MGM Resorts and Foxwoods Tribe Dissolve Licensing Agreement

MGM Resorts International (NYSE: MGM  ) will no longer have its famous initials on one of the iconic buildings at Foxwoods. The company announced that it and the Mashantucket Pequot Tribal Nation -- the entity that owns the Connecticut gambling complex -- have dissolved their agreement for the licensing of the MGM Grand brand. Currently, that moniker adorns one of the complex's six casino buildings.

The company and the Nation have agreed that the latter will have six months to "transition" from using the name.

According to a statement released by the tribe to the press, neither it nor MGM Resorts "expects a material impact due to the end of the agreement."

MGM Grand is an extensive facility, boasting 825 guest rooms, 1,400 slot machines, 60 table games, a spa, and a pair of golf courses, among other amenities. It opened in May 2008 and cost more than $700 million to build. 


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2701109, ~/Articles/ArticleHandler.aspx, 10/31/2014 12:32:50 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement