MGM Mirage CEO Doesn’t Plan to Sell Vegas Casinos - Good News for Us
We love the MGM, and would find it sad to be in anyone else's grubby little hands. Looks like MGM is not getting the money it wants for offers, and we expect they won't for awhile.
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 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.”
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Posted by Jay Brewer at June 19, 2009 8:16 AM
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