Welcome to Scribd, the world's digital library. Read, publish, and share books and documents. See more
Download
Standard view
Full view
of .
Look up keyword or section
Like this
4Activity

Table Of Contents

0 of .
Results for:
No results containing your search query
P. 1
Massachusetts Gaming Commission investigative report: MGM Resorts International

Massachusetts Gaming Commission investigative report: MGM Resorts International

Ratings: (0)|Views: 8,588 |Likes:
Published by Greg Saulmon

More info:

Published by: Greg Saulmon on Dec 09, 2013
Copyright:Attribution Non-commercial

Availability:

Read on Scribd mobile: iPhone, iPad and Android.
download as PDF, TXT or read online from Scribd
See more
See less

12/14/2013

pdf

text

original

 
 Entity Gaming License Investigation: Blue Tarp reDevelopment LLC 1
INVESTIGATIVE REPORT FOR THE MASSACHUSETTS GAMING COMMISSION
APPLICANT
: Blue Tarp reDevelopment, LLC 3950 Las Vegas Boulevard South Las Vegas, NV 89119 November 27, 2013
Category 1 Gaming License
 
 Entity Gaming License Investigation: Blue Tarp reDevelopment LLC 2
Executive Summary
Introduction
Blue Tarp reDevelopment LLC (“Blue Tarp”) has filed an application to the Massachusetts Gaming Commission (“MGC” or “Commission”) for a Category 1 gaming license. Blue Tarp proposes to build and operate a casino gaming facility in Springfield, MA, utilizing approximately 14.5 acres of land over a multi-block area. The projected cost is estimated at $800 million. Blue Tarp is a Massachusetts Limited Liability Company formed on February 23, 2012, and currently owned 99 percent by MGM Resorts International (“MGM Resorts International”
1
) and 1 percent by Paul C. Picknelly. Its current principal place of business is 3950 Las Vegas Boulevard South, Las Vegas, NV. MGM Resorts International is publicly held. MGM Resorts International is a Delaware Corporation formed on January 29, 1986, and is located at 3600 Las Vegas Boulevard South, Las Vegas, NV. Its primary business is the ownership and operation of casino resorts. MGM Resorts International is the parent holding company of numerous subsidiary entities that collectively own, operate, and invest in casino resorts worldwide. MGM Resorts International operates 15 wholly owned casino resorts in the United States. Its primary venue is in Las Vegas, where its properties are Bellagio, MGM Grand Las Vegas, Mandalay Bay, The Mirage, Luxor, New York-New York, Excalibur, Monte Carlo and Circus Circus Las Vegas. It also operates casino resorts in Detroit, MI; Biloxi and Tunica, MS; Reno, Jean and Henderson, NV and has interests in other domestic casinos. A significant  portion of MGM Resorts International’s business comes from its operations in China, specifically the MGM Macau casino that is located in Macau, a Special Administrative Region of the People’s Republic of China. MGM Resorts International holds 51 percent of the common stock of MGM China Holdings Ltd., which wholly owns MGM Grand Paradise SA, the owner/operator of the MGM Macau. Tracinda Corporation, a privately held investment firm, is a Nevada corporation formed on June 23, 1976 that holds an 18.6 percent ownership interest in MGM Resorts International.
1
 On June 15, 2010, MGM Mirage changed its name to MGM Resorts International, the latest of several name changes in its history. To avoid confusion, the current corporate name is used throughout this Report, even when referring to events prior to June 15, 2010.
 
 Entity Gaming License Investigation: Blue Tarp reDevelopment LLC 3
Dubai World, a Dubai, United Arab Emirates (“UAE”) government-decree entity,  beneficially owns approximately 5.3 percent of the common stock of MGM Resorts International through Infinity World Holding Limited; Infinity World (Cayman) Holding; Infinity World (Cayman) LP; Infinity World Cayman Investments Corporation and Infinity World Investments LLC, all directly or indirectly owned subsidiaries of Dubai World. Dubai World is not a passive investor; it occupies a seat on the MGM Resorts International Board of Directors, and in addition through ownership of other entities is an equal joint venture partner with MGM Resorts International in the ownership and development of the CityCenter project in Las Vegas. Rolling Hills Estates Realty Trust has a contractual agreement with Blue Tarp to annually receive a portion of the annual EBITDA gaming revenue of Blue Tarp, a payment negotiated on March 9, 2012, to release MGM Resorts International from a January 10, 2012, Option Agreement it entered into with Rolling Hills Estates Realty Trust regarding the planned purchase of land for a casino site in Brimfield, MA. Rolling Hills Estates Realty Trust was formed by a January 27, 1995, Declaration of Trust by David Callahan and Vincent Barletta, and is currently for the equal  benefit of Cal Rolling Hills LLC (consisting of David Callahan and other family members), and Rolling Hills Development LLC (consisting of Vincent F. Barletta and others). VFB Dynasty Trust is the vehicle through which Vincent F. Barletta holds his interest in Rolling Hills Development LLC. In its entirety, the Blue Tarp application consists of 13 entity qualifiers and 36 individual qualifiers. The 13 entity qualifiers of the Applicant are:
 
Blue Tarp reDevelopment, LLC
 
MGM Resorts International
 
Tracinda Corporation
 
Dubai World
o
 
Infinity World Holding Ltd.
o
 
Infinity World (Cayman) Holding
o
 
Infinity World (Cayman) LP
o
 
Infinity World (Cayman) Investments Corp.

Activity (4)

You've already reviewed this. Edit your review.
1 thousand reads
1 hundred reads

You're Reading a Free Preview

Download
scribd
/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->