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June 10, 2009

Genting Takes Stake in MGM Mirage

Posted by Hunter

There have been rumblings about this relationship for the past few weeks, some in the context of MGM perhaps unloading Macau assets.

It was announced that Malaysian company Genting has taken a 3.2 percent stake in Las Vegas based MGM Mirage.

Genting is building a casino resort in Singapore.


Read archived comments (2 so far)
June 10, 2009 2:18 PM Posted by parchedearth

I'm not sure what we can read into this. The ownership stake isn't big enough to get a say in the operation of MGM. This could be good faith money to let MGM know they are interested in a deal.

I think its just as likely that Genting wants MGM's help in Singapore (e.g. co-branding) as it is they would buy out MGM in Macau.

June 11, 2009 4:04 AM Posted by raphnix

They'll sure start to dominate the casino industry in Asia with this bold action. I wonder if they'll direct their market in Macau or just in the Southeast.