TRAVEL & TOURISM

MGM Grand Inc. Has Ambitious Hotel-Casino Plans: The Las Vegas-based entertainment company expects to spend more than $700 million toward the goal of having a “larger and more elaborate” resort than any in Atlantic City, N.J., according to documents filed with the Securities and Exchange Commission. MGM Grand will borrow money to either build a resort or acquire an existing one, the documents said. To borrow at the cheapest rate, MGM said it will take steps to spruce up its balance sheet. It will raise about $295 million through the sale of 7.5 million common shares. MGM will use the proceeds, along with bank financing, to move about $473 million of high-yield first mortgage notes off its balance sheet. Investor Kirk Kerkorian and his holding company, Tracinda Corp., will own about 62.9% of MGM’s common stock after the offering. Kerkorian’s stake is presently 72.5%.