Wynn Interested In Acquiring MGM Mirage Casinos

MGM Mirage and Wynn Resorts are in the same industry, so they are natural rivals. That rivalry, however, has not stopped Steve Wynn from acknowledging that he may be interested in purchasing some of MGM's properties.

"I'd be interested, if at the right price, whether it's Bellagio or Circus Circus," said Wynn at the Milken Institute's Global Conference in Beverly Hills, California.

The Bellagio may be one casino in particular that Wynn is eyeing. Wynn built that casino, but that was before his previous casino company was bought out by MGM Mirage. Now, it looks as though the Bellagio might come full circle.

MGM Mirage has recently been openly shopping some of their properties. They hired Morgan Stanley to help them sell some of their casinos in the hopes of gaining the capital they need to complete their CityCenter project in Las Vegas.

In recent months, MGM has made loan interest payments that have swallowed up much of their finances. Their partners in the CityCenter project, Dubai World, have accused MGM of causing the cost overruns on the project, and have not paid their share of any of the loan payments.

The two are said to be close to an agreement where Dubai would once again become an active partner. In the meantime, MGM is doing everything possible to keep the project moving forward.

April 29, 2009
Posted By Terry Goodwin
Staff Editor, CasinoGamblingWeb.com
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