After basically putting MGM Mirage in play by attempting to buy the Bellagio Hotel and Casino and the $7.4 billion City Center project, dealmaker Kirk Kerkorian, who controls MGM Mirage, backed out, according to The Wall Street Journal. Following Kerkorian's announcement, the company disbanded its special committee tasked with examining his bid for the two properties. Although the committee is no more, it seems the company could remain in play considering private equity's appetite for gambling assets, the Journal article suggests. However, any buyer would have to pony up more money than before Kerkorian's offer because MGM shares have jumped 38% since the bid was announced last month, giving it a market cap of $24.5 billion. On a related note, MGM also announced a 50-50 venture with Caribbean casino developer Kerzner to build a new casino on the northern end of The Strip. The venture gives Kerzner, operator of the Las Vegas-inspired Atlantis Resort in the Bahamas, a beachhead in the gaming capital of the world. —Matthew Wurtzel
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