Kerkorian May Sell MGM's (MGM) The Mirage Casino To Fend Off Icahn
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According to reports from the New York Post, Kirk Kerkorian may sell The Mirage casino to fend off activist investor Carl Icahn from forcing his MGM Mirage (NYSE: MGM) empire into bankruptcy.
Carl Icahn and private-equity fund Oaktree Capital Management, both bondholders, want MGM Mirage to restructure its massive debt load by going into bankruptcy.
MGM is looking to sell three of its non-Vegas properties, including its two Mississippi casinos, and one near Detroit, but if no offers come for those casinos, a sale of The Mirage is emerging as another option.
Penn National Gaming (Nasdaq: PENN) could be working on a bid for The Mirage in which the banks that loaned money to MGM Mirage would finance much of the purchase.
Link to NY Post Article
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