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MGM Targets Olympia Site for Resort Casino

LONDON-US-based casino operator MGM Mirage has reached an agreement to open a 300,000-sf resort casino at the Olympia exhibition centre in Kensington, West London.

By Graham Parker | Updated on October 29, 2003

LONDON-US-based casino operator MGM Mirage has beaten competition from four rivals to win the rights to develop a 300,00-sf resort casino at the Olympia exhibition centre in Kensington, West London.

MGM was selected by the exhibitions group Earls Court & Olympia as its partner for the redevelopment of the Olympia2 site. Under the terms of the deal MGM will take an 82.5% in the £150 million ($240 million) project and Earls Court & Olympia the remaining 17.5% stake. But the project is still contingent on the UK government relaxing existing gambling restrictions, which ban casinos of more than 10,000 sf.

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