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Betting on Newcastle
Newcastle United Football Club and hotel and gaming company, MGM Mirage, have announced a joint venture with the aim of building a mixed-use development on land next to St James’ Park in the city centre.
MGM will acquire 50 per cent of a new jv company into which the land will be transferred and Newcastle United will receive £5m as a result of the transaction.
The company aims to use the land to build a complex housing commercial and retail outlets, residential apartments and an hotel, plus a casino of about 100,000sq ft to be owned and operated by MGM Mirage
The scheme is subject to a number of conditions, these including the de-regulation of the UK’s current gaming laws, a reduction in its current levels of gaming duty and the necessary planning permission being obtained.
If the conditions are not met within four years, MGM has the option to leave the jv and be repaid the £5m, whilst full ownership of the jv company will revert to Newcastle United. Details: www.nufc.premiumtv.co.uk
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