MGM Mirage Plans to Sell Detroit Casino

MGM Mirage plans to sell a casino in Detroit to try to win regulatory approval for its $4.8-billion purchase of Mandalay Resort Group, which would create the world’s largest casino resort company.

Mandalay accepted the offer of $71 a share Tuesday from MGM Mirage, which also would assume $2.5 billion in Mandalay debt, the companies said. MGM Mirage owns the MGM Grand casino in Detroit and would sell Mandalay’s 54% stake in the MotorCity casino.

Shares of Mandalay fell 8 cents to $67.80. Shares of MGM Mirage fell 62 cents to $48.88. Both trade on the NYSE.