WSJ reports Beau Rivage for sale - WLOX.com - The News for South Mississippi

WSJ reports Beau Rivage for sale

By Brad Kessie - bio | email

BILOXI, MS (WLOX) - The Wall Street Journal is reporting that Beau Rivage may be on the market. The article reconfirms what WLOX News reported last month, that Beau's parent company needs money. And selling the Biloxi resort would provide much needed capital.

Here's what the Wall Street Journal reported Sunday. M-G-M Mirage has brought in the financial services firm Morgan Stanley to broker a deal that sells Beau Rivage and the M-G-M Grand in Detroit.

Those casinos are considered two of M-G-M Mirage's steadiest money makers. The article says Morgan Stanley is in discussions with potential buyers. Industry analysts believe the sale price for the Biloxi and Detroit properties could be close to two billion dollars.  

In recent months, M-G-M Mirage executives have said selling some of their properties is part of the company's solution to solve its cash problems.

We tried contacting local representatives of Beau Rivage to get their comments about the resort's potential sale, but our calls were not returned.

©2009 WLOX. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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