Thursday, July 30, 2009

They're trying to sell my poker room

I saw this headline in a Memphis alternative newspaper:

MGM Mirage Mulls Sale of Gold Strike

They can't do that -- the Gold Strike is where I play poker. Maybe they didn't get the memo.

Apparently the parent company is $13 billion in debt. Debt is common in the casino industry, but with the economic downturn, they are trying to reduce it. Also for sale: The Beau Rivage in Biloxi, MS; the MGM Grand Detroit; and two properties in Laughlin, NV -- the Colorado Belle and Edgewater Casinos.

The potential Mississippi casinos sale is discussed here.

Here's a Motley-Fool article titled "Can Anything Save MGM Mirage?" (The short answer is "no.")

The possible sale of the Laughlin casinos is linked to here.

MGM Mirage owns: The Bellagio, the Mirage, the Luxor, MGM Grand, Mandalay Bay, New York New - York and many others.

6 comments:

  1. When the casinos are doing badly, you know that something is wrong because all I know about casinos is that "the house never loses" and if it begins to look like it will then there is gonna be trouble!

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  2. With the massive debt MGM has aquired building the huge City Center complex in Vegas its no wonder they are trying to off load some of their holdings.

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  3. And I was just starting to like the place. Let's protest, Mojo! I can't believe the Beau is up for sale also.

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  4. Next thing you know organized crime will be filing for unemployment.

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  5. $13 billion...how much rake can that be?

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  6. The MGM Grand is not going anywhere. They are going to be heavily involved in online gaming soon and $13B is one years worth of profit. These operators are not billionaires for no reason

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