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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. 

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9/30/2016 4:02 PM
MGM $26.03 Up +0.18 +0.70%
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