Just a week after MGM Mirage announced its takeover of Wembley, the US gaming and entertainment giant has made another move into the UK market with a deal to build a £250m resort casino complex in Sheffield.
MGM Mirage has agreed a joint venture with British Land to develop a leisure and entertainment complex adjacent to British Land’s Meadowhall Shopping Centre.
The scheme would include a casino, hotel, restaurants, entertainment venues and a conference centre, however, the agreement is contingent upon the ‘timely implementation’ of proposed changes to gaming law in the UK and obtaining planning permission.
The partners claim the venture could create more than 2,000 leisure-related jobs.
Terry Lanni, chair and CEO of MGM Mirage, said: “This agreement represents a further key element of our ambitious plans to invest in the UK.
“We plan to use our unparalleled knowledge and experience of the gaming and leisure industries to create a variety of entertainment opportunities.”
Lloyd C. Nathan, managing director of MGM Mirage Development Europe added: “Although this development clearly relies upon the anticipated modernisation of the UK’s gaming laws, planning and a new tax regime, we believe that on completion the region could benefit from a large number of new jobs, inward investment and enhanced tourism opportunities.”
The agreement comes soon after an agreement between British Land and Sheffield City Council on a joint new masterplan initiative aimed at revitalising the lower Don Valley by attracting new investment into the area.
As well as the Wembley takeover, MGM Mirage has already announced plans to create a mixed-use development – including a casino – on land next to St James’ Park in Newcastle in a joint venture with Newcastle United Football Club, and plans a £150m gaming and entertainment complex in the Olympia Exhibition Centre in London in a joint venture with Earls Court and Olympia Group.
One of MGM Mirage’s main US rivals, Harrah’s Entertainment, has also announced plans to move into the UK casino market through a joint venture with UK gaming group, Gala.
US-based Isle of Capri is also to operate a 90,000sq ft casino within the £113m Coventry Arena, due for completion in 2005. Details: www.britishland.com or www.mgmmirage.com
