Las Vegas Sun

April 25, 2015

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MGM Mirage hires investment firm

MGM Mirage has hired investment bank Morgan Stanley to help with the potential sales of two properties, MGM Grand Detroit and Beau Rivage in Biloxi, Miss., the Wall Street Journal reported today.

The newspaper, citing people with knowledge of the matter, said Morgan Stanley is in discussions with potential buyers and is vetting them to ensure they can finance a deal or deals and could obtain gaming licenses.

The potential sales come as the Las Vegas-based casino and entertainment giant looks to bolster its finances so it can make debt payments and continue to finance development of the $8.7 billion CityCenter project in Las Vegas.

"The company is going to explore all available options and will develop a comprehensive strategic plan," MGM Mirage spokesman Alan Feldman told the Journal.

Earlier this week, the names of Colony Capital of Los Angeles and Australian billionaire James Packer surfaced as potential investors in CityCenter.

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