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MGM MIRAGE Joins Foxwoods Development Company in Plans to Develop and Manage a Destination Casino Resort in South-Central Kansas |
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MGM MIRAGE (NYSE:MGM) and Foxwoods Development Company announced today that the companies will join forces along with Sumner Gaming Ventures, LLC, dba Chisholm Creek Casino Resort, in the application to develop and manage a resort casino in south-central Kansas. |
For MGM MIRAGE and Foxwoods Development Company this will be their first joint project under their previously formed joint venture Unity Gaming, LLC. The two gaming leaders formed Unity Gaming in late 2006 for the purpose of using their combined depth of experience in the resort casino industry to jointly develop both gaming and non-gaming projects.
"Working with Foxwoods Development, MGM MIRAGE intends to set the standard for gaming and entertainment excellence in the state of Kansas," says Scott Snow, president and chief operating officer of MGM MIRAGE Management and Technical Services. "Our team represents unparalleled expertise in this industry. We are uniquely qualified to provide an unrivaled destination casino resort experience."
On Tuesday, Nov. 13, Unity Gaming will submit an application on behalf of this partnership to the Kansas Lottery Commission to develop and manage the Chisholm Creek Casino Resort.
MGM MIRAGE is one of the world's foremost resort development companies, operating 17 internationally renowned resorts, including Bellagio, Mandalay Bay and MGM Grand in Las Vegas. The company recently opened a new destination resort in Detroit -- MGM Grand Detroit -- and will open the MGM Grand Macau later this year. MGM MIRAGE brings to the Chisholm Creek team unmatched experience in resort management and development.
While Unity Gaming representatives did not release specific figures, they did indicate that the proposed Chisholm Creek Casino Resort would be the largest privately funded hospitality development in the history of south-central Kansas.
"Our proposed level of capital investment far exceeds the minimum required by the state and is entirely privately funded," says Gary Armentrout, managing director for Foxwoods Development. "By way of comparison, it's more than twice what Sedgwick County is spending to build an arena in downtown Wichita."
In addition to Unity Gaming, Chisholm Creek Casino Resort includes minority partners Chisholm Creek Ventures LLC (led by former Wichita Mayor Bob Knight) and the Iowa Tribe of Kansas and Nebraska.
"It's a privilege to be part of something as historic as this," says Knight, Chisholm Creek Ventures managing partner. "In my years of public service I've done many things of which I'm proud, but nothing rivals this in scope or impact. We can put hundreds of people to work. Stop millions of Kansas dollars flowing into Oklahoma and Missouri. Give our citizens tax relief. And we can deliver a level of entertainment this region has never before seen. We couldn't possibly put together a better, more proven management team."
Together, MGM MIRAGE and Foxwoods have the resources to bring in and promote nationally and internationally known entertainers. Equally important, the combined MGM MIRAGE-Foxwoods management team is one of the strongest in the gaming industry with vast experience in various jurisdictions, a professional business approach and sensitivity to issues specific to the gaming and hospitality industries. Both MGM MIRAGE and Foxwoods possess the financial ability to produce a world-class development.
"MGM MIRAGE and Foxwoods know how to deliver what people want," says Knight. "That translates to higher attendance and a bigger gross -- meaning more money for the county and the state. Which is the goal of state-approved gaming in the first place, to generate as much revenue as possible."
Chisholm Creek Casino Resort Facts At A Glance
-- 250-Room Hotel
-- State-of-the-Art Casino Floor
-- 2,000 Slots
-- 50 Table Games
-- Multiple Food and Beverage Venues
-- Retail Shopping Arcade
-- Entertainment and Meeting Facility
-- Spa
-- Directly Employ between 1,425 - 1,475 people
-- Indirectly Create 800 New Jobs
-- Spur Additional Economic Development
-- Drive Tourism
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| Last: |
32.62 |
| Time: |
9/5/2008
4:00pm |
| Change: |
+0.18 |
| Opened: |
31.63 |
| Day: |
32.80 - 31.40 |
| Volume: | 3078058
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