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MGM Mirage has a new partner

After a first quarter of financial stability, the casino company MGM Mirage has a new investor. This is no other than Genting Group, a Malaysian corporation specialised in casinos and hotels, renown as a leader in this field.
Genting Group, the largest Asian casino owner, has acquired 3.2% of MGM Mirage for $ 100 million at the placing on the stock market of 1 billion shares in mid-May. Kirk Kerkorian maintained his participation with 39%. Before the operation, Kerkorian owned 58.8% of the shares.
For MGM Mirage, which is not in the best form, Genting capital is timely and could open up new perspectives. Jim Murren, the CEO of MGM Mirage, talked about this hypothesis in an interview to Wall Street Journal. In this interview, he states that the company has started negotiations with Genting to forge strategic partnerships. But the discussions are only preliminary.
Gentig, which is said to be very interested in Macau, could profit from the opportunity of a partnership with MGM. It could enter the joint venture formed by MGM Mirage and Pansy Ho.
But in early June, a manager of MGM invalidated the rumours on a joint venture with Genting and reaffirmed its confidence in Pansy Ho. They will nevertheless "explore all options in Macau". The group seeks also to establish branches in Japan and Taiwan, where the government intends to authorize the casinos. A spokesperson form MGM Mirage said in a conference that the managers were in talks with investors to build casinos. Moreover, according to Wall Street Journal, MGM would have signed contracts allowing the company to open luxury hotels in Thailand, China and Egypt.





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