The company issued an earnings call late Wednesday, explaining that analysts don’t want to put much money into the assets known for the 32-year-old explosives. No buyers or prices have been disclosed for the Mirage.
MGM Resorts CEO Bill Hornbuckle said on the call that he is in the “first phase of the sale process for the operations” of the Mirage. “Doing so will allow us to maintain our current exposure to Las Vegas while complementing and diversifying our offerings at home,” he said.
“There’s 77 acres of land, a lot of it is really undeveloped in terms of what could be out there,” Hornbuckle said of the growth at Marriage Power under the new owner. “Because we’re looking at a capital city destination and looking at the concept of diversity, we have enough of Las Vegas.”
MGM’s stock jumped 4% in trading after it announced third-quarter earnings.