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.
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”