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twitterMGM could decide soon on stake in MotorCity Casino
Wednesday, Feb. 16, 2005 | 9:34 a.m.
DETROIT -- MGM Mirage Inc. could decide this week whether to accept Marian Ilitch's offer to buy a controlling stake in MotorCity Casino, Ilitch's spokesman said Tuesday.
Under the $525 million deal, Ilitch would acquire Mandalay Resort Group's 53.3 percent stake in MotorCity. Ilitch already owns 25 percent of MotorCity Casino, so she would become the majority owner if MGM agrees to the deal.
Ilitch spokesman Tom Shields said Tuesday was the deadline for MGM's response to Ilitch's offer, although he said that deadline could be extended.
MGM spokesman Alan Feldman said the company will make an announcement when it has a definitive agreement.
The terms of Ilitch's deal were revealed in a lawsuit filed Monday in Oakland County Circuit Court MotorCity's minority owners.
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