MGM to Sell MotorCity Casino

17 Jun 2004

DETROIT, Michigan – As reported by the Detroit News: 'MGM Mirage Inc. plans to sell MotorCity Casino as soon as its $7.9 billion purchase of MotorCity Casino's current owner Mandalay Resort Group Inc. is finalized early in 2005, top company officials said Wednesday.

"More than a dozen prospective buyers have already expressed interest in MotorCity Casino, which will be sold after its parent company, Mandalay Resort Group, is acquired by rival casino operator MGM Mirage Inc., Terrence Lanni, chairman and CEO of MGM Mirage, told The Detroit News in an interview.

"The acquisition of Mandalay includes a 53.5 percent ownership stake in MotorCity Casino. MGM Mirage already owns the majority share of the MGM Grand Detroit Casino. Michigan gaming laws prohibit a company from owning more than one Detroit casino.

"…Lanni declined to identify any of the interested parties or a selling price.

"But one Wall Street analyst speculated the price tag for the MotorCity would be in the $500 million range…"

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	MGM to Sell MotorCity Casino 17 Jun 2004 <a href='https://ad.casinocity.com/adclick.php?n=a21efcd1'><img src='https://ad.casinocity.com/adview.php?what=-site:vendors/width:250/RON&n=a21efcd1' border='0' alt='' /></a> DETROIT, Michigan – As reported by the Detroit News: 'MGM Mirage Inc. plans to sell MotorCity Casino as soon as its $7.9 billion purchase of MotorCity Casino's current owner Mandalay Resort Group Inc. is finalized early in 2005, top company officials said Wednesday. "More than a dozen prospective buyers have already expressed interest in MotorCity Casino, which will be sold after its parent company, Mandalay Resort Group, is acquired by rival casino operator MGM Mirage Inc., Terrence Lanni, chairman and CEO of MGM Mirage, told The Detroit News in an interview. "The acquisition of Mandalay includes a 53.5 percent ownership stake in MotorCity Casino. MGM Mirage already owns the majority share of the MGM Grand Detroit Casino. Michigan gaming laws prohibit a company from owning more than one Detroit casino. "…Lanni declined to identify any of the interested parties or a selling price. "But one Wall Street analyst speculated the price tag for the MotorCity would be in the $500 million range…"

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MGM to Sell MotorCity Casino