MGM Mirage Looks to Re-Enter New York Casino Race
After surviving weeks teetering on the edge of bankruptcy for either itself or its mammoth City Center project, MGM Mirage has managed to move a couple steps from the precipice, and is feeling its oats. So much so, the gaming operator has once again set its wandering vision on possible new projects, including the development of what would be New York City's only casino.
MGM Mirage dropped out of a bidding process to run a casino to be installed at Aqueduct Racetrack two years ago, when delays stalled the process and MGM Mirage's liquidity nightmare was just beginning. But the slow movement on the project finds bidding still ongoing, and a real estate developer says MGM is part of his company's bid.
Political infighting have delayed the Aqueduct gambling complex from advancing since its approval by the state almost a decade ago. Now, six secret bids to build and operate the gaming facility have been received by Governor David Paterson, who says at least one is "a compelling bid."
R. Donahue Peebles said he, MGM, and Harbinger Capital Partners had combined to place a bid. Peebles said if his offer is accepted, the casino would be called the MGM Grand at Aqueduct.
“MGM Mirage is ready to quickly resume our prior efforts and deliver on the still unrealized dream of Aqueduct," said Ken Rosevear, President of MGM MIRAGE Development. "Working with Peebles and Harbinger, we are confident that MGM Grand at Aqueduct will be a vibrant, first-class destination and make the residents of Queens and the state extremely proud."
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