LAS VEGAS MGM Mirage announced today that it has entered into agreements for the sale of additional non-strategic assets. When the newly announced transactions are consummated, the company will realize profits of $66 million, all of which will be used to further reduce debt.
The current asset dispositions include approximately 5.5 acres of undeveloped land on the Boardwalk in Atlantic City, NJ; the Cascata Golf Course in Boulder City, NV; and artwork from the former collection at the Bellagio Gallery of Fine Art. The two properties are being sold to Park Place Entertainment. The sale of the Cascata Golf Course is subject to approval by the Boulder City Council.
The company will sell off four of its remaining paintings: a Renoir, a Morissot and two Modigliani s, at the upcoming auction to be held by Sotheby s in New York on November 9, 2000. (9/27/00)