Las Vegas: Wird Bellagio von MGM verkauft um CityCenter fertig zu stellen

18.03.2009, In Las Vegas brodelt die Gerüchteküche. Steht nun das Flagschiff der MGM Mirage Gruppe, das legendäre Bellagion vor dem Verkauf? Oder wohin führt der Geldpoker um das CityCenter von MGM Mirage

Fact ist, dass MGM und sein Besitzer Kirk Kerkorian noch dringend Geld brauchen um das Monsterprojekt City-Center fertig zu stellen. Aus den ursprünglich geplanten 4 Milliarden Baukosten wurden in der Zwischenzeit mindestens 10 und es wird vermutet, dass es sogar bis zu 12 werden könnten. Um diesen unglaublichen Fehlbetrag zu decken, holte man sich bereits Investoren aus der Golfregion ins Boot (Dubai World) und verkaufte vor kurzem das frisch renovierte Treasure Island für schlappe 775 Millionen. Dazu wurden gewisse Baupläne gekürzt damit man früher eröffnen kann (Die obersten Stockwerke der Condo-Hochhäuser werden jetzt einfach nicht gebaut etc.) Aber so wie es aussieht, reicht das immer noch nicht. Und gemäss unserem Korrespondent vor Ort ist der mögliche Verkauf des Bellagio das absolute Thema Nr. 1 in Vegas.

Pressemeldungen wie die Nachfolgende unterstützen diese These. Denn schon vom Namen her kann das MGM und das Mirage nicht verkauft werden. Also bleiben als grosse Brocken noch das Mandalay-Bay und....das Bellagio, dessen Preis auf 1 bis 1,5 Milliarden eingeschätzt wird. Nur, die Spatzen pfeifen es von den Dächern.......wer kann das bezahlen, wer hat soviel Geld?

----Pressemeldungen--

MGM Could Offer Properties to Avoid Default
Could MGM Mirage be preparing to sell more local casinos in order to raise cash and pay down debt? That's what the Wall Street Journal is reporting and it says the Bellagio and a casino in Detroit are currently in play.

MGM Mirage also owns other marquee properties on the Strip, including the MGM Grand and Mandalay Bay.

MGM Mirage is not confirming the report but did issue a statement this afternoon saying it "continues to work with advisors and financial partners to explore possibilities for the future."

The Wall Street Journal says, so far, MGM Mirage has been unable to get an attractive price for the Bellagio. The Journal also quotes unidentified sources as saying "basically everything" MGM Mirage owns is for sale.

"For MGM, in particular, they have a lot of tools at their disposal to quell concerns about bankruptcy," said Bill Lerner with Deutsche Bank.

Lerner says MGM Mirage has about $13 billion in debt and large bond payments due later this year. In order to avoid defaulting, the company could work with lenders to restructure terms of its loans and may even use properties as secure collateral.

"Some may be sold outright like the Treasure Island. Some may be sold while MGM maintains a management contract, so if you are an employee, you may not know the difference. Someone else owns it, but MGM Mirage still operates it. That may be something they try to affect as well," said Lerner.

"With MGM looking to sell, what they might sell, most likely, would be a property that has done well that looks solid for the future," said UNLV Economist Keith Schwer.

Schwer says MGM Mirage likely sees CityCenter as its future, so it could be willing sell such existing marquee names as the Bellagio.

"The CityCenter project is their most productive property going forward and therefore they would jettison those properties which are profitable, which can be sold to raise revenue, and would support their long term interest," he said.

MGM announced Monday afternoon it will release its 2008 operating results after the stock market closes Tuesday. There will also be a question and answer session during a conference call where analysts expect more information could be released about the future of the company's properties

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MGM-Mirage may sell properties to finish CityCenter
Last year, MGM-Mirage sold Treasure Island. Phil Ruffin takes over as the new owner Tuesday as news spreads that the MGM-Mirage may unload more properties to raise the money to finish CityCenter.

Bloomberg reports the gaming giant may have to put up some of its resorts in Las Vegas for sale, as well as other places as collateral, to stay viable.

MGM-Mirage responded, only to say it won't confirm or deny the report and that it's keep its options open.

The company will announce its fourth quarter earnings Tuesday.

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MGM Mirage Borrows Another Billion
Having so far failed to strike a deal to sell another casino, MGM Mirage (MGM: 3.03 0.00%) filed with the Securities and Exchange Commission intentions to borrow almost a billion dollars from its revolving credit agreement.

MGM Mirage officials said the money was needed for “general corporate purposes.” Translating, it might be seen that the liquidity problems dogging the casino company continue to cause troubles. Upcoming debt payments loom, as well as finishing costs for CityCenter, which is still not fully financed.

MGM Mirage had previously sold off the Treasure Island Casino for $775 million, and later announced other properties may be available for the right offer. Speculation was that even the signature Bellagio Hotel and Casino might go for the right sum.

But offers have been skimpy in both number and size, and MGM Mirage has decided to borrow more to stave off conditions caused by borrowing so much already.

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