It’s No Go Ho for MGM Resorts. Maybe Vietnam will likely be Asia’s first bust that is big community things aren’t looking cheery for the MGM Ho Tram Strip these days ( just for want of the ‘p’ are the jokes on that name not endless).
In accordance with a recent securities and exchange Commission (SEC) filing, MGM Resorts International exercised its directly to end their agreement to manage the house based on a lack of pre-opening milestones having been achieved 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 buying a $95 million stake in Asian Coast Development, with Harbinger Capital Partners being the majority owner. Pinnacle had been a 23 per cent stakeholder; apparently, that wasn’t a harbinger of good things to come.
By 2012, Pinnacle had already written off $25 million on the investment, due to 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 property that is vietnamese.
‘The proven fact that MGM Hospitality will no longer be associated with this project will significantly detract from the success associated with resort/casino,’ said Beynon in a report that is recent. ‘MGM not only provided an international brand name, but it was also a significant the main design and vision of the first phase. It remains uncertain that will actually manage the pha 続きを読む