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Report: Detroit's MGM Grand Casino up for sale
Saturday, April 4, 2009 at 10:13:22 AM
The MGM Grand Detroit casino could be up for sale. The Wall Street Journal reports MGM Mirage, which owns the Detroit casino, has hired Morgan Stanley to handle the potential sale of it's Detroit casino, along with the Biloxi Beau Rivage Casino in Mississippi.
A source close to Mirage says a sale of the two gaming facilities may be worth one to two billion dollars. A spokesman says the company is exploring all available options and will develop a comprehensive strategic plan.
The Las Vegas-based MGM Mirage is under intense pressure to raise cash in order to meet looming obligations on its $13.5 billion in debt. It's also trying to salvage an $8.6 billion real-estate project that still needs billions in funding.
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