chairman and Chief Executive Officer of MGM Mirage, said, "Our strategic alliance will improve the growth prospects of both partners. Foxwoods is one of the most successful and respected Indian gaming companies operating one of the outstanding hotel/casino resorts in the United States under the experienced management of the Mashantucket Pequot Tribune Nation. We are honored to be associated with Mashantucket Pequots. We look forward to working together as equal partners to combine our talents to develop the right gaming and non-gaming opportunities."
Michael J. Thomas, president of the Mashantucket Pequot Tribune Nation, said, "Our longtime tribal government and the people we serve welcome the start of our strategic partnership with MGM Mirage. We look forward to the long-term relationship between the Mashantucket Pequot Tribune Nation and MGM Mirage, which will enable them to take the lead in growing this region and other regions through jobs and economic development. Over the past eight months, we have come to respect and appreciate MGM Mirage's expertise in gaming and resort industries, and we are confident that this knowledge will mean a truly wonderful new resort ready to open in the spring of 2008.
"As I said earlier, the agreement still puts the direct control and operation of the game over all facilities in Marsantucket into the hands of tribal nations, operational controls that we note in the Indian country and beyond." 카지노사이트 순위