Michigan law requires it to sell either the MGM Grand or the MotorCity Casino in Detroit first. Each of the three casinos in Detroit must be owned by different owners. The MGM Mirage owns MGM Grand while Manadalay holds a majority stake in the MotorCity Casino. In June 2004, MGM Mirage agreed to purchase Mandalay for $4.8 billion in cash, $2.5 billion in debt and $600 million in convertible debentures. Murren says MGM has already secured financing for the deal.
"We'll have Detroit resolved by the end of the first quarter and that will allow us to close on the Mandalay transaction," he says.
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