from today's Dow Jones Market Watch
Tracinda in talks to buy MGM's Bellagio, City Center
By William Spain, MarketWatch
Last Update: 8:06 PM ET May 21, 2007
"NEW YORK (MarketWatch) -- Shares of MGM Mirage soared as much as 11% in after-hours trading Monday after Kirk Kerkorian's Tracinda Corp. said it's in talks to buy two of MGM's best-known Las Vegas landmarks: the luxurious Bellagio casino, and the $7 billion City Center development now under construction.
Tracinda said it also wants to "pursue strategic alternatives with respect to its investment in MGM Mirage which may include financial restructuring transactions involving all or a substantial portion of the remainder of the company." Kerkorian is also the largest investor in MGM Mirage.
The talks could be a prelude to taking MGM Mirage" ... "private in whole or in part, a practice that has become increasingly common in the gambling business in the last few years. Among the most recent targets: Harrah's Entertainment" .... ", currently being sold to private equity groups, and Station Casinos" ... ", which is essentially being taken private by majority owners." .....
for complete story see: http://www.marketwatch.com/news/story/kerkorians-tracinda-talks-buy-bellagio/story.aspx?guid=%7B2655C270-4C1F-4F1F-A90E-781B4A8FED4D%7D
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