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Gaming giant withdraws offer for Illinois casino

Tuesday, June 4, 2002 | 11:08 a.m.

MGM MIRAGE of Las Vegas withdrew its proposal to acquire Emerald Casino because of actions by the Illinois Legislature to increase the state's gaming tax.

The move makes the acquisition "uneconomic," MGM said in a statement Monday.

"We believe that our development efforts should focus on jurisdictions which offer a stable and reasonable tax environment," the company added.

Though MGM cited the tax hike for the withdrawal of its offer, the Emerald plan has been mired in controversy in Illinois.

Critics, including the state attorney general, have vowed to block any sale of the Emerald license that would give Emerald holders a profit. That's because of charges Emerald executives lied to regulators as well as accusations of mob ties to the casino license.

MGM had hoped to buy the license and build a new casino in the Chicago suburb of Rosemont.

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