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MGM MIRAGE hikes Wembley offer 4/8/2004 (Toby Anderson, Bloomberg News ) MGM MIRAGE of Las Vegas today raised its offer for Wembley Plc to 301 million pounds ($555 million) in cash, topping a bid from BLB Investors LLC as the U.S. companies vie for control of gambling venues in Britain. MGM, the third-biggest U.S. casino company, agreed to pay 840 pence for each Wembley share, MGM spokesman Rollo Head said in an interview. BLB Investors, a company formed by financier Barry Sternlicht's Starwood Capital Group LLC, Kerzner International Ltd. and Waterford Group LLC, bid 800 pence last month. MGM's first bid in January was 750 pence. MGM MIRAGE is bidding for Wembley's Lincoln Park dog track in Rhode Island and its dog tracks in London, Birmingham and Manchester, sites the company may expand into casinos if the U.K. relaxes gambling regulations. British lawmakers Wednesday proposed allowing casinos to add more slot machines and abolishing rules that patrons must be members to wager. "Deregulation offers further opportunity for companies to grow their businesses within the U.K.," said London-based Richard Staveley, a fund manager at SG Asset Management, which manages about $286.5 billion and no Wembley shares. "You can see from the appetite of overseas investors there are very high returns for your money."  Full Story
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