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Jane Ann Morrison

MGM Mirage should talk to Pansy

Jane Ann Morrison
April 22, 2009 - 8:39 am
 

This is purely unconfirmed speculation. Otherwise it would be a column, not a blog. But isn’t it logical that there might be talks between the MGM Mirage and its partner in Macau, Pansy Ho, about her buying out the MGM Grand Macau?

After all, she’s got money and the MGM Mirage needs money. Isn’t that a perfect fit? Surely she and her billionaire daddy, Stanley Ho, have a few bucks available? (If that sounds like envy because I don’t have a billionaire daddy, you’ve picked up on my nuance.)

Coincidentally, there’s a regularly scheduled quarterly joint venture meeting in Macau this week between Pansy Ho and MGM Mirage officials. Wouldn’t it be dramatic if Pansy Ho walked in to that meeting and offered to buy the other half of the MGM Grand Macau? She knows the property and since the subconsession is her's (which is why the MGM Mirage partnered with her in the first place) there wouldn't be any legal hurdles to overcome. It would certainly help the debt-laden MGM Mirage avoid bankruptcy, presuming the price is right.

But isn’t that always the caveat? The price being right. Maybe we should bring “The Price Is Right” host Drew Carey in to oversee casino buyouts.

Instead, the MGM Mirage hired the investment bank Morgan Stanley earlier this month to handle the possible sale of MGM Grand Detroit and the Beau Rivage in Biloxi, Miss. (I confirmed that Morgan Stanley hasn’t been asked to screen offers for the MGM Grand Macau, the $1.25 billion resort which opened in December 2007.)

However, if if Pansy Ho has the money and made a reasonable offer, it’s clear that the MGM Mirage would consider it, just like they’d consider any other offer, except a lowball offer.

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