MGM Turns To Morgan Stanley To Get Casino Finances In Order

MGM Mirage started this past week by making a $200 million interest loan payment. They ended the week by hiring Morgan Stanley to help them come up with a strategic plan for some of the casinos they own.

Reposrt have surfaced that claim MGM is trying to sell Biloxi's Beau Rivage and Detroit's MGM Grand Detroit casinos. Morgan Stanley has been brought in by MGM to negotiate the terms of the deals with potential buyers, this according to the Wall Street Journal.

"The company is going to explore all available options and will develop a comprehensive strategic plan," said MGM Mirage spokesman, Alan Feldman, to the newspaper. That is where Morgan Stanley comes in.

MGM, after making the interest payment on Monday, has been brainstorming for ways to come up with the rest of the financing to finish their CityCenter project in Las Vegas. Their partner in the project, Dubai World, has blamed MGM for cost overruns.

One of the plans being discussed would be to allow James Packer and his Australian based casino company to buy into the City Center project. There has been no confirmation as to where those negotiations stand.

April 4, 2009
Posted By April Gardner
Staff Editor, CasinoGamblingWeb.com
Submit News!

Cripple Creek Leading The Casino Gambling Way In Colorado
Lakes Entertainment Joins Casino Battle In Sumner County
With Gambling Down, Casinos Around US Lower The Stakes
Packer And Crown May Invest In MGM CityCenter Casino Project
Coin Cup Slot Machines Return At Resorts Atlantic City Casino