MGM Mirage revealed yesterday in a filing with the Securities and Exchange Commission it have been notified that New Jersey regulators had rejected its application to approve Pansy Ho as a partner in Macau casino gambling holdings. The brand new Jersey Division of Gaming Enforcement advised the Casino Control Commission to inform MGM to finish association with Ho, the daughter of erstwhile Macau gambling monopolist Stanley Ho.The division conducted a four-year investigation, leading to a seventy-four page confidential report back to the commission. A hearing could be set, at which MGM can have the chance to refute accusations against Ho.
"While we disagree with the advice of the report, we glance forward to presenting our position on the hearing," said MGM spokesman Gordon Absher.
It is uncertain how far the commission will push the problem. If Ho remains to be a problem, MGM could also be forced to sell either its 1/2 the MGM Grand Macau, owned with Ho, or its 1/2 the Borgata Casino in Atlantic City, owned with Boyd Gaming.
But the problem may run deeper. Although Pansy Ho was already deemed acceptable by Nevada regulators, new evidence may reverse that finding.Dennis Neilander, chairman of the Nevada Gaming Control Board, said if the verdict was because of a distinct interpretation of the similar facts, there'd be no problem.
"If there has been evidence not provided to us, then there could be a concern," Neilander said. If the report contains new facts that cause a Nevada review, selling the MGM Grand Macau could be the only option for the gaming operator.
Published on May 20, 2009 by MattMiller
Read More... [Source: MGM Casinos in the News]
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