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MGM taking bids for two casinos in Detroit.(News)(MGM Mirage Inc. to sell MGM Grand Detroit Casino L.L.C. or the portion of MotorCity Casino L.L.C. of Mandalay Bay Resort Group Inc.,)
Crain's Detroit Business, February, 2005 by Ankeny, Robert
Byline: Robert Ankeny MGM Mirage Inc. is considering offers to sell either MGM Grand Detroit Casino L.L.C. or the portion of MotorCity Casino L.L.C. owned by Mandalay Bay Resort Group Inc., MGM vice president Alan Feldman said Friday. "There have been multiple serious expressions of interest, and we are entertaining offers on both properties,'' said Feldman, the MGM public-affairs chief.
He declined to discuss any of the offers. MGM (NYSE: MGG) has a $7.9 billion buyout deal for Mandalay (NYSE: MBG) pending, and requires approvals in all states in which either company does business. Wall Street analysts said last week that approval in Michigan could be key to the deal. Under Michigan law, no casino owner can have more than a 10 percent interest in more...
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