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 bust that is big community things are certainly not looking cheery for the MGM Ho Tram Strip these days ( only for want of the ‘p’ are the jokes on that name maybe not endless).

Based on a recent securities and exchange Commission (SEC) filing, MGM Resorts International exercised its straight to terminate their agreement to manage the house based on a not enough pre-opening milestones having been accomplished as of March 1, 2013. The task is partially owned by Las Vegas-based Pinnacle Entertainment.

Bad Bet

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

By 2012, Pinnacle had already written off $25 million on their investment, brought on by delays. A prominent gaming safety analyst, Chad Beynon of Macquarie Securities, told investors he expected that Pinnacle could well take even more write-offs on the property that is vietnamese.

‘The fact that MGM Hospitality will not be associated using this project will significantly detract from the success regarding the resort/casino,’ said Beynon in a recent report. ‘MGM perhaps not only provided an international brand name, but it had been also a significant the main design and vision associated with the first phase. It remains not clear who will actual Continue reading “Can I Get a Witness? Adelson Heading back once again to Court in Breach Case”