Forced by regulators to make tough decisions, MGM Mirage officials have decided to sever ties to Atlantic City gambling in an effort to retain their casino operating structure in Macau. The brand new Jersey Division of Gaming Enforcement ruled that, as a way to keep its license in Atlantic City, MGM must end its partnership in Macau with Pansy Ho.Ho is the daughter of long-time Macau gambling monopolist Stanley Ho. The regulatory board objected to reputed links between the Ho family and arranged crime.
Regulators controlling MGM licensing in other states, including Nevada, have allowed the connection within the Far East to continue, but New Jersey authorities balked, saying MGM couldn't maintain its share of the Borgata Casino if it persisted in coping with Pansy Ho. MGM Mirage owns half the Borgata, while Boyd Gaming owns the opposite half.
MGM representatives say the corporate will sell its share of the Borgata over the following two years, choosing the expanding growth of the Macau gambling scene over the struggles of Atlantic City gaming.
MGM Mirage CEO Jim Murren wrote at the company website that he disagreed with the regulators' assessment of Ho, but that 'the best plan of action for our company and its shareholders is to settle this matter and move forward with the compelling growth opportunities we have now in Macau''.
Previously Australian regulators required James Packer and Crown Casinos to ascertain a distance between their partner, Lawrence Ho, and his father Stanley, with a view to receive approval of the company's Macau gambling ventures.
Published on March 17, 2010 by VirginiaMaddox
Read More... [Source: Macau Casino Gambling News]
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