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Can I Get a Witness? Adelson going 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 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.

Bad Bet

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