MGM Grand, Inc. (NYSE: MGG) today
announced the sale of approximately $13 million in assets that consisted
predominately of paintings from the collection at the former Bellagio Gallery
of Fine Art.
Including the sales previously announced, the total amount of assets sold
since the merger with Mirage Resorts, Incorporated is approximately
$137 million. All sale proceeds will be applied to reduce debt incurred from
the Mirage acquisition.
Jim Murren, President and Chief Financial Officer of MGM Grand, Inc. said:
“We continue to make good progress in the sale of non-strategic assets. We
have identified a number of additional assets including paintings, real estate
and aircraft that we may sell in the future.”