MGM Mirage has hired Morgan Stanley to handle the potential sales of two of its steadiest cash cows — MGM Grand Detroit and Biloxi’s Beau Rivage casino — according to people with knowledge of the matter.
The news comes after a person familiar with the matter said Australian billionaire and gambling magnate James Packer is weighing a stake in City Center, the troubled $8.6 billion Las Vegas development owned by MGM and Dubai World.
Morgan Stanley is in discussions with buyers interested in purchasing the Michigan and Mississippi casinos, said a person close to MGM Mirage. Morgan Stanley is also vetting potential buyers to determine whether they have adequate access to cash or credit and whether they would likely to win permission to operate a casino from state regulators.
Wall Street Journal 4/4/9