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Posted At : April 30, 2009 09:20 AM | Posted By : D McKee
Related Categories:
International,MGM Mirage,Phil Ruffin,Detroit,Mississippi,The Strip,Macau,Wall Street
One not-so-small I detail that I omitted in my report on yesterday's declaration of detente between MGM Mirage and Dubai World: The latter is released from its completion guarantees. Which puts the onus for finishing the project squarely on MGM's shoulders. As we on the Vegas Gang collective (like the Borg, only nicer) predicted a good ways back, MGM's future is inextricably entwined with CityCenter.
From the glass half-full perspective, the mortgaging of MGM Grand Detroit and Gold Strike ensures at least a modicum of regional diversity in the lion's den. A week ago, it looked as though the company might very well circle its wagons around Las Vegas, while maintaining a small beachhead in Macao. But with the search for the last last, elusive $1.2 billion in bank loans having evidently been abandoned, asset sales are becoming imperative.
What a tragedy that, at the very moment the casino industry is ripe for "unbundling," reversing mega-consolidations that should never have been attempted, the banks are too afraid to part with their precious TARP money to help bring it about. Unless you can do a Phil Ruffin and basically pull $600 million in cash out of a drawer, it's no casino acquisition for you!
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