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On January 26, 2004, MGM Mirage completed the sale of its two "Golden Nugget" casinos -- the Golden Nugget Las Vegas and the Golden Nugget Laughlin . The former, in downtown Las Vegas, was the first casino owned by Steve Wynn, and was the foundation on which he built the MGM Mirage predecessor corporation Mirage Resorts Inc. The Golden Nugget properties were purchased by the Las Vegas-based private investment firm Poster Financial Group, Inc. for approximately $215 million.
On June 4, 2004, MGM Mirage announced a bid to acquire one of its major competitors, Mandalay Resort Group, for $68 per share plus assumption of debt. The ensuing negotiations between the two companies included at one point an announcement that the Mandalay board was rejecting the offer because of antitrust concerns. On June 15, 2004, however, both companies' boards approved a revised offer of $71 per share. The agreement called for MGM Mirage to pay $4.8 billion and to assume $2.5 billion in debt. Because the combined company would control approximately half of the hotel rooms on the Las Vegas Strip, with a particular concentration in high-end resorts, analysts expected the Federal Trade Commission to consider whether to require divestment of one or more Las Vegas properties as a condition for approving the transaction.
On June 23June 23 is the 174th day of the year (175th in leap years) in the Gregorian Calendar, with 191 days remaining. Events 1300-1899 1314 The Battle of Bannockburn south of Stirling, Edward II of England & Robert I of Scotland met in battle. Scotland won and E, 2004 MGM Mirage completed its $140 million dollar sale of the MGM Grand Hotel and Casino in Darwin, Australia to SKYCITY Entertainment Group.
MGM Mirage's common stock is publicly traded on the New York Stock ExchangeThe New York Stock Exchange NYSE is one of the largest stock exchanges in the world. The NYSE is operated by the not-for-profit corporation New York Stock Exchange, Inc, with its main building located at 18 Broad Street, at the corner of Wall Street, in N under the ticker symbol "MGG." Billionaire Kirk KerkorianKirk Kerkorian (b. June 6, 1917) is a Nevada billionaire and president/ CEO of the modern incarnation of MGM, which today is still a motion picture studio as well as a resort properties corporation. Kerkorian also owns Tracinda Corporation, his private ho and his Tracinda Corporation are currently the majority owners of MGM Mirage. Mr. Kerkorian also is the majority owner of the Metro-Goldwyn-MayerFor alternate meanings of "MGM", see MGM (disambiguation . Metro-Goldwyn-Mayer or MGM for short, is a large media company, involved primarily in the production and distribution of cinema and television programs. Its principal subsidiaries are MGM (Metro-G movie studio, from which the predecessor corporation MGM Grand, Inc. derived its name.