Los Angeles (Reuters) - A plan for the restructuring of MGM Mirage, suggested by investor Carl Icahn, would involve swapping debt for equity and be done in concert with Kirk Kerkorian, MGM's majority shareholder, a source familiar with the situation said on Friday. Some MGM bondholders, including Icahn, have floated the idea of the debt-laden casino operator filing for bankruptcy...
Las Vegas (AP) - Billionaire Carl Icahn and an investment fund believe MGM Mirage Inc. should file for bankruptcy, The Wall Street Journal reported Thursday. They want the Las Vegas-based casino operator to restructure its more than USD 13 billion in debt as soon as possible. A story posted on the newspaper's Web site Thursday citing unnamed sources...
New York (Reuters) - Colony Capital LLC and MGM Mirage are no longer in talks over a potential investment in the struggling casino company, a source close to the discussions said on Thursday. The source said while there were no talks going on now, the situation could change. The source did not want to be identified because the talks are private.
Casino operator Crown says it is not in talks with MGM or Dubai World to invest in the City Center development in Las Vegas. "It is Crown's policy not to comment on speculation,'' Crown said in a statement today. "However, as there has been widespread media speculation over the weekend that Crown is considering a direct investment in the City Center...
(Bloomberg) - MGM Mirage has hired investment bank Morgan Stanley to evaluate bids for regional casinos in Michigan and Mississippi, a person close to the gaming company said. Potential buyers have expressed interest in combinations of the assets, said the person, who declined to be named yesterday because the discussions are private.
New York (Reuters) - CityCenter, an USD 8 billion Las Vegas project owned by MGM Mirage and Dubai World, won a reprieve on Friday when MGM committed USD 200 million to allow construction to continue while project leaders seek additional funding. "MGM Mirage intends to work with Dubai World, its lenders and others to find a long-term solution for the financing of CityCenter's completion," MGM said in a statement.
The dispute between CityCenter developers MGM Mirage and Dubai World could land the giant project on the Las Vegas Strip in bankruptcy court. An insider at MGM Mirage on Thursday night confirmed that the CityCenter joint venture has hired the law firm Dewey & LeBoeuf, potentially for a bankruptcy filing if that becomes necessary. The source, who is familiar with negotiations that took place Thursday on the future of CityCenter, stressed that MGM Mirage itself did not hire the bankruptcy counsel.
A spokesman for Senate Majority Leader Harry Reid said Monday the Nevada Democrat has tried to help MGM Mirage raise some of the USD 1.2 billion needed to complete the USD 9.1 CityCenter development. On Sunday, the Review-Journal reported in the Inside Gaming column that Reid and MGM Mirage majority shareholder Kirk Kerkorian were calling financial institutions to seek the final piece of the CityCenter financing puzzle. The information came from a Wall Street analyst.
Las Vegas: The Dubai developer building an USD 8.6 billion complex on the Las Vegas Strip with casino company MGM Mirage Inc. is suing MGM Mirage because it's worried about the project's viability. Dubai World subsidiary Infinity World claims in a lawsuit filed Monday in Delaware Chancery Court that MGM Mirage's statements about its financial condition put the project at risk. Dubai World's general counsel, George Dalton, in particular cited concerns about a statement in MGM Mirage's annual report...
Los Angeles (Reuters) - MGM Mirage reported a fourth-quarter loss of USD 1.15 billion on Tuesday as gambling demand declined, and it wrote down impaired assets, sending its shares down 3 percent in extended trade. The No. 2 casino operator also said its banks had agreed to waive debt covenants through May 15. MGM, grappling with weak demand from recession-weary consumers and a credit market crisis, warned earlier in March that auditors had substantial doubt about the company's ability to continue as a going concern.
Chicago (Reuters) - MGM Mirage, which has warned it could breach its credit agreements this year if the economy doesn't rebound, may break itself up to lure potential buyers as it races to raise the more than USD 1.5 billion it owes in bond payments and interest this year, The Wall Street Journal reported on on Saturday. Citing unnamed people "familiar with the matter," the paper said buyers had been "sizing up" several of the casino operator's separate properties, including the Bellagio and MGM Grand Detroit.
Las Vegas (AP) - MGM Mirage Inc., the gambling company owned by billionaire investor Kirk Kerkorian, said Tuesday that it may default on its debt amid development of its biggest casino project ever, the USD 8.6 billion CityCenter in Las Vegas. Unless the economy turns around and more people start gambling again, the Las Vegas-based casino company believes it will break its loan agreements this year, it said in a filing with the Securities and Exchange Commission.
