U.K. Retreats on Gaming Reform
Last April, MGM Mirage announced a deal with Peel Holdings PLC to develop gambling and entertainment complexes in four cities: Liverpool, Manchester, Salford and Glasgow. That followed an announcement in February that the company would team with British Land Co. and spend between $364 million and $455 million on a casino next to the Meadowhall Shopping Center in Sheffield. In October of 2003, MGM Mirage said it would partner with Earls Court and Olympia Group to build a $255 million casino in London's Olympia Exhibition Centre.
Meanwhile, Caesars Entertainment (CZR), which is being acquired by Harrah's, last October announced plans for a $600 million gambling and entertainment complex next to London's Wembley Stadium.
And Bahamas-based Kerzner International (KZL) has plans to develop three casino resorts around the U.K.
Casino stocks were mixed Wednesday. Harrah's slid 14 cents, or 0.2%, to $63.86, while Kerzner fell 79 cents, or 1.3%, to $60.38. But Caesars gained 6 cents, or 0.3%, to $19.57; MGM Mirage rose 61 cents, or 0.9%, to $70.58; and Mandalay Resort Group inched up 3 cents, or 0.04%, to $70.53.
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