Gaming briefs for July 14, 2004

Wednesday, July 14, 2004 | 11:12 a.m.

Casino giant plans to repurchase 10 million shares

MGM MIRAGE, the No. 3 U.S. casino company whose properties include MGM Grand and the Bellagio, plans to repurchase as many as 10 million shares of its stock.

The company, which bought back 5 million shares during the second quarter, will make the purchases in the open market or through private transactions, MGM MIRAGE said today in a statement. The company had about 142 million shares outstanding as of May 5.

MGM MIRAGE, controlled by billionaire Kirk Kerkorian, is selling shares after announcing plans earlier this year to buy Mandalay Resort Group for $4.8 billion. MGM MIRAGE Chief Financial Officer James Murren has said the purchase will be financed with bank loans and possibly bonds and equity.

Shares of MGM MIRAGE fell 5 cents to $43.35 as of 9:39 a.m. in New York Stock Exchange composite trading. They had risen 15 percent this year.

Firm opens Atlantic City office

Las Vegas architecture firm Paul Steelman Design Group has opened a branch office in Atlantic City to provide better service to existing customers on the East Coast as well as position the firm to develop business in emerging casino markets in the East.

The Atlantic City office is expected to employ up to 35 people.

The company has satellite offices in Macau and Oakland, Calif.

Proposal includes theme park

SINGAPORE -- Singapore today offered a glimpse at plans for a proposed gambling and entertainment complex, including hotels, a convention center, and a theme park to rival Hong Kong's soon-to-open Disneyland.

Calling the development that will likely be located on southern Sentosa island Singapore's "Integrated Entertainment Center," Minister of State for Trade and Industry Vivian Balakrishnan said it would be a "distinctive, world-class development with a comprehensive range of amenities."

Singapore officials have been meeting Las Vegas and Macau casino operators over the past few months, following an announcement in March that it was looking to build a casino.

Las Vegas casino resort giants MGM MIRAGE, Harrah's Entertainment Inc. and Venetian owner Las Vegas Sands have all expressed interest in the Singapore proposal.