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Posted At : January 27, 2009 11:19 AM | Posted By : D McKee
Related Categories:
International,MGM Mirage,Harrah's,Detroit
A blipvert from the wire services says that MotorCity Casino, in Detroit, is in danger of being out of debt-to-cash flow ratio on a $606 million loan. Luckily, unlike bankrupt Greektown, MotorCity has a deep-pocketed owner, Marian Illitch, who is offering to kick in $20 million of her own money, if necessary.
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(Update: Bloomberg has detailed background on the brewing brouhaha.)
All of which leads one to re-pose the question: Who in their right mind would sell MGM Grand Detroit when its two stateside competitors are lumbered with financial problems and Harrah's Entertainment's Caesars Windsor, over in Ontario, is still trying to rebuild a greatly diminished market share? Bailing out of a market MGM Mirage practically owns would simply defy reason.
Was just there, MGM Grand in Detroit is awesome.
It is indeed. If I were conducting an asset sale at MGM Mirage, that'd be one of the last places I'd put on the block.
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