MGM contemplating sale of some casinos


RIP Brian
Feb 22, 2001
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NEW YORK, April 5 (Reuters) - MGM Mirage (MGM.N) has hired Morgan Stanley (MS.N) to advise on selling a number of its casinos, and is talking to potential buyers about the assets, a source familiar with the situation said on Sunday.

The No. 2 casino operator, controlled by billionaire Kirk Kerkorian, is grappling with weak consumer demand and reduced access to credit. The casino firm is hoping to raise money to meet debt payments and also to fund a troubled project it jointly owns with Dubai World [DBWLD.UL] called CityCenter, the source said.

MGM Mirage, which said in March that its banks had agreed to waive debt covenants through May 15, is also talking to lenders to refinance debt, the source said.

The company is in talks to sell its casinos outside Las Vegas including MGM Grand Detroit in Michigan and Biloxi's Beau Rivage in Mississippi, the source said.
Personally, I wish MGM would sell GoldStrike Tunica to someone who gives a damn about player retention and doesn't suffer from the delusion that Tunica is a mini-Vegas.

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