FTC Approves MGM Purchase of Mandalay
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The Federal Trade Commission gave the OK for MGM Mirage Inc. to buy Mandalay Resort Group, creating one of the largest gambling companies in the world and giving the casino operator control of 12 resorts on the famed Las Vegas Strip.
The commission voted 5 to 0 to close its investigation and put no conditions on the transaction.
MGM Mirage still needs the approval of Nevada and other state regulators, which executives expect will come soon.
In June, MGM Mirage agreed to purchase Mandalay for $4.8 billion in cash, $2.5 billion in debt and $600 million convertible debentures.
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