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According to MGM Mirage Chief Executive Officer Jim Murren, the largest operator of casinos in Vegas doesn’t plan to sell any casinos on the Strip because of low offers.
In an attempt to increase revenue, MGM was considering the sale of some their properties and had been excepting offers from potential buyers. The casino company also reportedly hired the investment bank Morgan Stanley to evaluate bids for its MGM Grand Detroit, the Beau Rivage in Biloxi and the Gold Strike in Tunica.
Murren has said that MGM will probably decide within the next month or so whether to sell the three properties in Michigan and Mississippi. Murren feels that the market has clearly bottomed out and MGM is currently estimating that it is only a matter of time before profits begin to rise.
“It’s just a matter of how long we’re going to be on the bottom, and that is what we’re debating internally,” Murren said. “The business trends are no longer deteriorating.”
MGM is now involved in a fresh round of bidding. Their experts feel that prospective buyers will be offering more now that they are not forced to sell.
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