Foxwoods’ Grand play: Casino, MGM in big $$ alliance

02 May 2006

As reported by: BostonHerald.com
MGM Mirage yesterday teamed up with Foxwoods on a major partnership that will put the venerable MGM Grand name on a $700 million Foxwoods hotel and casino expansion. It will also extend the Foxwoods brand outside Connecticut.

The new convention and gambling complex, already in the planning stages at Foxwoods, will be designed to have the look and feel of a classic MGM Grand meeting complex and gambling resort, executives said.

The expansion, however, is just one part of a larger “strategic alliance” between Foxwoods, owned by the Mashantucket Pequot Tribal Nation, and the Vegas-based MGM Mirage empire, which circles the globe.

The two companies have agreed to work on future projects at Foxwoods, while also teaming up to open new casinos across the country. To that end, MGM Mirage will provide up to $200 million in financing to back new gambling ventures around the country.

For both companies, the deal is a marriage of convenience, with each bringing to the table assets the other lacks.

Foxwoods Development Group will have MGM's backing for a growing number of new ventures across the country. The Mashantucket Pequot Tribal Nation plans to invest $400 million in a Gulf Coast casino resort at the site of the Broadwater Hotel in Biloxi, Miss., which will reportedly be called the Foxwoods Resort Casino at Broadwater Beach.
Article By: BostonHerald.com

Related Articles:

MGM MIRAGE Shareholders Approve Name Change to MGM Resorts International - 16 June 2010
MGM MIRAGE Management to Present at the Goldman Sachs Lodging, Gaming, Restaurant and Leisure Conference 2010 - 08 June 2010
MGM MIRAGE Management to Present at the 2010 Wells Fargo Securities Gaming and Lodging Conference - 27 May 2010
MGM MIRAGE Launches Vegas' First Augmented Reality iPhone App and World's Most Immersive Resort Apps - 26 May 2010
MGM MIRAGE Announces Earnings Release Date - 24 April 2010

No comments have been submitted yet for this article.

Name:
Email:
Comment:
CAPTCHA:
	Newsletter Updates - I would like to receive the latest news articles and exclusive bonuses from the CasinoMan Newsletter. (more info »)