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As the struggling U.S. economy tightens its grip on more and more businesses leaving only the strong to survive, even the world’s second largest gaming company is feeling the crunch.
According to sources inside the company, MGM Mirage has hired Morgan Stanley to handle the potential sale of two of their biggest earners, MGM Grand Detroit and the Beau Rivage Casino in Biloxi, Mississippi.
The decision to sell comes from intense pressure to raise capital to fund MGM’s $8.6 billion City Center development in Las Vegas as well as to help get out from under more than $13.5 billion in overall debt.
“The company is going to explore all available options and will develop a comprehensive strategic plan,” said MGM Mirage spokesman Alan Feldman.
The sources are saying that Morgan Stanley is currently in discussions with potential buyers interested in purchasing the Michigan and Mississippi casinos.
Industry experts say that the two casinos on the selling block have held up well despite a sharp decline in revenues coming out of Vegas. Analysts estimate a sale could bring in between $1 billion and $2 billion, providing major relief to MGM Mirage.
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