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.
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