Casino News

MGM Mirage shares up on sale rumors

2009-04-07 12:17:55

Reports that MGM Mirage is looking to sell some of its real estate led to a surge in its share prices on Monday.

Double-digit increases in the value of MGM Mirage stock were observed after a Reuters source claimed Morgan Stanley had been brought in to manage the sale of two company casinos.

MGM Grand Detroit in Michigan and the Beau Rivage Resort & Casino in Biloxi, Mississippi are the two properties in question, with Colony Capital and Crown Casinos boss James Packer said to be interested.

Crown, which has a policy of not commenting on market speculation, has already denied rumors that it is considering investing in MGM Mirage's CityCenter casino project on the Las Vegas Strip.

Beau Rivage has more than 2,100 slot machines, a wide range of table games and a poker room.

Meanwhile, MGM Grand Detroit boasts 4,000 slot terminals, 90 table games and arguably the number one poker room in Detroit.