NEW YORK // MGM Mirage, the casino company in which Dubai World holds a sizeable equity stake, said on Friday it would writedown the value of the Mandalay Resort Group, the casino company it bought in 2005 for about US$5 billion (Dh18bn).
In the last year the Las Vegas gambling boom has ended and the property market deteriorated sharply, sending the value of casino properties plunging and putting a financial squeeze on operators. In August 2007, Dubai World invested almost $5bn in MGM Mirage, giving it just under 10 per cent of the company.
Along with its equity stake in MGM also became a joint venture partner with the US gaming firm in Project CityCenter, one of the US's largest construction projects that will see a substantial remodelling of the city centre of Las Vegas.
In a regulatory filing late on Friday, MGM Mirage said it will recognise a non-cash impairment charge of about $1.2 billion in its fourth-quarter results, representing substantially all of the goodwill it recognised when it closed the deal.
The purchase of Mandalay, which operates the Mandalay Bay, Luxor and Excalibur resorts in Las Vegas, propelled MGM Mirage into the position of the world's No. 2 casino company, behind Harrah's Entertainment.
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Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
Marathon results
Men:
1. Titus Ekiru(KEN) 2:06:13
2. Alphonce Simbu(TAN) 2:07:50
3. Reuben Kipyego(KEN) 2:08:25
4. Abel Kirui(KEN) 2:08:46
5. Felix Kemutai(KEN) 2:10:48
Women:
1. Judith Korir(KEN) 2:22:30
2. Eunice Chumba(BHR) 2:26:01
3. Immaculate Chemutai(UGA) 2:28:30
4. Abebech Bekele(ETH) 2:29:43
5. Aleksandra Morozova(RUS) 2:33:01
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Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
23-man shortlist for next six Hall of Fame inductees
Tony Adams, David Beckham, Dennis Bergkamp, Sol Campbell, Eric Cantona, Andrew Cole, Ashley Cole, Didier Drogba, Les Ferdinand, Rio Ferdinand, Robbie Fowler, Steven Gerrard, Roy Keane, Frank Lampard, Matt Le Tissier, Michael Owen, Peter Schmeichel, Paul Scholes, John Terry, Robin van Persie, Nemanja Vidic, Patrick Viera, Ian Wright.
