Two Way Hard Three | Las Vegas Casino & Design Blog

May 10, 2006

MGM Mirage Shareholder Meeting

Posted by detroit1051

The Las Vegas Review Journal reports on MGM Mirage's Annual Meeting. Terry Lanni made it sound almost certain that MGM will develop a CityCenter East in Atlantic City.

The most interesting comment was probably meant to be a joke, but if I were Steve Wynn, I'd be watching my back. Here is his quote:

"Lanni conceded Wynn has been ahead of MGM Mirage in Macau, but he said the time advantage will be short-lived.
"And who knows, next year we might even have the annual meeting at Wynn," he said."

To read the RJ's article:

MGM Annual Shareholders Meeting

The RJ also has photos of Boardwalk's implosion:

Boardwalk Razed


Read archived comments (5 so far)
May 10, 2006 6:34 AM Posted by Brian Fey

If anyone should be watching their back, it should be MGM, cause Wynn is taking their high end customers as fast, as MGM can find new ones. The revenue numbers for Wynn speak for themselves. Bellagio didn't match the revenue numbers of Wynn until they added the additon 1000 rooms in the new spa tower. MGM should stick with what they know. Wynn is going to kick their ass in Macau, and single property over single property, and room over room, Wynn will do the same in Vegas. That comment was rude, and uncalled for. That just shows the class, or MGM and their company. The only good thing MGM has is Bobby Baldwin, a master taught by the best, Wynn. And they did buy some more talent from the Mandalay Group. MGM has only gotten great properties and talent by one way, buying them. Without buying what they have, they would have nothing.

May 10, 2006 7:42 AM Posted by detroit1051

Brian, thinking about that comment, I wonder if it was innocent. Could Lanni have meant that maybe next year's MGM meeting would be held at Wynn Macau given MGM's Macau property won't be open until the end of 2007?

It's interesting how casino marketing departments work. I used to stay at Bellagio on almost all trips until Wynn opened. Now that I have "defected" to Wynn, the level of my offerings from Bellagio have diminished. They still want my business, but an offer of a Bellagio Suite in the past is now a deluxe room.

May 11, 2006 5:28 AM Posted by Brian Fey

Detroit, I suppose anything is possible, but keep in mind, he said that after shareholders during the Q&A session of the meeting, expressed concern and unhappiness, about how poorly MGM stock has perfomed when compared to Wynn. I think he was annoyed, and bothered, and this was not spoken in a positive nature, I took it as being very derogatory. I could be wrong, as I was not there, and only got what I read. I wish the big 4 would do there annual meetings all during the same week, and then I would attend them all at once, as I own, WYNN, MGM, LVS, & HET. But I don't see that happening anytime soon!

May 11, 2006 7:26 PM Posted by devon

what if mgmmirage were to buy wynn! what an interesting and crazy plan! what would wynn do?

May 15, 2006 9:50 PM Posted by Hunter

While of course anything is possible, Steve Wynn was very careful this time to setup his company in a way that would be VERY hard to stage a corporate takeover.