MGM Mirage to Sell Macau Casino Shares
Macau Casinos
MGM Mirage has suggested that it will sell its shares in its Macau casino, which is a joint venture with the daughter of legendary casino tycoon Stanley Ho, Pansy Ho. BusinessWeek.com has reported that the move follows MGM’s competitor’s Wynn Resorts, which sold stakes in its Macau casino operations in order to raise cash. MGM’s chief executive, Jim Murren, has suggested that the company plans to sell $850 million in secured bonds, between now and the end of June. Murren has remained confident about the positive effect the sale of the bonds will have on the business, suggesting he believes the deals will be completed by “the third quarter, probably in August (to) September".
Macau has swiftly overtaken Las Vegas as the most popular gambling location in the world. Financial reports for February 2010 have suggested that casinos in the province of China made $87.55 million a day during the second half of February. The majority of the casino revenue is generated by table games such as craps, blackjack and baccarat, which are popular with high-rollers travelling to casinos there.
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