MGM Mirages Pays Up, CityCenter Avoids Bankruptcy

Partner Dubai World Temporarily Happy

LAS VEGAS, NEVADA – MGM Mirage made a $200 million funding payment last Friday and this helped the $9.1 billion CityCenter development project avoid bankruptcy and allowed construction work on what is billed as the most expensive commercial development in US history.

The payment, approved by MGM’s senior lenders, allowed the discussion of a potential Chapter 11 reorganization to be deferred at least for another month. The payment included $100 million that was due to be paid by Dubai World, MGM Mirage’s joint venture partner in the CityCenter project.

In addition, the payment allowed construction work to continue, keeping thousands of residents of Nevada employed.

In a statement made by MGM Mirage Chairman and CEO Jim Murren:

“We are doing our utmost to see that this project continues, keeping thousands of Nevadans employed. We will continue to make every effort to see that CityCenter is completed and becomes an even greater economic driver for the region.”

The CityCenter projects currently employes about 8,500 construction workers and when fully opened hopes to provide over 10,000 jobs.

Murren further added that MGM Mirage is continuing to negotiate options with its partner, Dubai World and the project’s lenders and other entities to ensure funding for the continued work on CityCenter is secured. MGM Mirage and Dubai World still need about $1.2 billion to complete CityCenter which was initially budgeted at $7.5 billion.

Dubai World, which recently filed a lawsuit against MGM Mirage on grounds of mismanagement and cost overruns on the CityCenter project, called the payment made by its partner “a sign of good faith and showed MGM Mirage’s commitment to the project.”

In a statement released, Dubai World said:

“The funding injection gives the CityCenter board more time to work through restructuring options. It is an acceptable, albeit temporary, solution to the liquidity issues that MGM Mirage is facing. Dubai World looks forward to working with MGM during this process and to completing the project to the benefit of all parties.”

Poker Fan Headed to Wrestlemania 25th Anniversary

MIAMI, FLORIDA – One month after the competition began, on March 16, Alex Cummings from New Brunswick, Canada emerged the champ won the coveted prize — a seat to watch Wrestlemania 25.

Cummings stormed through a series of online Texas Hold’em poker qualifiers that started last February 16 to win the contest sponsored by online poker site UltimateBet.net.

UltimateBet had invited poker fans in Canada to sign up for a free account and enter a free online poker qualifier that culminated in March 16’s final table match. And at stake was a free ticket to watch the Silver Anniversary of Wrestlemania — the grandest of World Wrestling Entertainment’s (WWE) special shows held annually.

This was the second time that UltimateBet had sent a player to Wrestlemania and the third time that UltimateBet had partnered with the WWE. Aside from Wrestlemania 24 last year, the poker site also sent winning players to WWE Unforgiven in September.

Aside from two tickets to watch Wrestlemania, Cummings also wins as part of the package airfare for two to Houston, Texas, hotel accommodations, CAD$500 spending money, a chance to “meet and greet” a WWE Superstar, two replica WWE championship belts, a framed WWE 25th Anniversary Wrestlemania poster, and two WWE 25th Anniversary Wrestlemania chairs.

AsianLogic Defers LRWC Investment

London-listed AsianLogic Cites Sour Market Conditions as Reasons for Deferment

HONG KONG – Asian online and land-based gaming firm AsianLogic Limited recently decided to defer its planned investment into Philippine company Leisure & Resorts World Corporation (LRWC), a deal announced by both companies last year.

AsianLogic cited unfavorable market and global economic conditions as the reason for the deferment and Singapore-listed LRWC recalled a board-approved resolution that called for the granting of shares to AsianLogic.

In a statement from LRWC:

“This recall of the resolution was in accommodation of AsianLogic’s preference to defer indefinitely the subscription to said shares in view of the worldwide adverse market conditions.”

The deferred investment signed by both companies called for AsianLogic to invest US$4.5 million in LRWC while in turn, LRWC would issue 342.8 million new shares to AsianLogic.

The deal would have seen both companies jointly operate a land-based sportsbook operation in the Asia-Pacific region, a market seen by experts as forecasted to garner about $18.8 billion in overall spend in gambling by 2011.

Both companies however agreed to revisit the investment once market conditions become more amiable.

Team Pokerstars Pro Beefs Up with Norwegian Pro

OSLO, NORWAY – Norwegian poker pro Johnny Lodden will be entering the Norwegian Poker Championships that start today under PokerStars colors.

The 20-year old pro is the recent poker ambassador of online poker giant, PokerStars, as he joins the elite roster of poker players that include Joe Hachem, Daniel Negreanu, Chris Moneymaker, Greg Raymer and Bertrand Grospellier. He is the first Norwegian player on the PokerStar’s pro roster.

Lodden began playing poker online and broke into the live tournament circuit by cashing in at the 2004 St. Maarten Open. Since then, he has cashed in several tournaments and in three years has accumulated over $245,000 in cash winnings.

Last September 2008, he placed 11th in the Word Series of Poker Europe Main Event and early this year was named Norway’s best poker player.

After the Norwegian Poker Championships, Lodden is also expected to participate in the EPT San Remo in April and EPT Monte Carlo Season Five Finale.

PokerStars.com Marketing Manager in Norway Thomas Udness commented on Lodden’s addition to the pro team:

“This signing is fantastic for PokerStars.com, Johnny Lodden and the Norwegian Poker community. Since his breakthrough in 2004 Johnny has played on a really high level, and deserves the title as the first Norwegian Team PokerStars Pro.”

Photo courtesy of  Equipo Unibet

Another Exec Resigns at LV Sands

LAS VEGAS, NEVADA – In a move that was expected by many, Las Vegas Sands EVP Brad Stone has called it quits, following the footsteps of erstwhile president and COO Bill Weidner.

Stone, who was overseeing Las Vegas Sands’ $5 billion Singapore construction project and was president of global operations and construction, is the second top executive to leave the company this month. He told the company’s directors of his decision to resign last March 18.

Together with Weidner, Stone formed a tightly-knit management team along with Rob Goldstein who oversees the operations of The Venetian and Palazzo hotel-casino. Goldstein however remains under the company’s employ.

Weidner resigned earlier this month after feuding with LV Sands Chairman Sheldon Adelson. He was replaced by Michael Leven.

Aside from Weidner and Stone, LV Sands board member James Purcell also resigned this month, disagreeing with the board’s decision to let go of Weidner and replace him with Leven.