Mandalay Bay Resort and Casino News - Page 12

The Review Journal's Carol Cling takes a look back at Martin Scorcese's "Casino," what it did for Las Vegas at the time and how it accurately depicted a city often blown out of proportion on the silver screen.

The Las Vegas Monorail opened in 2004, but CEO Curtis Myles says extending the track to take people to the airport is a move too risky and expensive to undertake any time soon.

Unlike the real estate investment trusts started over the last few years by Penn National, Pinnacle and Caesars, MGM's move into an REIT is a "different animal," according to one industry analyst.

The company says the formation of a real estate investment trust will offer "strategic and financial benefits."

While plans for the MGM-AEG project's have not yet been released, officials promise that there will not be the usual "sea of pavement" outside the arena.

The $100 million theater is the latest in a line of nongaming developments MGM is investing in at its nine Strip resorts.

MGM Resorts plans to focus on expanding and improving its existing properties on the Strip, and opening new casinos in other parts of the world.

MGM becomes the latest Las Vegas operator to leave Nevada Power and purchase its own electricity on the wholesale market, joining Wynn Resorts and Las Vegas Sands.

Luxor and Excalibur President Renée West will be replaced by two people.

The gaming industry has embraced REITs, which, by law, don’t pay federal income taxes.

MGM Resorts International will hold a job fair Wednesday at the Mandalay Bay Events Center to hire more than 500 permanent positions at 12 of the company’s Strip-area resorts.

Jon Jerde was founder and chairman of the Jerde Partnership, a design studio based in Venice, Calif.

Analysts believe the Strip will continue its rebound, although gaming won’t be the primary reason.

The career fair will be held in the MGM Grand Conference Center, 4701 Koval Lane, inside the marquee ballroom on Tuesday from 10 a.m. to 4 p.m. and Wednesday from 1 p.m. to 7 p.m.

Michaels was named Wednesday to an industry trade publication’s first-ever list of Top Women in PR.

The arena’s opening act in 2016 is still unknown.

MGM Resorts International completed the summer-long $80 million renovation of The Hotel, an 1,100-room nongaming property on the south Strip attached to Mandalay Bay.

Following the company’s release of second-quarter earnings this month — a profit of $105.5 million on revenue of $2.6 billion — the investment community praised the company and lauded expansion opportunities in the U.S. and Macau.

James Packer is forming a company with ex-Wynn Las Vegas President Andrew Pascal and investment firm Oaktree Capital Management to construct a hotel-casino on the 35-acre site where the New Frontier once was.

Details of the $80 million renovation were announced in late April and when the project is completed by September, nearly every square foot of public space inside the 1,100-room nongaming hotel will be enhanced.