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MGM Mirage Not Selling Las Vegas Casinos Due to Low Offers

Thursday, June 18, 2009

LAS VEGAS, Nevada -- As reported by Bloomberg: "MGM Mirage Chief Executive Officer Jim Murren doesn't plan to sell any casinos on the Las Vegas Strip because of low offers.

"'As it relatesMGM Mirage in Las Vegas
MGM Mirage in Las Vegas
  to Strip properties we haven't engaged in any discussions on those,' Murren said yesterday in a telephone interview. 'We don't feel like we could come close to what we believe the values are worth. The multiples are low, it seems like the wrong time.'

"The company, the largest operator of casinos on the Las Vegas Strip, will probably decide 'within the next month' whether to sell three properties in Michigan and Mississippi, and is in a fresh round of bidding, Murren said. Prospective buyers are offering more 'now that we're not as forced a seller,' he said. 'Bid valuations are rising.'

"MGM Mirage, based in Las Vegas, hired investment bank Morgan Stanley to evaluate bids for its MGM Grand Detroit, the Beau Rivage in Biloxi and the Gold Strike in Tunica.

"Business in Las Vegas has 'clearly bottomed out,' Murren said..."

 

MGM MIRAGE
3600 Las Vegas Boulevard South
Las Vegas, NV 89109
Phone: (702) 693-7120
Fax: (702) 693-8626
Website: www.mgm-mirage.com
MGM MIRAGE is one of the world's leading gaming companies. It owns and operates 24 properties located in Nevada, Mississippi and Michigan, and has investments in four other properties in Nevada, New Jersey, Illinois and the United Kingdom. MGM MIRAGE has also announced plans to develop Project CityCenter, a multi-billion dollar mixed-use urban development project in the heart of Las Vegas, and has a 50 percent interest in MGM Grand Macau.
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