MGM Mirage to Close Mandalay Acquisition Soon

The deal could be completed as early as Monday.

Author:: Ross Snel
Publish date:: Apr 19, 2005 12:41 PM EDT

MGM Mirage

(MGG)

expects to close its acquisition of

Mandalay Resort Group

(MBG)

as early as Monday.

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.