MGM to sell USD 845 million in bonds
Casino operator MGM Mirage said Tuesday it will sell USD 845 million in new bonds due in 2020, looking to build a healthier balance sheet amid a gambling industry slump.
MGM, the world’s second biggest casino operator, is seeing gamblers make fewer trips to its resorts and spend less money when they do. Last month the company said it had reached a deal with lenders to extend the deadline for paying off about USD 3.6 billion worth of debt to February 2014. In all, the company owes almost USD 13 billion.
MGM said it will offer the new bonds in a private sale. The notes will be backed by a mortgage on the MGM Grand Las Vegas resort with the proceeds used to pay off bank debt, the company said.
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