The Berkshire Eagle from Pittsfield, Massachusetts • 7

The Berkshire Eagle, Tuesday, Nov. 25, 1980-7 The Marketplace KT MGM Grand Hotels, which took Adams option, is delayed in Atlantic City by its Las Vegas fire Are you missing business because you've got more important things to do than sit by your telephone all day? 3- 9 V. We'll mind your business LIVE telephone answering service Beepers Car Telephones 24 hours a day 7 days a week ATLANTIC CITY, N.J. (UPI) The chairman of MGM Grand Hotels Inc. said yesterday that plans for a joint $400 million Atlantic City casino complex with Hilton Inns may face a "delay of several months" because of financial burdens resulting from last week's fire in the Las Vegas hotel.

"Our first priority is to open the MGM Grand-Las Vegas," MGM Grand chairman Fred Benninger said. MGM Grand Hotels Inc. signed an agreement with Grey-lock Associates to acquire an option to buy sites for hotels and casinos at Greylock Glen in Adams and in the town of Hull on the South Shore, an MGM representative said in July. The Las Vegas-based company confirmed late last month that it would purchase a 58-acre estate in Hull for use as a hotel and if legalized gambling is ever approved in Massachusetts as a casino. On Oct.

23, chairman Benninger said the com pany had not yet reviewed its first-refusal option on the dormant Greylock Glen resort project. From the MGM office in Atlantic City, Benninger said at the time he would probably look at the document, sent to him by the Community Savings Bank of Holyoke, the following week. In the Atlantic City project, Hilton and MGM were hoping to begin construction in January on a joint garage that would eventually connect two hotel casino complexes on a 32- BERKSHIRE COMMUNICATORS inc. North Adams Tel. (413) 663-3881 Pittsfield Tel.

(413)442-1551 Great Barrington Tel. (413) 528-3876 sino built by Hilton. The site is located directly across Brigantine Boulevard from the newly-opened Harrah's Marina Hotel Casino, about one mile from the Boardwalk gaming strip. This month, MGM and Hilton agreed to pay the state $2.5 million for rights to streams, filled in 40 years ago, but still covered by state riparian grants. Although he has been unable to contact Hilton Inns due to the fire disaster, Benninger did say he did not think MGM's problems would hamper the partnership.

Donald Devoto, General manager of the Hilton project, said he had personally received no indications the MGM fire would affect construction timetables in Atlantic City. "We are still waiting for state approvals and have set no specific date for groundbreaking," Devoto said. acre site in the city's marina section. Benninger said the firm had sufficient insurance to cover all costs in refurbishing the smoke-scarred 26-story tower and 140-yard long casino on the Las Vegas strip. Repairs in the massive complex should be completed by July 1981, he said.

Benninger said MGM has specifically raised $40 million in a recent debenture offering for use in the construction of the New Jersey project. He said he still believes virtually all the $40 million would go to the Atlantic City hotel, MGM's share of which would be at least $185 million. The construction of the project is expected to take two years. When complete, the garage would connect a hotel and 80,000 square-foot casino built by MGM with a hotel and 60,000 square-foot ca Financial picture unsure for fire-struck hotel firm (MAC Inc. (Office Machine Addressing Co.

Inc.) Here's an economical solution to a costly problem Th. SCRIPTOMATIC Addressing System Automatic addressing of your mail at the push of a button. For the nine months ended last May 31, MGM Grand Hotels reported an increase in operating earnings of 4.9 percent over the year-earlier period. Net income rose 13 percent, to 77 cents a share from 68 cents a share the previous year. had said that the company's earnings this year would benefit from higher room rates, the improved availability of gasoline and the continued popularity of Las Vegas for conventions and vacationers.

Hotels, without the moviemaking business, had reduced the cash flow and other income to cover its fixed debt. Moreover, said that plans by the hotel company to construct a resort-casino in Atlantic City, N. were expected to create greater financial burdens. At midyear, the company's long-term debt was put at $138 million. Of the 32.1 million common shares outstanding, 49 percent are owned by Kirk Kerkorian, who also controls 47 percent of the MGM Film Company.

4 -3 7 A. 7 John Zepka has joined the sales force of Johnson Ford. Gory Johnson President of Johnson Ford welcomes John to the soles staff Related story on Page 32. Open House: Mike Kelley, Scriptomatic Factory Representative will be in our North St. office to introduce the Scriptomatic system to you and answer your addressing and mailing questions.

cs 7 A om" It is now time to order your personalized JOHN ZEPKA John resides with his wife and daughter at 65 CenteiSt. in Adams. A veteran of 4 years in the U.S. Army. John graduated from N.A.

State College with a B.S. Degree in accounting faoJk LINCOLN MERCURY Stop in Tuesday between 9 am and 4 pm and receive a copy of the Scriptomatic guide to better direct Mailing FREE! OM AC Inc. 409 North St. Pittsfield, Mass. Phone: 442-7211 Scriptomatic" Christmas cards.

Matters of opinion Ours is on ihe Editorial page Yours is in the Letters to the Editor Column on the Editorial Page Theirs is on the Op Ed Page Every day in 443-6449 146 North St. Pittsfield The 1980 New York Times News Service NEW YORK MGM Grand Hotels Inc. appears to face an uncertain financial outlook following the fire at its Las Vegas hotel-casino, one of its two large gambling operations. The company, whose stock fell three points, to $10, in New York Stock Exchange trading on Friday's news of the fire, on Sunday declined to discuss the financial impact of the blaze, which has now taken 84 lives and caused extensive damage. But company officials did say that the damaged hotel would not reopen until at the earliest next July 1, when it had previously planned to open a 760-room addition to the 25-story, hotel.

The extent of the concern's insurance coverage could not immediately be determined. Even before the fire, financial analysts had indicated some concern over future earnings. Last June, following the distribution of the shares of its filmed-entertainment operations to its shareholders, Metro-Gold-wyn-Mayer Inc. changed its name to MGM Grand Hotels. Shortly after that action, Standard Poor's the financial-rating organization, lowered its ratings on the debentures and other debt issues of MGM Grand Hotels, which also operates a resort hotel casino in Reno, Nev.

The reason given by Standard Poor's was that MGM Grand Loan bank leader to depart Dec. 15 WASHINGTON (UPI) Federal Home Loan Bank Board Chairman Jay Janis announced yesterday he is resigning effective Dec. 15. Janis, who did not give details of his future plans, made his announcement at a meeting of the bank board staff. "In my 14 months as chairman, the bank board has acted upon 45 major regulatory changes which provided the basis for major deregulation of the savings and loan industry," Janis said.

He cited the implements of the new banking deregulation act, the broadening of thrifts' authority to borrow funds for mortgage-lending purposes, and authorization of innovative mortgage instruments as some of the most significant regulatory changes introduced during his tenure. Natural gas supply said to be abundant BOSTON (UPI) There will be an abundance of natural gas for New Englanders this winter, according to David W. Sampson, president of the New England Gas Association. Sampson said supplies and national reserves were up, while new energy-efficient appliances are allowing consumers to save more. The First Aggie Difference Open a Holiday Club Account, Get a FREE Quality Gift If What We Do For You There is a difference in Holiday Clubs.

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