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Investors Looking Into Detroit Casino Purchase

DETROIT-A dozen investors are interested in a possible casino sale in Detroit, an MGM Mirage spokesman says. MGM Mirage Inc.'s $7.9-billion acquisition of Mandalay Resort Group Inc. means the MGM Casino or MotorCity Casino must be sold.

By Dan Heaton | Updated on June 28, 2004

DETROIT-An MGM Mirage spokesman tells GlobeSt.com more than a dozen potential investors have already expressed interest in the purchase of the MotorCity Casino, one of three casinos in the city. MGM Mirage Inc. will be required by Michigan law to sell a Detroit casino as soon as its $7.9-billion acquisition of Mandalay Resort Group Inc. is final.

The deal is expected to close early next year, pending regulator approval. The sale would create the nation’s largest gaming company. MGM Mirage owns the MGM Casino in Detroit. Mandalay Resort owns the MotorCity Casino. Michigan law requires each of the three casinos in Detroit to be owned by different parties.

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