Posts Tagged ‘MGM Mirage’

Kerkorian taken on by Icahn in big vegas showdown

Carl Icahn is pushing MGM Mirage to restructure its bankruptcy.  Mr Icahn has aquired hundreds of millions of dollars in MGM Mirage debt, he has told MGM Mirage that they would support a restructuring in court.  Kerkorian holds a 53% stake in MGM Mirage which is valued at around $900 million, down from $14.9 billion in 2007.  A bankruptcy for MGM Mirage would be spectacular in a string of implosions seen all across Las Vegas with small casinos falling bankrupt regulary at the moment.

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MGM Mirage races against the clock to sort out its finances

MGM Mirage has been struggling for some time with its finances due to the current economic climate.  MGM Mirage is racing against the clock to restructure its finances.  MGM has seen profits plummet in the recession and is close to defaulting on its debt.  Help may be at hand from Colony Capital LLC who have been having talks with Mirage about sorting out its debt by setting up a mortgage against one of its casinos.  The MGM Mirage debt is currently $13.5 billion so this isn’t the easiest financing to obtain.

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MGM Detroit opening casino hotel

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