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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV