MGM Mirage Plans to Sell Detroit Casino
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MGM Mirage plans to sell a casino in Detroit to try to win regulatory approval for its $4.8-billion purchase of Mandalay Resort Group, which would create the world’s largest casino resort company.
Mandalay accepted the offer of $71 a share Tuesday from MGM Mirage, which also would assume $2.5 billion in Mandalay debt, the companies said. MGM Mirage owns the MGM Grand casino in Detroit and would sell Mandalay’s 54% stake in the MotorCity casino.
Shares of Mandalay fell 8 cents to $67.80. Shares of MGM Mirage fell 62 cents to $48.88. Both trade on the NYSE.
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