MGM MIRAGE Expands Involvement in Racing Business
Updated: Saturday, January 31, 2004 3:14 PM
Posted: Thursday, January 29, 2004 8:31 AM
MGM MIRAGE, the gaming and entertainment company that has a deal with the New York Racing Association to construct a video lottery terminal parlor at Aqueduct, is buying the company that owns Lincoln Park greyhound track in Rhode Island, and Arapahoe Park and three dog tracks in Colorado.
The Las Vegas Sun
reported MGN MIRAGE, headquarted in Las Vegas, would spend about $490 million for Wembley, a British company with holdings in the United States. A few Wembley officials have been indicted for fraud.
Lincoln Park currently has more than 2,200 slot machines and is considered among the most successful racinos in the country. Arapahoe Park is a Thoroughbred track. Wembley failed to win approval for alternative gaming at its four Colorado tracks last year.
Wembley also owns seven dog tracks in Great Britain, the Sun
reported. The transaction includes 14 acres of land at Wimbledon near London.The deal has been approved by both companies' boards of directors and is expected to be complete by the third quarter.
Among the other companies that had expressed interest in Lincoln Park were Harrah's Entertainment, Kerzner International, and Penn National Gaming Inc.
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