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MGM and Mandalay sign acquisition agreement
Las Vegas-based casino operators, MGM Mirage and Mandalay Group, have signed a definitive merger agreement in MGM’s takeover deal worth $7.9bn (£4.3bn).
Following the acquisition, MGM Mirage will own and operate 28 properties throughout Nevada, Mississippi, Illinois, Michigan and New Jersey with assets in Las Vegas including the Bellagio, MGM Grand Las Vegas, The Mirage, Mandalay Bay, Circus Circus and Treasure Island.
Terry Lanni, chair and chief executive of MGM Mirage, said: “This acquisition will create the world’s leading gaming and leisure company with an unmatched portfolio of resorts.
“Mandalay is an outstanding franchise with top-notch properties that complement MGM Mirage’s existing footprint as well as brands that are recognised and respected worldwide.
“As our industry becomes increasingly competitive and our company evolves into a multi-faceted entertainment, business and hospitality franchise, this transaction will allow us to serve the ever-growing needs of our customers with outstanding gaming, lodging, dining, entertainment and convention assets.”
The company expects the acquisition to be immediately accretive to earnings per share before synergies and that it will increase cash flow.
The deal is still subject to the approval of Mandalay shareholders and if this is received, MGM expects the transaction will be completed by the first quarter of 2005.
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