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MGM Resorts (NYSE:MGM) announces its acceptance of a land concession contract from the Macau government for a 17.7 acre parcel of land in the prime Cotai gambling district of Macau. MGM will pay $161.4 million, including $56.2 million upfront and the balance in instalments. According to a statement from the company, the casino resort proposed to be built on the land would include 1,600 rooms, 500 gambling tables and 2,500 slot machines.
Toys R Us, which received a very positive response from customers for its free layaway program, is extending it through December 16. The program was to end on October 31, but the chain obviously needs to draw in as many shoppers as possible during the highly competitive holiday shopping season, with rivals such as Target (NYSE:TGT) looking to match its pricing.
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A District Court Judge hands a favorable judgment to Time Warner (NYSE:TWX) in its legal battle for control on the copyright grant covering the Superman character. The ruling said the family of Superman creator Joseph Shuster, who owns half the grant, with Warner Bros owning the other half, has no right to terminate WB’s copyright grant. This clears the decks for Time Warner to go full ahead with its 2013 planned release of Man of Steel, a Superman film.
The Prime Minister’s Office in India is reported to have ordered a probe into Wal-Mart’s (NYSE:WMT) deal with Indian group Bharti and Wal-Mart’s investment of approximately $100 million in 2010 that was allegedly rigged in a manner that circumvented the rules that barred foreign investment in Indian retail at the time.
ING’s (NYSE:ING) continuing drive to sell Asian assets may result in the sale of its Hong Kong and Thailand insurance businesses to Hong Kong businessman Richard Li for about $2 billion, with the deal likely to see the light of day by Friday.
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