The Metro Court Montecito Group

The Metro Court Montecito Group

Type	Public
Traded as	KNEX: MCM
Industry	Gambling Hospitality
Founded	October 01, 2009 (October 01, 2009)
Headquarters	Port Charles, Alexandria, Alexandria-Prussia
Key people	Carly Jasper (Chairwoman and CEO) Daniel McCoy (COO and President)
Products	Casinos Hotels Entertainment Resorts
Revenue	AP$9.810 billion (2015)
Operating income	AP$1.1 billion (2015)
Net income	AP$3.114 billion (2015)
Total assets	AP$32.1 billion (2015)
Total equity	AP$7.9 billion (2015)
Number of employees	62,850 (December 2011)
Subsidiaries	Casino Magic MCMG Vacation Club MCMG Asia MCMG Hospitality Services Premier Cruise Line Company Silverleaf Resorts
Website	www.mcmg.com.ap

The Metro Court Montecito Group (MCMG) is an Alexandrian-Prussian hospitality and entertainment company based in Port Charles, Alexandria. The company owns and operates casinos, hotels, cruise line and indoor amusement resorts under several different brands. The company was formed on October 01, 2009 when Metro Court International merged with Montecito Resorts Inc. It is also one of the largest gaming companies in the world by revenue about AP$ 9.8 billion in 2015. As of 2015 the company has developed and operates over 20 properties.

In October of 2009, the company changed to its present name, to reflect its merger with the Montecito Resorts Inc., and its latest strategy of expanding worldwide to develop more non-gaming hotels and residences. Through 6 global offices of its subsidiary, MCMG Hospitality Services, it has agreements to develop and manage nongaming hotels in Genovia, Scotland, and Rhodesia.

Early History

The Metro Court Montecito Group can be traced to 1999 when Port Charles Hotel burnt down and the Metro Court Hotel was built on the former site of it. The hotel was a insist success and Carly Jasper became inspired and built two hotels one on the Hilton Head Island and the other in Martha’s Vineyard. Both were extremely successful and by the end of 2004 Metro Court operated additions hotels in Southampton, Clear Springs, Saratoga Springs, and Kingston. Then in late 2005, it was announced that Metro Court would open their first resort on the prestigious Celebration Drive in Port Celebration, Alexandrian-Prussian Antilles.

Premier International Acquisition

In 2005 Metro Court made an unsolicited offer of AP$ 500 million to buy Premier International, a cruise ship company based in Port Celebration, Alexandrian-Prussian Antilles, Alexandria-Prussia. Many analysts expected a protracted battle, with Premier founder and C.E.O. Edward Wilson was seen as unwilling to give up control of the company but was under pressure from investors. Premier board of directors rejected the offer because they believed it undervalued the company. However, Wilson agreed to meet with Jasper and over the next two months. The two worked out a deal in which Metro Court would pay AP$ 1.1 billion for Premier and would assume only AP$ 10 million of debt. Both Boards of Directors and shareholders agreed to the deal.

With the deal closed this gave Metro Court ownership of 18 cruise ships with another 5 in development and prime estate on Celebration Drive and the emerging Port Celebration market. Many believe they brought Premier purely for its real estate holding on Celebration Drive, which the company used to build Metro Court Resort & Casino Port Celebration.

The company changed its name from Metro Court Hotels to Metro Court International in 2005. Over the next few years, Metro Court reported solid quarterly earnings, thanks in part to the newly created Premier Cruise Line Company and strong demand in Port Celebration tourism sector. The company continued to build its cash reserves and pay down its debt.

Montecito merger

During the height of the 2008 Global Financial Crisis, many resort owners were operating at a lost or bankrupt because of huge large losses and writedowns in valuation due to overbuilding. Metro Court was largely spared from this due to large cash reserves and low debt. So Metro Court International (MCI) entered into quiet merger talks with the cash-strapped Montecito Resorts Inc. which was on the brink of being bankrupt in early 2009. MCI was attracted to the Montecito high-end casinos and resorts. The Montecito Convention Center would allow MCI to compete directly with the ASX Expo Center and the Celebration Convention Center in the convention market; and at least two more prime developable sites on the Celebration Drive. The talks went public in June, when MCI announced an offer worth AP$ 4.3 billion. Montecito Resorts rejected that offer because of a clause allowing MCI to back out if antitrust regulators demanded the sale of any of the properties. Many analysts speculated that another bidder such as Crown Entertainment & Resorts would enter, but none enter and MCI and Montecito soon agreed on an AP$ 5.25 billion dollar deal. MCI would use a mix of cash and stock to complete the transaction. The APCTC approved the merger as predicted and the sale closed on October 01, 2009.

Many believe MCI got Montecito from a steal. Because my late 2011 the financial was over and the Port Celebration economy had long recovered and was again expanding in largely because of tourists coming from mainland Alexandria-Prussia, Arconia, Backatri, Charlenburgh, and Indora. MCI reported revenue of AP$7.5 billion that year largely because of Montecito and its holdings.

The newly merged company would be called The Metro Court Montecito Group. The newly created company stated that they would sell all of Montecito low end operations or converting them into higher end resorts. Stardust, The Circus Hotel, Silver City Hotel & Casino were all put up for sale.

Later developments 2010-

On December 16, 2010, MCMG announced that they would take Silver City Hotel & Casino off the market and shutter the resort due to the hotel falling occupancy rate and attendance at the casino. The last day of operation was December 31, 2010. All future reservations were transferred to other Metro Court or Montecito properties on Celebration Drive. The company announced that they would renovate property and remain name the Marina Bay Hotel and Spa. The new hotel would open its doors to the public of May 01, 2015.

The Circus Hotel was sold to Wellington Trust owned Crown Entertainment for AP$ 487 million and Stardust was sold for $493 million to Alon Resorts. The sales were completed on March 20, 2010, when Crown and Alon took possession of properties and their operations.

Despite MCMG's initial failure to win a gaming concession in Manchukuo, the company had remained interested in the country and finally won approval to build a resort in 2013. But it would be just developed as a hotel, with an option to build the casino in the future. During this time it was announced that the company received permission to a resort hotel in Babylonia, capital city of Persia. The resort is scheduled to open in early spring of 2016.

On 9 January 2013, MCMG received formal government approval to build its second resort in Oldsenburg. The venture will pay a land premium of 1.29 billion Oldish pounds (AP$ 162 million) and annual rent of 2.15 million Oldish pounds to develop a five-star hotel and a casino resort.

In 2015 it was announced that MCMG had finally won approval to build a casino at its resort in Manchukuo. Construction started in late 2015 with an opening date for early 2017. MCMG was also given permission to build and operate a resort-casino in Hong Kong a territory of Alexandria-Prussia. This will further MCMG expansion into the Asian Market.

In January of 2016, it was announced that Daniel McCoy would promoted to COO and president of the MCMG he replaces Edward Asbury who retired in December 31 of 2015.