MGM Hires Bank To Sell Casino Assets: Source

Times of India ^ | April 05, 2009

[Steelfish]

6 Apr 2009

MGM hires bank to sell casino assets: Source

NEW YORK: MGM Mirage 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 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.

[BlessedBeGod]

So, Kerkorian kills MGM a second time. Nice.

[JCG]

Zowie. When casinos can't make it, who can?

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[MarkL]

Zowie. When casinos can't make it, who can?

A buddy of mine just got back from a vacation in Vegas, and he said that they (everything, not just the casinos) were hurting something fierce... He told me that he got 3 weekenights at Bally's for about $35 a night!

I hope they don't close down the MGM Grand. One of the most important things I do whenever I go to Vegas is hit the Nathans Famous there! I don't know what I'd do if I couldn't get a couple from their franks & fries when I'm in Vegas!

Mark

[RandallFlagg]

I hope they don't close down the MGM Grand.

Flagg would be deeply saddened.

[melissa_in_ga]

I just came from Vegas last week. Stayed at the Paris for $15 a night for 4 nights. The MGM was doing what seemed to be a solid business, but I did have one complaint overall. NOBODY except locals’ casinos, were playing $5 blackjack.

The days of high dollar tables are over, and if the casinos would bring down the minimums on their tables, they’d get more business.

[SunkenCiv]

The good news...

[grellis]

If you would like to be added or dropped from the Michigan ping list, please freepmail me.

Where on earth are they going to come up with a buyer for the Detroit casino???

[SunkenCiv]

Eminem?

[grellis]

pur-leeeez! You think the Council would okay the purchase by a white guy?! I honestly believe the antics of the City Council will be what keeps potential buyers away. You'd have to have more than a couple of screws loose to invest in Detroit with that gang of nutcases running the show.

[SunkenCiv]

Well, if the mob were interested, there wouldn’t be any more trouble from Conyers et al. ;’)

[grellis]

I’ll have to have a little chat with a few of my uncles, see if they’re interested...