New Mixed-Use Development to be Built Alongside Football Stadium LAS VEGAS, Nov. 19 

MGM Mirage the most respected U.S. based hotel and gaming company, and Newcastle United PLC today announced a 50:50 joint venture agreement to build a major new mixed-use development on a prime site above St. James' Metro Station, which is in the heart of Newcastle's city centre and adjacent to Newcastle United's football stadium. 

Newcastle United is one of the leading English Premier League (Soccer) clubs, finishing 3rd and 4th in the Premier League in the past two seasons. 

The site will be used to build an exciting new complex, which could house commercial and retail outlets, residential apartments, a hotel, leisure and entertainment facilities and a Las Vegas style casino of approximately 100,000 square feet. 

The complex, completion of which is contingent upon timely implementation of proposed gaming law reforms and obtaining required planning approvals, is expected to become a major new landmark for the city. 

The 50:50 joint venture involves Newcastle United PLC providing the land and MGM MIRAGE an equity investment together with its unrivalled knowledge and experience in the gaming and leisure industries to lead the development and management of the new complex. The casino would be owned and operated by MGM MIRAGE in facilities leased from the joint venture. 

Commenting on the announcement, Terry Lanni, Chairman and CEO of MGM MIRAGE, said: "We have ambitious plans for the UK -- deregulation and taxation levels permitting -- and we are looking at other opportunities across the country to develop casino facilities of varying sizes, including, where market conditions warrant, large scale hotel/casino destination resorts. 

Our proposed joint venture with Newcastle United, adjacent to its football stadium, has considerable promise and will contribute to the many positive developments already taking place in the City." 

Freddy Shepherd, Chairman of Newcastle United, said: "This is a very exciting opportunity for Newcastle, its people and for Newcastle United Football Club. Situated alongside St. James' Park, we hope that the development will become a focal point for the city of Newcastle, and create a vibrant mixed-use development at the heart of the city. We are delighted to be playing a leading role in the transformation of Newcastle into a city that the people of the North East can be proud of. " 

Lloyd C. Nathan, Managing Director of MGM MIRAGE Development, Europe, added: "Through our research, we have been very impressed by the developments that have taken place in Newcastle over the last decade and we are excited at the prospect of contributing to this further. The joint venture complex promises to create a number of significant new opportunities for Newcastle from jobs to leisure activities, as well as tourist attractions. We look forward to working with the City's people and representatives as the project moves forward and to creating a dynamic entertainment and leisure complex." 

Biffa