MGM Mirage Weighs Detroit Move
MGM Mirage owns the Detroit casino with partners. But the merger would also give it a 53.5% indirect interest in the MotorCity Casino, also in Detroit. State law would prevent it from keeping both properties as it limits companies from holding more than one gaming license.
MGM Mirage had originally planned to shed Mandalay's interest in the MotorCity property, but now it's having second thoughts.
"MGM Grand Detroit and MotorCity are both great properties with consistently strong operating results and terrific growth prospects," said Terry Lanni, CEO of MGM Mirage, in a news release. "We initially expected that we would dispose of Mandalay's majority interest in MotorCity. However, since making that initial determination we have been approached by several parties concerning the possible sale of MGM Grand Detroit and we have decided to explore this alternative. If such a transaction were to occur, we would maintain Mandalay's interest in MotorCity and look forward to working closely with Mandalay's partners and the City of Detroit to develop and enhance that property."On Thursday, Mandalay reported record third-quarter results and beat Wall Street estimates as business boomed at its Las Vegas casinos.
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