MGM Mirage’s new chief executive wants to “dramatically” cut the company’s debt by selling off more of its casinos, Bloomberg reported on Thursday.
James J. Murren, who took on the role in December after J. Terrence Lanni announced his retirement in mid-November, said MGM is “going to pull every lever we feel like we should pull to strengthen this company, to not only weather the recession, but come out of it stronger.”
“We are certainly not looking to aggressively sell assets, but the point is that we do have assets that are attractive and we are going to be very responsive,” he told Bloomberg.
In mid-December, MGM unloaded its Treasure Island Hotel & Casino on a Wichita, Kan., businessman for $775 million. The deal outlined a purchase by Ruffin Acquisition L.L.C., owned by Paul Ruffin Sr., for $500 million in cash and $275 million in secured notes bearing interest at 10 percent.