It’s No Go Ho for MGM Resorts. Maybe Vietnam will be Asia’s first bust that is big community things aren’t 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).
According to a recent securities and exchange Commission (SEC) filing, MGM Resorts International exercised its straight to end their agreement to manage the home based for a lack of pre-opening milestones having been accomplished as of March 1, 2013. The task is partially owned by Las Vegas-based Pinnacle Entertainment.
The tale began in August of 2011, with Pinnacle investing in a $95 million stake in Asian Coast Development, with Harbinger Capital Partners being the majority owner. Pinnacle was a 23 percent stakeholder; apparently, that was not a harbinger of good things to come.
By 2012, Pinnacle had already written off $25 million on their investment, caused by delays. A prominent gaming safety analyst, Chad Beynon of Macquarie Securities, told investors he expected that Pinnacle could well just take even more write-offs on the Vietnamese property.
‚The proven fact that MGM Hospitality will not be associated with this project will greatly detract from the success of the resort/casino,‘ said Beynon in a report that is recent. ‚MGM maybe not only provided an international brand title, but it had been also a significant area of the design and vision associated with first phase. It remains not clear who’ll actually manage the first phase Can I Get a Witness? Adelson going back once again to Court in Breach Case weiterlesen