MGM Mirage Not Selling Las Vegas Casinos Due to Low Offers

LAS VEGAS, Nevada -- As reported by Bloomberg: "MGM Mirage Chief Executive Officer Jim Murren doesn't plan to sell any casinos on the Las Vegas Strip because of low offers.

"'As it relates
MGM Mirage in Las Vegas  to Strip properties we haven't engaged in any discussions on those,' Murren said yesterday in a telephone interview. 'We don't feel like we could come close to what we believe the values are worth. The multiples are low, it seems like the wrong time.'

"The company, the largest operator of casinos on the Las Vegas Strip, will probably decide 'within the next month' whether to sell three properties in Michigan and Mississippi, and is in a fresh round of bidding, Murren said. Prospective buyers are offering more 'now that we're not as forced a seller,' he said. 'Bid valuations are rising.'

"MGM Mirage, based in Las Vegas, hired investment bank Morgan Stanley to evaluate bids for its MGM Grand Detroit, the Beau Rivage in Biloxi and the Gold Strike in Tunica.

"Business in Las Vegas has 'clearly bottomed out,' Murren said..."