Mirage Resorts raises $46 million with sale of aircraft, equipment

Friday, May 5, 2000 | 11:07 a.m.

Though Mirage Resorts Inc. and MGM Grand Inc. have yet to merge, cost-cutting plans are already well under way at Mirage Resorts.

In its quarterly report, filed Thursday with the Securities and Exchange Commission, Mirage Resorts said it raised $46 million from the sale of "property and equipment" over the first three months of 2000.

"Most of this amount was received from the sale of corporate aircraft," the filing said.

What wasn't specified by the filing was how many aircraft were sold, or who the buyer was.

MGM Grand's merger agreement with Mirage Resorts contains provisions that gives Mirage Chairman Steve Wynn the right to acquire the company's Gulfstream III jet within 10 days of the merger taking effect.

MGM Grand has said it is committed to reducing debt after the merger through the sale of "non-strategic assets." It is widely speculated this may include artwork now on display at the Bellagio, though MGM Grand officials have voiced their commitment to keeping the art gallery open.

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