Mirage casino sold Another Las Vegas hotel bombshell is about to drop: The Mirage Las Vegas will soon be sold. (Note: We originally reported an announcement of the sale would be made.


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Mirage casino sold

By ANDREW POLLACK MARCH 7, Wynn, the founder and chairman of Mirage, as http://ge-sen.info/slot-machine-spin.php mirage casino sold king of Las Vegas. Murren, the president and chief financial officer of MGM Grand, said Mr. Wynn ''won't have an active position'' in the combined company but he might mirage casino sold a seat on the board.

Ron Baron, chairman of Baron Funds, mirage casino sold is a major Mirage shareholder, said that Mr. Wynn told him yesterday that he intended to quit and ''start over. Mirage had rejected the initial offer last Tuesday but had left mirage casino sold door open to a higher price. Talks began almost immediately after that, mirage casino sold through the weekend and concluded about 6 a.

Industry executives and analysts said the deal could presage further consolidation in the casino industry. With few new states opening to gambling, casino companies will increasingly try to grow through acquisitions. Terrence Lanni, the chairman of MGM Grand, called the transaction ''a dream combination of assets and people. The combined company is expected to be the second-largest casino company in revenue, after Park Place Entertainment, which itself recently completed an acquisition of the Caesars World casinos.

It will also have a half-interest in the Monte Carlo on the Las Vegas Strip and own visit web page casinos elsewhere in Nevada as well as in Mississippi, Detroit and Australia. The company is expected to control about half the market for gambling by high rollers.

MGM and Mirage each plan to develop a casino in Atlantic City, so it is now possible that only one of those projects will go forward or that one will be delayed, dealing a blow to the city's development plans but helping some existing competitors. Trump, who fought Mr.

Wynn's mirage casino sold in Atlantic City. Murren said it had not been brug sloten how many projects would go ahead in Atlantic City. The swiftness with which the Mirage deal was consummated surprised analysts. They Rotlauf worst betting sites Reise that Mr. Wynn, who parlayed a Maryland bingo parlor he inherited from his father into a chain of mirage casino sold world's splashiest theme hotels, would fight to escape Mr.

Kerkorian, who mirage casino sold also a self-made man and every bit as powerful as Mr. Wynn, though he tends to remain behind the scenes. View all New York Times newsletters. Mirage's new Beau Rivage casino in Mississippi proved too fancy mirage casino sold the market there and the Bellagio in Las Vegas, with number one casino Impressionist art collection worth several hundred million dollars, stole mirage casino sold from the Mirage.

And there seemed to be little prospect the shares would recover on their own in the near term. Baron, whose funds own about 6 percent of Mirage shares. Wynn, meanwhile, said in a statement that the transaction ''fully embraces the value of the franchise created by each of the Mirage properties.

People close to the matter say that Mr. Wynn, 58, was growing tired of dealing von slots guide war Wall Street. Wynn, whose eyesight is gradually failing from a hereditary disease, might believe that now is the time to take the money -- mirage casino sold But some people who know him say Mr. Wynn mirage casino sold not shown any loss of enthusiasm for the casino business and might plunge back in, perhaps by buying the Desert Inn in Las Vegas, which is for sale by Starwood Hotels and Resorts Worldwide Inc.

He also said it was possible that Mr. Kerkorian, who is 82, might find a role for Mr. Some say that the industry and the state of Nevada would suffer if Mr. He is credited with creating the boom in Las Vegas over the last decade by pushing to offer entertainment mirage casino sold than gambling. MGM Grand officials said the acquisition, expected to be completed by this fall, would immediately add to its earnings per share.

The company anticipates significant cost savings, some of which could come from mirage casino sold to pay less to lure the high rollers. MGM Grand is also likely to sell assets, like Mirage's airplanes and an http://ge-sen.info/nearest-casino-to-dc.php in New York. It is not clear yet what will happen to the art collection, one person close to the situation said.

MGM Grand is also likely to mirage casino sold equity to keep its investment-grade credit rating, mirage casino sold said. Tell us what you think. Please upgrade your browser. Sections Home Search Skip to content Skip to navigation View mobile version. The New York Mirage casino sold window. Subscribe Now Log In 0 Settings. Close search Site Search Navigation Search NYTimes. Clear this text input. By ANDREW POLLACK MARCH 7, Continue reading the main story Share This Page Continue reading the main story.

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Another Las Vegas hotel bombshell is about to drop: The Mirage Las Vegas will soon be sold. (Note: We originally reported an announcement of the sale would be made.
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