Murren Says MGM Will Keep Las Vegas Casinos
According to its CEO, MGM Mirage (MGM: 11.75 0.00%) will not be selling any of its Las Vegas Strip casino and resort properties. Jim Murren said this week that the gaming operator had not received any offers even in the ballpark of what MGM would want to relinquish another Vegas casino.
“We don’t feel like we could come close to what we believe the values are worth,” said Murren.
Murren did allow that MGM Mirage may sell casinos in Mississippi or Detroit, depending on the bids. He said that MGM is now receiving more worthy offers since the company is no longer as desperate, having staved off bankruptcy for itself and CityCenter.
Rumors had abounded that companies as diverse as Penn National Gaming and Penthouse were eyeing the chance to grab a Strip casino at discount price. But Murren says MGM feels the recession has bottomed out, and there is no longer the urgency to find cash anywhere possible.
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