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MGM Mirage could be pushed to leave AC

1 May 2007

ATLANTIC CITY, New Jersey – As reported by the New Jersey Times: "An investigation by New Jersey regulators into MGM Mirage's business dealings in Macau could result in the gambling behemoth's exit from Atlantic City, an analyst said yesterday.

"In a note to investors, UBS analyst Robin Farley said she believes the Division of Gaming Enforcement, which has been conducting an investigation into MGM's Macau partnership for the past year and a half, may raise concerns about the company's partner, Pansy Ho, the daughter of Asian gambling tycoon Stanley Ho.

"…In what Farley called a worst-case scenario, she said the New Jersey Casino Control Commission, which acts as a judge in licensing matters, could decide Pansy Ho's affiliation with her father is 'too close to make her an appropriate partner for a New Jersey license holder.'

"MGM could then be faced with a choice: Leave Macau, which last year surpassed Las Vegas with $7 billion in gambling revenue, or Atlantic City, the $5 billion casino market where it co-owns Borgata and holds 90 acres of land.

"…MGM's $1.1 billion Macau casino is slated to open later this year…"

 
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