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Company Denies Reports on South Korea

20 Sep 2004

Las Vegas Sun

MGM Mirage officials are denying news reports that the company is part of a team of U.S. investors that has signed or is about to sign a deal to build a "leisure complex" west of the South Korean capital.

The Reuters news agency this month said the Korea Economic Daily newspaper reported that a group including MGM Mirage, Marriott International Inc. and Donald Trump were set to sign a memorandum of understanding to develop the project.

The companies plan to build a complex at a "free economic zone" on Yeonjong Island, which is west of Seoul and connected by bridge to the mainland, Reuters said. The island is also about an hour by plane from major Chinese population centers such as Beijing and Shanghai, it said.

According to a second report in the Korea Herald, MGM Mirage is part of a separate investment mission that includes Universal Parks & Resorts, Busch Entertainment Corp. and Starwood Hotels & Resorts that plans to visit Korea next month to discuss proposed investments in other economic zones in Korea.

Those investments could total as much as $10 billion, the newspaper said.

"We're not involved in any deals or pending deals right now in Korea," MGM Mirage spokeswoman Yvette Monet said. "We're focused on Singapore and Macau right now."

Copyright © Las Vegas Sun. Inc. Republished with permission.

 
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