MGM Resorts and Foxwoods Tribe Dissolve Licensing Agreement
MGM Resorts International will no longer have its famous initials on one of the iconic buildings at Foxwoods. The company announced that it and the Mashantucket Pequot Tribal Nation -- the entity that owns the Connecticut gambling complex -- have dissolved their agreement for the licensing of the MGM Grand brand. Currently, that moniker adorns one of the complex's six casino buildings.
The company and the Nation have agreed that the latter will have six months to "transition" from using the name.
According to a statement released by the tribe to the press, neither it nor MGM Resorts "expects a material impact due to the end of the agreement."
MGM Grand is an extensive facility, boasting 825 guest rooms, 1,400 slot machines, 60 table games, a spa, and a pair of golf courses, among other amenities. It opened in May 2008 and cost more than $700 million to build.
The article MGM Resorts and Foxwoods Tribe Dissolve Licensing Agreement originally appeared on Fool.com.Fool contributor Eric Volkman has no position in MGM Resorts International. Nor does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.