MGM Mirage to Close Mandalay Acquisition Soon
The last remaining hurdle for the $7.90 billion deal is Illinois regulatory approval. The Illinois Gaming Board plans to hold a hearing Thursday, and MGM Mirage executives say they're confident the board will give the merger a thumbs-up at the hearing.
The board will decide whether to allow the two casino companies to put Mandalay's Grand Victoria Casino in Elgin, Ill. into escrow while they await a new license for the property.
It would take another two business days -- until Monday -- to close the merger, said the executives, who were speaking in MGM Mirage's first-quarter earnings call.Until last month, the Illinois Gaming Board lacked enough members to conduct business. MGM Mirage announced strong results Tuesday.
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