19-04-2004
Peel Holdings Plc and MGM MIRAGE announce strategic alliance to create developments totalling over £650 million in Liverpool, Manchester, Salford and Glasgow

MGM MIRAGE, the most respected US based gaming and entertainment company, and Peel Holdings Plc, one of the UK’s largest private landowners and property developers, today announced a strategic alliance to pursue the potential development of several multi-purpose leisure, entertainment and gaming complexes in a number of the UK’s leading cities including Liverpool, Manchester, Salford and Glasgow.

The first phase of the gaming and related elements of the proposed schemes have a potential projected cost in excess of £650 million, which if developed, will lead to the creation of approximately 20,000 direct and indirect new jobs together with related significant regeneration and tourism benefits. The projects, all of which are contingent upon the timely implementation of gaming reforms, planning and a new tax regime, include:

• An innovative mixed-use development of 125 acres of land known as Glasgow Harbour, currently owned by Peel Holdings, which will incorporate a casino operated by MGM MIRAGE and other related leisure facilities. The development of the casino alone has the potential to create as many as 2,500 direct construction jobs and 2,000 direct leisure related jobs, as well as significant additional indirect jobs.
  
  
• A formal expression of interest to construct a major multi-purpose leisure and gaming development, incorporating a casino operated by MGM MIRAGE and other related facilities, including restaurants and entertainment venues, at Sportcity in East Manchester adjacent to The City of Manchester Stadium. The development has the potential to create as many as 2,500 direct construction jobs and 1,600 direct leisure related jobs, as well as significant additional indirect jobs.
  
  
• An outline planning application to Salford City Council to develop a 20,000-seat sports stadium, casino and hotel in Salford adjacent to the M60 motorway and the Manchester Ship Canal. The development has the potential to create as many as 2,500 direct construction jobs and 1,600 direct leisure related jobs, as well as significant additional indirect jobs.
  
  
• A formal expression of interest with Liverpool City Council to develop on land known as King’s Waterfront. The development has the potential to create as many as 1,500 direct construction jobs and 1,000 direct leisure related jobs, as well as significant additional indirect jobs.

Commenting on the proposals, Terry Lanni, Chairman and CEO of MGM MIRAGE, said: “MGM MIRAGE and Peel are both companies focussed on building world-class facilities. Our combined resources and experience create an important alliance that we believe will lead to the development of entertainment venues that could transform the leisure opportunities available to those in and around Liverpool, Manchester, Salford and Glasgow. Our companies’ unrivalled reputation, manpower and financial resources create a partnership singularly positioned to develop multiple projects of this scale while maintaining unparalleled levels of quality.”

John Whittaker, Chairman of Peel Holdings Plc, said of the alliance: “Peel has extensive property interests and landholdings near to major cities together with vast experience in building high quality regeneration developments. MGM MIRAGE owns and operates what we believe to be the best leisure, entertainment and gaming destinations in the world and this is undoubtedly the ideal partnership to bring the best possible gaming experience to the UK. We look forward to working with MGM MIRAGE on evaluating further projects and developing a number of these destinations”.

Lloyd C. Nathan, Managing Director, Europe, of MGM MIRAGE Development said: “All of the projects that we have announced today, and others which we are still exploring, have the potential to result in unprecedented levels of inward investment, jobs and tourism for each of the locations we have chosen. With all of our projects relying on the timely implementation of commercially viable gaming reforms, we look forward to working together with all of the local communities, their political representatives and with the Government, with the aim of ensuring that these valuable benefits are fully realised.”

for more information please contact:
Alison Tennant
Peel Holdings

Tel: 0161 629 8229

Email: atennant@peel.co.uk