The NEC Group today announced that MGM MIRAGE (NYSE: MGM) has been chosen to develop a unique multimillion-pound regeneration proposal that, if awarded a license, promises to create a spectacular regional entertainment casino complex -- MGM Grand at the NEC -- at the National Exhibition Centre in Birmingham.
The NEC conducted a competitive bid between ten UK and international operators, which, among other matters, demanded that the winning bidder demonstrate best value for the community and operational excellence. MGM MIRAGE, one of the most respected U.S.-based gaming and entertainment companies, operates some of the world's most famous hotels and casinos including MGM Grand, Bellagio and The Mirage in Las Vegas.
Subject to certain contingency provisions being met, including local regulatory approval, applicable licensing, an appropriate tax regime and requisite planning permissions, the proposals are set to deliver up to 3,000 new operational and construction jobs for Birmingham and Solihull. The project also guarantees a multimillion-pound annual revenue stream, which the City of Birmingham -- as the owners of the NEC Group -- would be free to use to fund a whole range of regeneration schemes year after year.
Commenting on the proposal, Lloyd Nathan, Managing Director, Europe for MGM MIRAGE Development, said:
"We are delighted to have won the NEC bid. We believe the NEC site provides an excellent location and with our unparalleled experience, this joint proposal anticipates creating a showpiece architectural statement combining not just gaming, but also exciting, new entertainment and dining experiences that will redefine the gaming and leisure experience for the West Midlands and the United Kingdom."
With many visitors a day expected to visit a regional casino, a key aspect of the NEC's appeal is that it is uniquely placed to both attract and handle these additional visitors, some of whom will already be visiting an NEC show.
MGM MIRAGE will brand the facility "MGM Grand at The NEC", utilizing one of its most recognized brands throughout the world. The project will feature more than 300,000 square feet of entertainment and leisure resort space that will include a casino, an attractive and diverse range of innovative dining experiences, a number of "high energy" entertainment facilities and an adjacent multi-story car park. In addition, the project may include a 300-room, four-star hotel.
The National Exhibition Centre (NEC) welcomes over four million visitors each year to hundreds of trade and consumer shows including Crufts, Gardeners World, The Clothes Show Live and the international giftware show for which it first opened in 1976, Spring Fair.
The NEC is the UK's most successful exhibition venue with over 40 percent of UK exhibitions held on the site every year and it is also a successful player on the world stage being one of the few international exhibition venues capable of staging major global events such ITMA (The International Textile Machinery Exhibition), which is one of the largest trade exhibitions -- and the largest single sector trade show -- in the world.
Delivering 1.3 billion pounds in economic impact and supporting up to 22,000 jobs, the NEC is an important engine for the West Midlands and wider UK economy. It is owned by Birmingham City Council and the Birmingham Chamber of Commerce and Industry with Birmingham City Council receiving all of the financial benefit of the NEC's operating performance and bearing the burden of interest charges relating to its debts.
MGM MIRAGE (NYSE: MGM), one of the world's leading and most respected hotel and gaming companies, owns and operates 24 properties located in Nevada, Mississippi and Michigan, and has investments in four other properties in Nevada, New Jersey, Illinois and the United Kingdom. MGM MIRAGE has also announced plans to develop Project CityCenter, a multi-billion dollar mixed-use urban development project in the heart of Las Vegas and has a 50 percent interest in the MGM Grand Macau, a development project in Macau S.A.R. MGM MIRAGE supports responsible gaming and has implemented the American Gaming Association's Code of Conduct for Responsible Gaming at its properties. MGM MIRAGE also has been the recipient of numerous awards and recognitions for its industry-leading Diversity Initiative and its community philanthropy programs. For more information about MGM MIRAGE, please visit the company's website at 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.
NOTES TO EDITORS: Pictures and a fly-through animation video are
available on request.
SOURCE: MGM MIRAGE
CONTACT: James Murren, President and Chief Operating Officer,
+1-702-693-8877, or Alan Feldman, Senior Vice President of Public Affairs,
+1-702-891-7147, both of MGM MIRAGE
Web site: http://www.mgmmirage.com/