MGM Mirage in Talks to Buy Casino Firm
MGM Mirage Inc., the casino company controlled by billionaire Kirk Kerkorian, is in talks to acquire a company that is developing a casino in the Chicago area.
MGM Mirage said in a Securities and Exchange Commission filing last week that it began a 30-day period of exclusive talks to buy Emerald Casino Inc., based in Rosemont, Ill.
Las Vegas-based MGM Mirage has requested a meeting with Illinois Gaming Board officials before moving forward on the possible purchase of Emerald, which wants to build a casino in the Chicago suburb of Rosemont, MGM said. MGM Mirage spokesman Alan Feldman declined to say what the company may pay for Emerald.
The Illinois gaming board denied Emerald Casino a gaming license for the proposed casino in January. The board claimed that Emerald executives Kevin Flynn and his father Donald provided false information to the board during testimony, according to published reports. A purchase of Emerald would lessen MGM Mirage’s reliance on its Las Vegas casinos including the Bellagio and MGM Grand, which provide more than 70% of its cash flow. The company also is building a $1-billion casino in Atlantic City, N.J., with Boyd Gaming Corp.
MGM Mirage shares rose 38 cents to $30.68 on the NYSE.
