Vegas Casinos Plan to Leave Warren Buffett’s Nevada Utility
- MGM will pay exit fee and buy power from another provider
- Wynn Resorts also filed paperwork to leave NV Energy
The 'strip' in Las Vegas, Nevada.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
Casino giants MGM Resorts International and Wynn Resorts Ltd. are moving forward with plans to stop buying electricity from Warren Buffett’s utility in Nevada, dealing a blow to the billionaire’s power service provider.
MGM and Wynn have submitted applications with Nevada regulators seeking permission to leave NV Energy, a utility owned by Buffett’s Berkshire Hathaway Inc., according to filings with the Nevada Public Utilities Commission. MGM said it will pay an exit fee of $86.9 million and depart by Oct. 1, according to a filing on Thursday with the commission.