Ark signs letters of intent with New York-New York Hotel & Casino in Las Vegas to operate restaurant for Las Vegas joint venture of Primadonna Resorts and MGM Grand.NEW YORK--(BUSINESS WIRE)--Sept. 19, 1995--Ark Restaurants Corp. has signed letters of intent with New York-New York Hotel & Casino, a joint venture of Primadonna Resorts, Inc. (Nasdaq:PRMA PRMA Packet Reservation Multiple Access PRMA Puerto Rico Manufacturers Association PRMA Pharmaceutical Research and Manufacturers of America ) and MGM MGM in full Metro-Goldwyn-Mayer, Inc. U.S. corporation and film studio. It was formed when the film distributor Marcus Loew, who bought Metro Pictures in 1920, merged it with the Goldwyn production company in 1924 and with Louis B. Mayer Pictures in 1925. Grand, Inc. (NYSE NYSE See: New York Stock Exchange :MGG MGG Musik in Geschichte und Gegenwart (German: Music in History and Presence; musical encyclopedia) MGG Molecular and General Genetics (journal) MGG MGM Mirage, Inc. ) to design, build and operate a group of restaurants in the 2,100 room, $500 million Las Vegas resort/casino to be called the New York-New York Hotel & Casino. The hotel/casino is expected to open in December 1996. The transaction is subject to the negotiation of definitive agreements. Ark will develop a 450 seat twenty-four hour a day restaurant called America, a 150 seat steak house and a group of small fast food restaurants with a Little Italy and Greenwich Village theme. Ark will also operate the hotel's room service and banquet facilities as well as the employee cafeteria. Ark anticipates that its investment in the project will be between $7 and $10 million. William J. Sherlock, president and chief executive officer of New York-New York Hotel & Casino, said, "We are delighted to have a New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of restauranteur with the quality and experience of Ark Restaurants join us in this exciting project." Michael Weinstein, president and chief executive officer of Ark Restaurants, said, "We are most enthusiastic about this project. New York-New York will be a unique facility and we are looking forward to developing this exciting project." Ark Restaurants owns and operates 24 restaurants and manages 6 restaurants in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. (19); Washington, D.C. (4); Boston (3); Rhinebeck, New York; Oxnard, California; McLean, Virginia and Islamorada, Florida. The company also operates catering businesses in New York City and Washington, D.C. and a wholesale and retail bakery in New York City. CONTACT: Robert Towers Vice President/Chief Operating Officer 212-206-8800 |
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