Tribal competition prompted MGM-Mandalay merger

Tuesday, July 20, 2004  

The growing California tribal casino market was one of the reasons for the billion-dollar merger of the MGM Mirage and Mandalay Resort Group gaming companies, an executive said.

The deal, worth an estimated $5 billion, was announced shortly before another major merger. Harrah's Entertainment agreed to buy Caesars Entertainment for more than $5 billion.

Tribes in California and northern Nevada took in $4.7 billion in revenues last year. California tribes are poised to expand operations under new compacts signed with the state or under a ballot initiative that has won the endorsement of the state's largest inter-tribal organization.

Get the Story:
California Tribal Casinos Set to Rival Las Vegas (Reuters 7/19)
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