It’s No Go Ho for MGM Resorts. Maybe Vietnam will likely be Asia’s first bust that is big community things aren’t looking cheery for the MGM Ho Tram Strip these days ( just for want of the ‘p’ are the jokes on that name maybe not endless).
According to a recent securities and exchange Commission (SEC) filing, MGM Resorts International exercised its right to terminate their agreement to manage the property based for a lack of pre-opening milestones having been achieved as of March 1, 2013. The task is partially owned by Las Vegas-based Pinnacle Entertainment.
Bad Bet
The story began in August of 2011, with Pinnacle investing in a $95 million stake in Asian Coast Development, with Harbinger Capital Partners being the majority owner. Pinnacle had been a 23 percent stakeholder; apparently, that was not a harbinger of good things to come.
By 2012, Pinnacle had already written off $25 million on their investment, caused by delays. A prominent gaming security analyst, Chad Beynon of Macquarie Securities, told investors he expected that Pinnacle could well take even more write-offs on the Vietnamese property.
‘The fact that MGM Hospitality will no longer be associated with this particular project will significantly detract from the success regarding the resort/casino,’ said Beynon in a report that is recent. ‘MGM perhaps not only provided an international brand title, but it was also a significant area of the design and vision of this phase that is first. It remains unclear who’ll Continue reading “Can a witness is got by me? Adelson Heading Back to Court in Breach Case”