Genting tipped for MGM Mirage alliance
Posted by Gavin Smith on 19 Jun 2009 at 10:06
LAS VEGAS - Casino operator MGM Mirage and the Malaysian gaming group Genting are talking about joining forces.
An MGM source confirmed for GlobeSt.com that Genting recently invested US$200 million in MGM stock and is in discussions "to consider possible marketing relationships, strategic ventures and partnerships with Genting globally”.
Genting's investments were made during MGM Mirage’s recent US$2.5 billion capital raising.
GlobeSt.com’s source said, "This has great potential to be a very powerful alliance.”
Genting has long wanted to be in the gaming business in Macau, according to published reports, and a partnership would give Genting that access while giving MGM access to other Asian markets where Genting has a foothold.
Last month, New Jersey gaming regulators ordered MGM to “disengage” itself from business dealings in Macau with Pansy Ho, saying the daughter of Macau’s richest man, multi-billionaire Stanley Ho, is not a suitable partner.
Genting International, the overseas investment arm of the Genting Group, is developing Resorts World Sentosa in Singapore, a US$4 billion casino and entertainment resort due to open next year.
