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MGM MIRAGE looks to asset sales to increase liquidity

Nov 18, 2008 5:07 PM

by Ray Poirier | Steve Wynn and Sheldon Adelson have used the sale of company stock to add liquidity to their enterprises but MGM MIRAGE Inc. (MGM) is considering asset sales instead.

Jim Murren, president and COO, of MGM MIRAGE, said Monday that the company is actively exploring the sale of "non-core assets" to improve its liquidity.

The company, he told attendees at an investment conference, has already sold off one of its airplanes and has put two others up for sale.

Next may be the company’s land holdings.

Murren said the company had large land holdings in Nevada and elsewhere and that even though land prices have dropped, "they are still far above what we have on our books." He said he felt the company could raise about $300 million on land sales alone.