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MGM Mirage Selling $66M of Assets27 September 2000LAS VEGAS, NEVADA –Sept. 27, 2000 – As reported by The Associated Press: "MGM Mirage is selling $66 million worth of assets that include property in Atlantic City, N.J., an unfinished golf course and some fine art to reduce debt, company officials announced Wednesday. "…MGM Mirage plans to sell 5.5 acres of undeveloped land on Atlantic City's boardwalk and the Cascata Golf Course in Boulder City, Nev., to Park Place Entertainment Corp., [MGM Mirage Chairman Terry] Lanni said. "…The company also intends to sell four of its remaining paintings from the Bellagio Gallery of Fine Art -- a Renoir, a Morissot and two works by Modigliani -- at an upcoming auction at Sotheby's in New York. "Proceeds from the sales will be used to further reduce the company's debt incurred in May when MGM bought Mirage Resorts Inc. for $4.4 billion. The purchase also included MGM's assumption of $2 billion in Mirage debt. "…Once the sales are complete, MGM Mirage will have sold about $220 million in non-strategic assets, said James Murren, MGM Mirage president and chief financial officer…" |