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    Can I Get a Witness? Adelson Heading back once again to Court in Breach Case

    It’s No Go Ho for MGM Resorts. Maybe Vietnam will be Asia’s first big bust gambling community things are certainly not looking cheery for the MGM Ho Tram Strip these days ( just for want of a ‚p‘ are the jokes on that name maybe not endless).

    According to a recent securities and exchange Commission (SEC) filing, MGM Resorts International exercised its straight to terminate their agreement to manage the house based for a lack of pre-opening milestones having been accomplished as of March 1, 2013. The project is partially owned by Las Vegas-based Pinnacle Entertainment.

    Bad Bet

    The tale began in August of 2011, with Pinnacle purchasing a $95 million stake in Asian Coast Development, with Harbinger Capital Partners being almost all owner. Pinnacle was a 23 per cent stakeholder; apparently, that was not a harbinger of good things to come.

    By 2012, Pinnacle had already written off $25 million on their investment, due to delays. A prominent video gaming protection analyst, Chad Beynon of Macquarie Securities, told investors he expected that Pinnacle could well simply take even more write-offs on the Vietnamese property.

    ‚The fact that MGM Hospitality will not be associated with this particular project will greatly detract from the success for the resort/casino,‘ said Beynon in a report that is recent. ‚MGM perhaps not only provided a global brand name, but it absolutely was also a significant an element of the design and vision for the phase that is first. It remains confusing who Weiterlesen