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MGM Mirage to Sell $845 Million in Bonds | Gaming News

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MGM Mirage to Sell $845 Million in Bonds
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LAS VEGAS -- Casino operator MGM Mirage says it will sell $845 million in new bonds due in 2020, looking to build a healthier balance sheet amid a gambling industry slump.

MGM Mirage, the world's second biggest casino operator, is seeing gamblers make fewer trips to its resorts and spend less money when they do.

Last month the company said it had reached a deal with lenders to extend the deadline for paying off about $3.6 billion worth of debt to February 2014. In all, the company owes almost $13 billion. MGM Mirage said Tuesday it will offer the new bonds in a private sale. The company says the notes will be backed by a mortgage on the MGM Grand Las Vegas resort with the proceeds used to pay off bank debt.

(Copyright 2010 by The Associated Press. All Rights Reserved.)

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