Casino News

MGM Mirage 'will on sell venues in Las Vegas'

2009-06-18 16:57:49

The chief executive officer (CEO) of MGM Mirage has announced that there are no plans to sell its casinos on the Las Vegas Strip.

Jim Murren said that there have not been any discussions about its Strip properties and that business in the gaming hub has "bottomed out", reports Bloomberg.

"We don't feel like we could come close to what we believe the values are worth. The multiples are low, it seems like the wrong time," he commented.

However, he revealed that a decision about three gaming establishments in Mississippi and Michigan will be made in the next three months.

The CEO said that the firm would have to wait to see how long the Las Vegas gaming market was "going to be on the bottom" and said that this would be discussed internally.

While Las Vegas is struggling during the recession, MGM Mirage is looking for opportunities elsewhere and recently announced that it would open a new resort in Egypt in 2013.