MGM Mirage Calls it Quits on UK's Wembley

5 May 2004

LONDON – As reported by Reuters: "U.S. casino giant MGM Mirage (NYSE:MGG) said all bets were off in its bid for UK racetrack owner Wembley Plc (London:WMY.L) on Wednesday because it would not trump a 309 million pound ($553 million) recommended offer.

"On April 20, BLB Investors, a U.S. group including golf courses-to-hotels firm Starwood Capital, Bahamas resort owner Kerzner International (NYSE:KZL) and leisure firm Waterford Group, said it would pay 860 pence per share in cash for Wembley.

"…The two U.S. groups were battling to take advantage of relaxation of Britain's strict gambling laws, which analysts think could lead to a new boom in betting.

"…The news sent Wembley's shares down more than 3.5 percent to 855 pence at 0840 GMT. Shares of the firm, which owns dog and horse racetracks and runs video and slot machines in Britain and the United States, had jumped about 70 percent thanks to the takeover tousle…"

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	MGM Mirage Calls it Quits on UK's Wembley 5 May 2004 <a href='https://ad.casinocity.com/adclick.php?n=a21efcd1'><img src='https://ad.casinocity.com/adview.php?what=-site:vendors/width:250/RON&n=a21efcd1' border='0' alt='' /></a> LONDON – As reported by Reuters: "U.S. casino giant MGM Mirage (NYSE:MGG) said all bets were off in its bid for UK racetrack owner Wembley Plc (London:WMY.L) on Wednesday because it would not trump a 309 million pound ($553 million) recommended offer. "On April 20, BLB Investors, a U.S. group including golf courses-to-hotels firm Starwood Capital, Bahamas resort owner Kerzner International (NYSE:KZL) and leisure firm Waterford Group, said it would pay 860 pence per share in cash for Wembley. "…The two U.S. groups were battling to take advantage of relaxation of Britain's strict gambling laws, which analysts think could lead to a new boom in betting. "…The news sent Wembley's shares down more than 3.5 percent to 855 pence at 0840 GMT. Shares of the firm, which owns dog and horse racetracks and runs video and slot machines in Britain and the United States, had jumped about 70 percent thanks to the takeover tousle…"