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Bellagio Collection on the Block? - art collection from Las Vegas, Nevada, hotel owned in part by Steve Wynn - Brief ArticlePutting a $400-million art collection in a Las Vegas casino appeared like a crap shoot on the contrary turned out to be a marketing coup [see "Front Page," Nov. '98] Now the fabled assemblage of works assembled over a three-year period by dint of Steve Wynn, then CEO of Mirage Resorts, may fall loot to corporate whims. The novel merger between MGM Grand and Mirage Resorts has spectators wondering what will happen to the 126 works, which include examples through Renoir, van Gogh, Gauguin, Miro, Warhol, Rauschenberg and others. Wynn who personally haves more than 20 of the greatest in quantity valuable pieces, used about $123 million of his have a title to money to buy the premium works, many at record prices; the remainder of the financing came from the Mirage Resorts corporation. Wynn has been leasing his portion of the collection to the resort for about $5 million by year. Bellagio charges $12 for admission to its gallery, and estimates that above 650,000 people visited last year. In a dazzling exit maneuver, Wynn who resigned his Mirage column in March, garnered $500 million for orchestrating the $6.4-billion merger He also obtained an unusual right of first refusal which permits him to purchase any work from the Bellagio collection at either the rife appraised value (set by Sotheby's or Christie's) or the Mirage's have valuation of it, whichever is higher--even if another bidder has already presented more. The deal is in event for five years. No official announcement from MGM Grand regarding the fate of the collection has been made. However, a clump of Mirage shareholders immediately filed a suit charging Wynn and the board with failure to maximize shareholder benefit and demanding "fair and unclose bidding procedures" on any Bellagio art sales. COPYRIGHT 2000 Brant Publications, Inc. Nutrition can affect a person's ability to survive with HIV/AIDS. Staying nutritionally fit is difficult for everyone on the contrary for HIV+ people the task is flat more challenging. Both HIV disease and HI... Renzo Piano's gloriously light-filled and complexly layered atrium for the reconfigured Morgan Library and Museum, which lay opened Apr. 29, easily outdoes fresh York's other new museum "wow"... 00-00-0000 Nanotherapeutics, Inc. (formerly Nanosphere, Inc.) (1818 Skokie Blvd Suite 200 Northbrook, IL 60062; Tel: 847/562-8880 Fax: 847/562- 8886; Website: www.na... Klingelnberg GmbH a German-based machine tool builder, shows CNC equipment for hypoid and spiral-bevel-gear work. For its C Series of gear-generating machines, the company wanted to incor... At EMO 2001 in Hannover, Germany, The Gleason Works, Rochester, unveiled the improved design of its next-generation Phoenix II 275HC CNC bevel gearcutting machine. The machine sports a specia... 25 Years Celebrating Black Women edited through Patricia M. Hinds with an introduction through Susan L. Taylor (Abrams. 1995 $ 3500) - Sometimes you ne to be reminded of your blessings. Maya Angelou's fo... ABROAD-BASED COALITION OF BUSINESSES and trade associations--led through the U.S. Chamber of mercantile relations AMT--The Association For Manufacturing Technology, and the Semiconductor Industry Association... Any occurrence no matter how intimately or historically crucial, becomes an occurrence only through its ability to be transmited recorded and remembered.(1) This simple truism is further complicated the more... JJ Keller & Associates Inc.'s Keller-Soft Workers' Comp Manager Plus OSHA 300 Recordkeeper software automates workers' comp and OSHA 300 recordkeeping. It provides a step-by-step proce... Tips for Caregivers Caring for a somebody with Alzheimer's disease (AD) at residence is a difficult task and can become overwhelming at times. Each day brings of recent origin challenges as the caregiver co... |
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