MGM Trying To Sell Mississippi Casinos

Las Vegas Gambling MGM taking bids on casinos including Biloxi's Beau Rivage and Tunica's Gold Strike.

by Associated Press

Published: Thu, April 23, 2009 - 3:13 am CST Last Updated: Thu, April 23, 2009 - 3:16 am CST

NEW YORK (AP) - A report that MGM Mirage may consider selling a key Las Vegas casino could be a positive catalyst for the
struggling casino operator, an analyst said Wednesday.

MGM Mirage is currently accepting bids for MGM Grand Detroit, the Beau Rivage in Biloxi and Gold Strike in Tunica until Tuesday,
according to the The New York Post.

MGM also is mulling the sale of The Mirage in order to hold off investor Carl Icahn, according to unnamed sources.

The casino operator is thought to be teetering on the edge, saddled with a debt load of more than $13 billion. The problem is made worse by gamblers pulling back on their discretionary spending amid the recession.

Analysts anticipate the casino operator could snag around $1.5 billion for the sale of its Mississippi casinos and the Detroit
property.

An estimated price tag of $1.1 billion for The Mirage, combined with the potential $1.5 billion from the other properties, could be
enough to ease the pressure on MGM Mirage.

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ickthus Says:

Thu, Apr 23, 2009 at 12:19 pm

pay what note? just put then off till the hurricane whipes it out and pay it off with the insurance money you get. it was over insured so it like you just double down. it’s win win baby.

BamaBob Says:

Thu, Apr 23, 2009 at 12:04 pm

Yeah, all we need is one of those sub-prime deals where we lie about our income and put nothing down. If it goes down the toilet, we just get the government to bail us out and pay the notes.

Thar is money in them thar chips!

ickthus Says:

Thu, Apr 23, 2009 at 11:10 am

i’ll give you $10 for it. i hope they chop it up and take off shore for a fishing reef!