Best stocks for the next 30 days: Mandalay Resort Group (MBG) - 500 Beiträge pro Seite

[Madawa]

Mandalay Resort Group (MBG) owns and operates 11 properties in Nevada. Mandalay Resort Group recently announced
that it expects earnings per diluted share for its fiscal first quarter, ending April 30th, to exceed $1.10. Such a result would easily beat the year-ago result of 69 cents and what also top what the consensus was expecting at the time. The company said it continued to achieve strong momentum in revenue per available room on the Las Vegas Strip, at a double-digit clip similar to recent quarters. In March, the company put together a solid fiscal fourth quarter with earnings per diluted share that beat the
consensus by more than +16%. Mandalay Resort Group has enjoyed several upward revisions from analysts of late, and its earnings estimates for the year ending January 2005 advanced by 23 cents, or about +7%, in just the past seven trading days.
With Las Vegas rolling again, investors may want to put some money on this company.

Quelle: Zacks Investment Research

[Mannerl]

die ganzen "Hotelfirmen" in den USA laufen ziemlich gut!
Habe ein paar Station Casinos! Laufen von Hoch zu Hoch!
Anscheinend haben die die Einbrüche ziemlich gut überstanden!

MFG
Mannerl

[Mannerl]

[Mannerl]

Die Analysten von Legg Mason bewerten in ihrer Analyse vom Freitag, 21. Mai 2004 die Aktie von Mandalay Resort Group neu mit dem Rating "Buy". Ein Kursziel geben die Analysten nicht an.

[Mannerl]

LAS VEGAS, June 8 /PRNewswire-FirstCall/ -- MGM MIRAGE today announced that it has extended the expiration of its $68 per share offer to acquire Mandalay Resort Group to 5:00 p.m. PDT, Friday, June 11, 2004.

MGM MIRAGE , one of the world``s leading and most respected hotel and gaming companies, owns and operates 12 casino resorts located in Nevada, Mississippi, Michigan and Australia, and has investments in two other casino resorts in Nevada and New Jersey. The company is headquartered in Las Vegas, Nevada, and offers an unmatched collection of casino resorts with a limitless range of choices for guests. Guest satisfaction is paramount, and the company has approximately 40,000 employees committed to that result. Its portfolio of brands include AAA Five Diamond award-winner Bellagio, MGM Grand Las Vegas - The City of Entertainment, The Mirage, Treasure Island ("TI"), New York-New York, Boardwalk Hotel and Casino and 50 percent of Monte Carlo, all located on the Las Vegas Strip; Whiskey Pete``s, Buffalo Bill``s, Primm Valley Resort and two championship golf courses at the California/Nevada state line; the exclusive Shadow Creek golf course in North Las Vegas; Beau Rivage on the Mississippi Gulf Coast; and MGM Grand Detroit Casino in Detroit, Michigan. The Company is a 50-percent owner of Borgata, a destination casino resort at Renaissance Pointe in Atlantic City, New Jersey. Internationally, MGM MIRAGE also owns a 25 percent interest in Triangle Casino, a local casino in Bristol, United Kingdom. The Company has entered an agreement to sell MGM Grand Australia in Darwin, Australia, pending finalization. For more information about MGM MIRAGE, please visit the company``s website at http://www.mgmmirage.com/.

Statements in this release which are not historical facts are "forward looking" statements and "safe harbor statements" under the Private Securities Litigation Reform Act of 1995 that involve risks and/or uncertainties, including risks and/or uncertainties as described in the company``s public filings with the Securities and Exchange Commission.

MGM MIRAGE

© PR Newswire

[Mannerl]

so wies aussieht hat der Threaderöffner vollkommen recht

[Mannerl]

[Mannerl]

MGM Mirage won`t boost Mandalay bid
By William Spain, CBS.MarketWatch.com
Last Update: 2:38 PM ET June 9, 2004



CHICAGO (CBS.MW) -- Although it gave Mandalay Resort Group a few extra days to respond to its buyout bid, MGM Mirage has no plans to raise the offer, a person familiar with the negotiations said Wednesday.



NEWS FOR MGG
MGM Mirage won`t raise bid for Mandalay
H&R Block, Market, MGM Mirage, ABM, Smithfield Foods
MGM Mirage extends Mandalay deadline
More news for MGG


MGM Mirage (MGG: news, chart, profile) put $68 per share on the table for Mandalay (MBG: news, chart, profile) last week after several days of talks. It originally gave Mandalay until Tuesday evening to answer the "friendly" offer but has extended it through 8 p.m. Eastern time Friday.

The person familiar with the talks confirmed a suggestion earlier in the day by analyst Marc Falcone of Deutsche Bank. In a note to investors, he wrote, "At this point, given that there appear to be no other viable buyers, we see little reason to believe that the offer price moves much higher (if at all)...we don`t see the need for MGG to raise the price against itself or just for the sake of raising the price."

Investors seemed to agree. Shares of Mandalay lost 1.5 percent to $68.85 Wednesday afternoon after bouncing as high as $72.80 earlier in the week on speculation that the offer might be raised or that another bidder might emerge. MGM Mirage was down 28 cents at $47.71.

MGM Mirage`s $7.6 billion proposal, which would create the world`s largest casino gambling company, includes the assumption of $2.8 billion worth of Mandalay debt. See full story.

[Mannerl]

Mandalay Rejects MGM Mirage
By JENNIFER BAYOT and ANDREW ROSS SORKIN

Published: June 12, 2004


he Mandalay Resort Group rejected a $4.5 billion takeover offer from MGM Mirage yesterday, saying there was too great a risk that the deal would not go through.

Mandalay, which owns and operates 11 hotels and casinos in Nevada, said that MGM Mirage, the resort empire owned by Kirk Kerkorian, was balking at doing whatever it might take to persuade regulators to approve the acquisition and that it was trying to tie up Mandalay`s business for 15 months.

Formal talks between the companies opened after MGM Mirage made an unsolicited bid last week of $68 a share, a 13 percent premium to Mandalay`s stock at the time. While executives close to the talks said MGM Mirage was willing to raise its bid to $69 a share, it was not willing to shed any properties on the Las Vegas Strip, as federal and state regulators might demand.

A combination of MGM Mirage and Mandalay would have created the largest gambling company in the world. It would have controlled 11 establishments on the Strip with more than half of the estimated 80,000 hotel rooms there.

"MGM was simply unwilling to accept the risk that regulators would require any divestitures or other regulatory fixes," said Glenn W. Schaeffer, Mandalay`s president and chief financial officer.

"At the outset, we were crystal clear that any points of regulatory risk belonged to MGM Mirage, not to our shareholders," he added. "If there were any regulatory issues to be solved, they would solve them."

MGM Mirage declined to comment.

Mandalay also objected to provisions in MGM Mirage`s latest proposal. Mr. Schaeffer of Mandalay said the revised version, faxed at 2 a.m. yesterday, raised the odds that the deal would fail and tied the company`s hands in the meantime.

The proposal would have allowed MGM Mirage to withdraw its offer after 15 months by paying Mandalay $100 million, people close to the talks said.

Mr. Schaeffer saw the option as not only an easy out for MGM Mirage but also a costly curb on Mandalay`s operations. While waiting for an acquisition`s approval and completion, Mr. Schaeffer said, Mandalay could hardly grow as aggressively as it might like. And at the end of it all, MGM Mirage could break the deal for $100 million.

"Somehow an offer to buy our shares now morphed into an option to buy the company in 15 months," Mr. Schaeffer said. "And the option itself would freeze or severely constrain our company."

"They wanted us to hold in place while they decided whether to buy: `Don`t grow. We`ll get back to you.` "

The companies had been in merger talks before MGM Mirage went public with its $68-a-share offer last week, executives involved in the discussions said. But Mandalay`s stock price jumped more than 10 percent on June 4 after it reported a day earlier that its earnings for the first quarter nearly doubled. The stock movement added more than $400 million to the price of the deal. MGM Mirage would have also assumed $2.8 billion in debt.

Investors appeared to anticipate a higher offer, driving shares of Mandalay to $70.23 on Monday. They closed at $68.42 on Thursday; the markets were closed yesterday because of the funeral of former President Ronald Reagan.

But, for the deal, price was not the determining factor in the end.

[Mannerl]

Mandalay Rejects Offer From MGM Mirage
Mandalay Resort Group Rejects MGM Mirage`s $4.85 Billion Cash Buyout Offer

The Associated Press



LAS VEGAS June 12, 2004 — Mandalay Resort Group rejected MGM Mirage Inc.`s $4.85 billion cash buyout offer that would have created the largest casino company in the world, saying Friday that the $68 per share bid was insufficient.
"The terms of the MGM Mirage proposal asked Mandalay shareholders to bear a far disproportionate share of the risk. It is not in the best interest of Mandalay shareholders," Glenn Schaeffer, president and chief financial officer of Mandalay Resort Group, said in a statement.









A week of intense negotiations stalled Thursday when MGM Mirage declined to raise its offer, but a source close the negotiations said the "deal killer" was an early morning e-mail sent Friday to Mandalay from MGM Mirage requesting a 15-month option to pull out of the deal.

During that time, Mandalay would be prevented from making any financial or strategic moves, the source said. MGM Mirage would have reportedly paid a $100 million breakup fee if the deal didn`t close in 15 months.

Mandalay`s board met and voted against the proposal early Friday. The company was also concerned because of regulatory issues that could force the possible selling off of casino properties, which would effect the economics of the deal.

A spokesman with MGM Mirage could not immediately be reached for comment.

MGM, whose properties include the MGM Grand Hotel and Casino and Bellagio, surprised the market by going public with the offer June 4 amid friendly, but unsolicited talks with Mandalay.

Investors sent Mandalay shares surging, in anticipation of a better offer, from MGM or another bidder, but neither surfaced.

Mandalay owns and operates 11 casinos in Nevada, including Luxor and Circus Circus. The blockbuster combination would have given MGM Mirage control of 10 properties on the famous Las Vegas Strip, owning about half the 73,000 hotel rooms of the world`s premier gambling market. The company would surpass rivals Harrah`s Entertainment and Caesars Entertainment, with more than $6 billion in revenues.

Experts had questioned the considerable influence MGM Mirage would have wielded under the deal.

"Too much pricing power puts consumers at significant disadvantage and MGM Mirage could intimidate smaller competitors," said Bill Eadington, an economics professor who directs the Institute for the Study of Gaming at the University of Nevada, Reno.

Marc Falcone, a Deutsche Bank gambling analyst in New York, said the last-minute MGM Mirage request for a 15-month option would have prevented Mandalay from building a property or merging with another casino. Falcone said the regulatory issues were also a concern.

"Wall Street completely discounted any potential regulatory risk," Falcone said. "But it was by no means a certainty that the regulators would or would not require any asset sales on the basis of concentration issues in Las Vegas."

In rejecting the offer, Schaeffer said, "Mandalay`s earnings power is on a decided upswing, represented by a string of record quarterly results. Our track record for expansion, innovation and strong profit margins speaks well for our strong future."

Last week, Mandalay reported that first quarter earnings almost doubled to $87.3 million, as revenues rose 18 percent, surpassing analysts expectations.

Analysts speculated that the bidding for Mandalay could reach as high as $80 per share. But once it was disclosed that the $68 per share offer came at the end of friendly, but unsolicited negotiations, analysts revised and sharply lowered their estimates.

Mandalay` stock traded at $68.42 Thursday, slightly above MGM`s offering price and off a recent high of $70.23 hit Monday. MGM Mirage`s stock closed at $47.60 Thursday on the New York Stock Exchange. U.S. markets were closed Friday in observance of the national day of mourning for President Reagan.

MGM Mirage owns or operates 12 casinos in Nevada, New Jersey, Mississippi, Michigan and Australia, and has investments in two other resorts in Nevada and New Jersey. It has a 25 percent interest in British casino developer Metro Casinos Ltd.

Mandalay Resort Group has about 15,000 rooms on the Strip. It has ownership in other properties in Nevada, Illinois and Michigan, and owns a hotel-casino in Tunica County, Miss.


On the Net:

MGM Mirage Inc.:

Mandalay Resort Group Inc:



Copyright 2004 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

[Mannerl]

MGM bietet 4,85 Mrd. Dollar für Konkurrenten Mandalay Resort Group

Der drittgrößte Casino-Betreiber der USA, die MGM Mirage Inc., hat am Wochenende ein Übernahmeangebot für den Konkurrenten Mandalay Resort Group, die Nummer vier auf dem US-Markt, abgegeben. Demnach bietet MGM 4,85 Mrd. Dollar und die Übernahme von Schulden im Wert von 2,8 Mrd. Dollar, was ein Gesamtangebot von 7,65 Mrd. Dollar ergibt.

Für die Aktionäre von Mandalay ergibt sich daraus ein Preis von 68 Dollar je Aktie, welcher in bar gezahlt werden soll. Im Vergleich zum Schlusskurs vom Freitag entspricht dies einer Prämie von ca. 13 Prozent.

Der neue Konzern würde der größte Casino-Betreiber der USA sein, rund ein Drittel der Spiel-Meile "Las Vegas Strip" besitzen und jährlich ca. 6 Mrd. Dollar an Umsatz generieren.

Die MGM-Aktie notierte am Freitag bei 46,03 Dollar, während Mandalay 60,27 Dollar kosteten.

[Mannerl]

MGM Mirage und Mandalay setzen Fusionsverhandlungen fort



Wie die "New York Times" am Montag berichtet, hat der Casino-Betreiber MGM Mirage Inc. seine Übernahmegespräche mit der Mandalay Resort Group fortgesetzt, wobei man sich einem Vertragsabschluss zu nähern scheint.

Der Zeitung zufolge hat MGM Mirage sein Angebot von ursprünglich 68 Dollar pro Mandalay-Aktie auf 72 Dollar pro Aktie erhöht und sich darüber hinaus bereit erklärt, einige Immobilien in Las Vegas zu verkaufen, falls dies von Regulierungsbehörden gefordert würde.

Nach Angaben des "Wall Street Journal" stehen die beiden Unternehmen kurz vor einer Transaktion, welche die Übernahme von Mandalay-Verbindlichkeiten in Höhe von 2,8 Mrd. Dollar vorsieht. Zudem, so die Zeitung in ihrer jüngsten Ausgabe, soll die Übernahme innerhalb von zwölf Monaten abgeschlossen sein.

Am vergangenen Freitag hat Mandalay das MGM-Angebot in Höhe von 4,95 Mrd. Dollar abgelehnt, da man das Risiko eines Scheiterns der Transaktion durch die Behörden übernehmen sollte.

Die Aktie von MGM Mirage schloss am Freitag an der NYSE bei 47,60 Dollar, die der Mandalay Resort Group bei 68,42 Dollar.

[Mannerl]

Mandalay stimmt Übernahme durch MGM Mirage zu
Mittwoch 16. Juni 2004, 09:54 Uhr

- von Peter Henderson und Tom Johnson -
Los Angeles, 16. Jun (Reuters) - Das Board des Spielkasino-Betreibers Mandalay Resort Group hat dem milliardenschweren Übernahmeangebot des größeren Konkurrenten MGM Mirage (NYSE: MGG - Nachrichten) zugestimmt. Mit dem Zusammengehen der beiden US-Unternehmen entsteht der weltgrößte Kasinobetreiber.

"Wir haben eine Vereinbarung", sagte Mandalay-Präsident Anzeige

und Finanzchef Glenn Schaeffer am Dienstag nach siebenstündigen Beratungen des Boards der Nachrichtenagentur Reuters. Das Übernahmeangebot umfasst fast acht Milliarden Dollar, davon 4,8 Milliarden Dollar in Aktien. Die Fusion soll nach Angaben aus mit den Verhandlungen vertrauten Kreisen bis Ende des ersten Quartals 2005 abgeschlossen sein. Auch das MGM-Board habe das Übernahmeangebot abgesegnet, verlautete aus mit der Situation vertrauten Kreisen.

MGM Mirage wird zusätzlich zu den gebotenen 71 Dollar pro Aktie 2,5 Milliarden Dollar Schulden von Mandalay sowie 600 Millionen Dollar wandelbare Schuldverschreibungen übernehmen. Im Vorfeld der erwarteten Fusion hatten die Aktienkurse beider Unternehmen am Dienstag zugelegt.

Bislang ist MGM die Nummer Drei und Mandalay die Nummer Vier der Branche. Nach einem Zusammenschluss gehört ein Drittel aller Kasinos sowie rund die Hälfte aller Hotelzimmer von Las Vegas zu MGM. Trotz der künftigen Dominanz in der Stadt der Glücksspiele erwartet MGM nach Einschätzung zahlreicher Analysten zu Recht die Zustimmung der Kartellbehörden. Die Konkurrenz sei stark genug, sagte J. Cogan von Banc of America Securities. MGM werde zwar Las Vegas, nicht aber den gesamten Kasinomarkt dominieren. Im nahe gelegenen Kalifornien ist der Markt für Glücksspiele annähernd so groß wie in Las Vegas im US-Bundesstaat Nevada.

ast/kes

[Mannerl]

Weltgrößte Kasinobetreiber entsteht

MGM Mirage hat Mandalay geschluckt


Das Board des Spielkasino-Betreibers Mandalay Resort Group hat dem milliardenschweren Übernahmeangebot des größeren Konkurrenten MGM Mirage zugestimmt. Mit dem Zusammengehen der beiden US-Unternehmen entsteht der weltgrößte Kasinobetreiber.

HB LAS VEGAS. Der amerikanische Spielkasinokonzern MGM Mirage hat ein definitives Abkommen zur Übernahme des Las-Vegas-Konkurrenten Mandalay Resort Group für insgesamt 7,9 Mrd. Dollar (6,5 Mrd Euro) abgeschlossen. MGM wird mit einem Umsatz von 6,5 Mrd. Dollar, mehr als 70 000 Mitarbeitern sowie 25 großen Spielkasinos und Hotels zum weltgrößten Spielkasino-Unternehmen, gaben die beiden Unternehmen am Mittwoch bekannt.

Kirk Kerkorian (87), der Milliardär und Mehrheitsaktionär von MGM Mirage, wird damit zum neuen Spielkasino-König von Las Vegas. Bisher lagen MGM Mirage und Mandalay auf Platz drei und Platz vier der Spielkasinofirmen-Rangliste. Spitzenreiter waren bisher Caesars Entertainment und Harrah`s Entertainment.

MGM Mirage zahlt den Mandalay-Aktionären 71 Dollar je Aktie oder 4,8 Mrd. Dollar in bar. Hinzu kommen die übernahme von rund 2,5 Mrd. Dollar an Mandalay-Schulden sowie 0,6 Mrd. Dollar an Wandelschuldverschreibungen. Der Gesamtwert der Transaktion beträgt damit 7,9 Mrd. Dollar.

Mandalay hatte am vergangenen Freitag das Erstangebot von 68 Dollar je Aktie abgelehnt, das auch die Übernahme von 2,8 Mrd. Dollar an Mandalay-Schulden vorgesehen hatte. Zu den wichtigsten Spielkasinos des zusammengeschlossenen Unternehmens gehören Bellagio, MGM Grand Las Vegas, The Mirage, Mandalay Bay und Circus Circus. Mandalay bringt auch das fünftgrößte amerikanische Tagungszentrum ein, das sich in Las Vegas befindet. „Der Kauf schafft die global führende Spielkasino- und Unterhaltungsfirma“, betonte Terry Lanni, der MGM-Mirage-Chef. Die Mandalay-Objekte ergänzen nach seinen Angaben die seines Unternehmens.

Die Mandalay-Aktionäre und die Aufsichtsbehörden müssen noch ihre Zustimmung geben. Die Transaktion soll im ersten Quartal 2005 über die Bühne gehen. Sie wird den Gewinne von MGM Mirage sofort steigern. Die Wettbewerbshüter werden mit Sicherheit die Transaktion wegen der geballten Schlagkraft des zusammengeschlossenen Unternehmens in Las Vegas ganz genau unter die Lupe nehmen.

MGM Mirage wird nämlich nach dem Mandalay-Kauf etwa die Hälfte der 72 000 Hotelzimmer auf dem Las Vegas Strip kontrollieren, der Hauptstraße des weltgrößten Spielerparadieses. Die Gesellschaft besitzt dann auch ein Drittel der dortigen Spielkasinos. MGM Mirage wird aber auch über Spielkasinos in Atlantic City (New Jersey) und mehreren anderen US-Bundesstaaten sowie in Australien und Großbritannien verfügen.

[Mannerl]

Casino deal is jackpot for chief of Mandalay
Andrew Ross Sorkin NYT Thursday, June 17, 2004
He pushed MGM to pay millions more

The biggest casino deal in history, struck late Tuesday night between Mandalay Resort Group and MGM Mirage, is a major win for Mandalay and its chairman, Michael Ensign.
.
MGM`s $4.8 billion purchase, which was approved by Mandalay`s board late Tuesday night, brings together some of the most celebrated properties in Las Vegas including the Bellagio, MGM Grand, Mirage, Mandalay Bay, Luxor, Excalibur and Treasure Island, as well as hotels and casinos in Mississippi, Illinois, Michigan and New Jersey.
.
"We are clearly bullish on Las Vegas and its potential, and believe the combination will better position us to meet the needs of a broad range of customers in an increasingly competitive regional and national gaming marketplace," said James Murren, president and chief financial officer of MGM Mirage.
.
The deal is likely to face tough scrutiny from regulators, and the combined company could be forced to sell some of its prized properties in order to gain approval.
.
Still, the deal is a major win for Mandalay and Ensign, who successfully pushed MGM to pay $400 million more for the company than it originally intended to bid. "We believe this outstanding combination delivers the full value of our franchise to our shareholders and creates growth opportunities for Mandalay employees," Ensign said in a statement.
.
Negotiating the deal was a real-life poker match, with both sides dramatically bluffing and upping the ante over nearly a three-week stretch.
.
The talks between MGM and Mandalay, which began in secret, hit their first bump two weeks ago, when Mandalay`s stock started increasing after it reported better-than-expected earnings and word of a possible deal leaked out.
.
MGM, controlled by the 87-year-old financier Kirk Kerkorian, issued a rushed news release making its $68-a-share offer public in an effort to keep Mandalay`s stock from jumping even higher. But it did not have its intended effect; the stock went as high as $72.80. In New York on Wednesday afternoon, it was trading at $67.94.
.
Still, MGM and Mandalay continued to negotiate, and MGM raised its bid to $69, the executives said, hoping to persuade Mandalay to approve a deal by last Friday night.
.
But those discussions came to an abrupt halt late Friday when Mandalay issued a statement rejecting the offer and complaining that the terms put too much risk on Mandalay in case regulators sought to force the combined company to shed properties to receive approval for the transaction.
.
With the deal seemingly dead, MGM returned over the weekend with a new offer of $71 a share and a guarantee that it would do whatever it took to receive regulatory approval - including, if need be, selling certain hotels. With that promise in hand, it appeared late Sunday night that a deal had been reached.
.
But then there was another hitch: Neither company`s board had approved the transaction, so Mandalay refused to put out a statement saying a deal was in the offing.
.
The next morning, MGM released a statement saying that a deal had been reached in principle and that the boards of both companies would meet on Tuesday. Mandalay put out a nearly identical statement, with one notable exception: it refused to say that anything had been agreed on, only that it would meet to consider the bid. Late Tuesday night, it finally said yes.
.
The New York Times



See more of the world that matters - click here for home delivery of the International Herald Tribune.
< < Back to Start of Article He pushed MGM to pay millions more

The biggest casino deal in history, struck late Tuesday night between Mandalay Resort Group and MGM Mirage, is a major win for Mandalay and its chairman, Michael Ensign.
.
MGM`s $4.8 billion purchase, which was approved by Mandalay`s board late Tuesday night, brings together some of the most celebrated properties in Las Vegas including the Bellagio, MGM Grand, Mirage, Mandalay Bay, Luxor, Excalibur and Treasure Island, as well as hotels and casinos in Mississippi, Illinois, Michigan and New Jersey.
.
"We are clearly bullish on Las Vegas and its potential, and believe the combination will better position us to meet the needs of a broad range of customers in an increasingly competitive regional and national gaming marketplace," said James Murren, president and chief financial officer of MGM Mirage.
.
The deal is likely to face tough scrutiny from regulators, and the combined company could be forced to sell some of its prized properties in order to gain approval.
.
Still, the deal is a major win for Mandalay and Ensign, who successfully pushed MGM to pay $400 million more for the company than it originally intended to bid. "We believe this outstanding combination delivers the full value of our franchise to our shareholders and creates growth opportunities for Mandalay employees," Ensign said in a statement.
.
Negotiating the deal was a real-life poker match, with both sides dramatically bluffing and upping the ante over nearly a three-week stretch.
.
The talks between MGM and Mandalay, which began in secret, hit their first bump two weeks ago, when Mandalay`s stock started increasing after it reported better-than-expected earnings and word of a possible deal leaked out.
.
MGM, controlled by the 87-year-old financier Kirk Kerkorian, issued a rushed news release making its $68-a-share offer public in an effort to keep Mandalay`s stock from jumping even higher. But it did not have its intended effect; the stock went as high as $72.80. In New York on Wednesday afternoon, it was trading at $67.94.
.
Still, MGM and Mandalay continued to negotiate, and MGM raised its bid to $69, the executives said, hoping to persuade Mandalay to approve a deal by last Friday night.
.
But those discussions came to an abrupt halt late Friday when Mandalay issued a statement rejecting the offer and complaining that the terms put too much risk on Mandalay in case regulators sought to force the combined company to shed properties to receive approval for the transaction.
.
With the deal seemingly dead, MGM returned over the weekend with a new offer of $71 a share and a guarantee that it would do whatever it took to receive regulatory approval - including, if need be, selling certain hotels. With that promise in hand, it appeared late Sunday night that a deal had been reached.
.
But then there was another hitch: Neither company`s board had approved the transaction, so Mandalay refused to put out a statement saying a deal was in the offing.
.
The next morning, MGM released a statement saying that a deal had been reached in principle and that the boards of both companies would meet on Tuesday. Mandalay put out a nearly identical statement, with one notable exception: it refused to say that anything had been agreed on, only that it would meet to consider the bid. Late Tuesday night, it finally said yes.
.
The New York Times He pushed MGM to pay millions more

The biggest casino deal in history, struck late Tuesday night between Mandalay Resort Group and MGM Mirage, is a major win for Mandalay and its chairman, Michael Ensign.
.
MGM`s $4.8 billion purchase, which was approved by Mandalay`s board late Tuesday night, brings together some of the most celebrated properties in Las Vegas including the Bellagio, MGM Grand, Mirage, Mandalay Bay, Luxor, Excalibur and Treasure Island, as well as hotels and casinos in Mississippi, Illinois, Michigan and New Jersey.
.
"We are clearly bullish on Las Vegas and its potential, and believe the combination will better position us to meet the needs of a broad range of customers in an increasingly competitive regional and national gaming marketplace," said James Murren, president and chief financial officer of MGM Mirage.
.
The deal is likely to face tough scrutiny from regulators, and the combined company could be forced to sell some of its prized properties in order to gain approval.
.
Still, the deal is a major win for Mandalay and Ensign, who successfully pushed MGM to pay $400 million more for the company than it originally intended to bid. "We believe this outstanding combination delivers the full value of our franchise to our shareholders and creates growth opportunities for Mandalay employees," Ensign said in a statement.
.
Negotiating the deal was a real-life poker match, with both sides dramatically bluffing and upping the ante over nearly a three-week stretch.
.
The talks between MGM and Mandalay, which began in secret, hit their first bump two weeks ago, when Mandalay`s stock started increasing after it reported better-than-expected earnings and word of a possible deal leaked out.
.
MGM, controlled by the 87-year-old financier Kirk Kerkorian, issued a rushed news release making its $68-a-share offer public in an effort to keep Mandalay`s stock from jumping even higher. But it did not have its intended effect; the stock went as high as $72.80. In New York on Wednesday afternoon, it was trading at $67.94.
.
Still, MGM and Mandalay continued to negotiate, and MGM raised its bid to $69, the executives said, hoping to persuade Mandalay to approve a deal by last Friday night.
.
But those discussions came to an abrupt halt late Friday when Mandalay issued a statement rejecting the offer and complaining that the terms put too much risk on Mandalay in case regulators sought to force the combined company to shed properties to receive approval for the transaction.
.
With the deal seemingly dead, MGM returned over the weekend with a new offer of $71 a share and a guarantee that it would do whatever it took to receive regulatory approval - including, if need be, selling certain hotels. With that promise in hand, it appeared late Sunday night that a deal had been reached.
.
But then there was another hitch: Neither company`s board had approved the transaction, so Mandalay refused to put out a statement saying a deal was in the offing.
.
The next morning, MGM released a statement saying that a deal had been reached in principle and that the boards of both companies would meet on Tuesday. Mandalay put out a nearly identical statement, with one notable exception: it refused to say that anything had been agreed on, only that it would meet to consider the bid. Late Tuesday night, it finally said yes.
.
The New York Times He pushed MGM to pay millions more

The biggest casino deal in history, struck late Tuesday night between Mandalay Resort Group and MGM Mirage, is a major win for Mandalay and its chairman, Michael Ensign.
.
MGM`s $4.8 billion purchase, which was approved by Mandalay`s board late Tuesday night, brings together some of the most celebrated properties in Las Vegas including the Bellagio, MGM Grand, Mirage, Mandalay Bay, Luxor, Excalibur and Treasure Island, as well as hotels and casinos in Mississippi, Illinois, Michigan and New Jersey.
.
"We are clearly bullish on Las Vegas and its potential, and believe the combination will better position us to meet the needs of a broad range of customers in an increasingly competitive regional and national gaming marketplace," said James Murren, president and chief financial officer of MGM Mirage.
.
The deal is likely to face tough scrutiny from regulators, and the combined company could be forced to sell some of its prized properties in order to gain approval.
.
Still, the deal is a major win for Mandalay and Ensign, who successfully pushed MGM to pay $400 million more for the company than it originally intended to bid. "We believe this outstanding combination delivers the full value of our franchise to our shareholders and creates growth opportunities for Mandalay employees," Ensign said in a statement.
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Negotiating the deal was a real-life poker match, with both sides dramatically bluffing and upping the ante over nearly a three-week stretch.
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The talks between MGM and Mandalay, which began in secret, hit their first bump two weeks ago, when Mandalay`s stock started increasing after it reported better-than-expected earnings and word of a possible deal leaked out.
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MGM, controlled by the 87-year-old financier Kirk Kerkorian, issued a rushed news release making its $68-a-share offer public in an effort to keep Mandalay`s stock from jumping even higher. But it did not have its intended effect; the stock went as high as $72.80. In New York on Wednesday afternoon, it was trading at $67.94.
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Still, MGM and Mandalay continued to negotiate, and MGM raised its bid to $69, the executives said, hoping to persuade Mandalay to approve a deal by last Friday night.
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But those discussions came to an abrupt halt late Friday when Mandalay issued a statement rejecting the offer and complaining that the terms put too much risk on Mandalay in case regulators sought to force the combined company to shed properties to receive approval for the transaction.
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With the deal seemingly dead, MGM returned over the weekend with a new offer of $71 a share and a guarantee that it would do whatever it took to receive regulatory approval - including, if need be, selling certain hotels. With that promise in hand, it appeared late Sunday night that a deal had been reached.
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But then there was another hitch: Neither company`s board had approved the transaction, so Mandalay refused to put out a statement saying a deal was in the offing.
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The next morning, MGM released a statement saying that a deal had been reached in principle and that the boards of both companies would meet on Tuesday. Mandalay put out a nearly identical statement, with one notable exception: it refused to say that anything had been agreed on, only that it would meet to consider the bid. Late Tuesday night, it finally said yes.
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The New York Times

[Mannerl]

Mandalay

LAS VEGAS, June 22 announced that it has postponed its annual meeting of stockholders in order to include for consideration at the annual meeting the Merger Agreement among Mandalay, MGM Mirage and a subsidiary of MGM Mirage. The annual meeting was originally scheduled to be held on Tuesday, July 6, 2004. Mandalay will set a new record date and provide additional information with respect to the annual meeting in a revised proxy statement to be filed with the Securities and Exchange Commission and distributed to stockholders.

Mandalay Resort Group owns and operates 11 properties in Nevada: Mandalay Bay, Luxor, Excalibur, Circus Circus, and Slots-A-Fun in Las Vegas; Circus Circus -- Reno; Colorado Belle and Edgewater in Laughlin; Gold Strike and Nevada Landing in Jean and Railroad Pass in Henderson. The company also owns and operates Gold Strike, a hotel/casino in Tunica County, Mississippi. The company owns a 50% interest in Silver Legacy in Reno, and owns a 50% interest in and operates Monte Carlo in Las Vegas. In addition, the company owns a 50% interest in and operates Grand Victoria, a riverboat in Elgin, Illinois, and owns a 53.5% interest in and operates MotorCity in Detroit, Michigan.

[Mannerl]

Us Hotelketten haben etwas...



Mandalay Resort Group (MBG:NYSE - news - research) said strong results at its core Las Vegas operations drove second-quarter earnings sharply higher from a year ago.

The hotel and casino operator said after the bell Thursday that it posted second-quarter net income of $58.2 million, or 85 cents a share, up from the $42.3 million, or 67 cents a share, it had in the year-ago quarter.

Second-quarter results were hurt by a 20% increase in health care costs, lower table win at its Mandalay Bay flagship in Las Vegas, as well as a drop in business travel, the company said.

"Despite the absence of a strong convention component for this quarter, Mandalay still performed impressively, delivering all-time record results for its second quarter by a distance," noted Glenn Schaeffer, the company`s president and CFO.

The company`s quarter includes a number of items, so Wall Street`s estimate of a second-quarter profit of $1.03 a share is not immediately comparable with the 85 cents Mandalay earned. The casino operator generated $713.8 million in revenue during the quarter, topping the $702.5 million expected by Wall Street, and up 11% from last year.

Ahead of the company`s earnings release, shares of the company rose 13 cents, or 0.2%, to $67.85, but were lately off 33 cents, or 0.5%, to $67.52 after hours.

[Mannerl]

Mandalay steigert Gewinn um 38 Prozent, verfehlt jedoch Erwartungen

Die Mandalay Resort Group (Nachrichten), der viertgrößte Kasinobetreiber in den USA, meldete am Donnerstag, dass sie im zweiten Quartal einen Gewinnanstieg von 38 Prozent erzielt hat, die Erwartungen der Analysten jedoch trotzdem verfehlt hat, was u.a. auf hohe Gesundheitskosten zurückgeführt wird.

Der Konzern, der einer Übernahme durch den größeren Konkurrenten MGM Mirage Inc. zugestimmt hat, wies demnach einen Nettogewinn von 58,2 Mio. Dollar bzw. 85 Cents pro Aktie aus, nachdem im Vorjahr ein Überschuss von 42,3 Mio. Dollar bzw. 67 Cents pro Aktie erzielt wurde. Analysten hatten jedoch mit einem Gewinn von 1,03 Dollar pro Aktie erwartet.

Der Gesamtumsatz belief sich im Berichtszeitraum auf 713,8 Mio. Dollar im Vergleich zu 644,8 Mio. Dollar im Vorjahr. Analysten gingen im Vorfeld von einem Umsatz von 702,5 Mio. Dollar aus.

Für das laufende dritte Quartal prognostizieren Analysten ein EPS-Ergebnis von 92 Cents bei Erlösen von 677,7 Mio. Dollar.

Durch die im Juni angekündigte, 4,8 Mrd. Dollar schwere Fusion von Mandalay und MGM Mirage wäre der größte US-Kasinobetreiber entstanden. Jedoch wurde einen Monat später bekannt, dass der Marktführer Caesars Entertainment Inc. der Übernahme durch die Harrah`s Entertainment Inc., die Nummer zwei auf dem US-Markt, zugestimmt hat.