LAS VEGAS, Nov. 19 /PRNewswire-FirstCall/ -- MGM MIRAGE (NYSE: MGG), the
most respected U.S. based hotel and gaming company, and Newcastle United PLC
today announced a 50:50 joint venture agreement to build a major new mixed-use
development on a prime site above St. James' Metro Station, which is in the
heart of Newcastle's city centre and adjacent to Newcastle United's football
Newcastle United is one of the leading English Premier League (Soccer)
clubs, finishing 3rd and 4th in the Premier League in the past two seasons.
The site will be used to build an exciting new complex, which could house
commercial and retail outlets, residential apartments, a hotel, leisure and
entertainment facilities and a Las Vegas style casino of approximately 100,000
square feet. The complex, completion of which is contingent upon timely
implementation of proposed gaming law reforms and obtaining required planning
approvals, is expected to become a major new landmark for the city.
The 50:50 joint venture involves Newcastle United PLC providing the land
and MGM MIRAGE an equity investment together with its unrivalled knowledge and
experience in the gaming and leisure industries to lead the development and
management of the new complex. The casino would be owned and operated by MGM
MIRAGE in facilities leased from the joint venture.
Commenting on the announcement, Terry Lanni, Chairman and CEO of MGM
MIRAGE, said: "We have ambitious plans for the UK -- deregulation and
taxation levels permitting -- and we are looking at other opportunities across
the country to develop casino facilities of varying sizes, including, where
market conditions warrant, large scale hotel/casino destination resorts. Our
proposed joint venture with Newcastle United, adjacent to its football
stadium, has considerable promise and will contribute to the many positive
developments already taking place in the City."
Freddy Shepherd, Chairman of Newcastle United, said: "This is a very
exciting opportunity for Newcastle, its people and for Newcastle United
Football Club. Situated alongside St. James' Park, we hope that the
development will become a focal point for the city of Newcastle, and create a
vibrant mixed-use development at the heart of the city. We are delighted to be
playing a leading role in the transformation of Newcastle into a city that the
people of the North East can be proud of. "
Lloyd C. Nathan, Managing Director of MGM MIRAGE Development, Europe,
added: "Through our research, we have been very impressed by the developments
that have taken place in Newcastle over the last decade and we are excited at
the prospect of contributing to this further. The joint venture complex
promises to create a number of significant new opportunities for Newcastle
from jobs to leisure activities, as well as tourist attractions. We look
forward to working with the City's people and representatives as the project
moves forward and to creating a dynamic entertainment and leisure complex."
Information on MGM MIRAGE
MGM MIRAGE (NYSE: MGG), one of the world's leading and most respected
hotel and gaming companies, owns and operates 14 casino resorts located in
Nevada, Mississippi, Michigan and Australia, and has investments in two other
casino resorts in Nevada and New Jersey.
The company is headquartered in Las Vegas, Nevada, and offers an unmatched
collection of casino resorts with a limitless range of choices for guests.
Guest satisfaction is paramount, and the company has approximately 43,000
employees committed to that result. Its portfolio of brands include AAA Five
Diamond award-winner Bellagio, MGM Grand Las Vegas -- The City of
Entertainment, The Mirage, Treasure Island, New York -- New York, Boardwalk
Hotel and Casino and 50 percent of Monte Carlo, all located on the Las Vegas
Strip; Whiskey Pete's, Buffalo Bill's, Primm Valley Resort and two
championship golf courses at the California/Nevada state line; the exclusive
Shadow Creek golf course in North Las Vegas; Beau Rivage on the Mississippi
Gulf Coast; and MGM Grand Detroit Casino in Detroit, Michigan.
The Company has entered an agreement to sell Golden Nugget Las Vegas and
Golden Nugget Laughlin pending finalization. The Company is also a 50-percent
owner of Borgata, a destination casino resort at Renaissance Pointe in
Atlantic City, New Jersey. Internationally, MGM MIRAGE owns and operates MGM
Grand Australia in Darwin, Australia, and holds a 25 percent interest in
casino developer Metro Casinos Limited of Great Britain.
For more information about MGM MIRAGE, please visit the company's website
at www.mgmmirage.com .
Information on Newcastle United Football Club
Newcastle United PLC is the holding company for Newcastle United Football
Club, which was formed in 1892. Newcastle United is one of the leading English
Premier League clubs, finishing 3rd and 4th in the Premier League in the past
two seasons and having qualified for European competitions in seven out of the
last ten seasons. The Club's home is St. James' Park, which has recently been
extended and, with a capacity of over 52,000, is the second largest football
stadium in the Premier League.
Newcastle United PLC recently reported record financial results with
turnover of 96.4 million pounds sterling up 36 per cent. and operating profit
before player trading and amortisation up 80 per cent. to 27.6 million pounds
sterling in the year ended 31 July 2003.
Statements in this release which are not historical facts are "forward
looking" statements and "safe harbour statements" under the Private Securities
Litigation Reform Act of 1995 that involve risks and/or uncertainties,
including risks and/or uncertainties as described in the company's public
filings with the Securities and Exchange Commission.
SOURCE MGM MIRAGE