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MGM Mirage to spend 'hundreds of millions' on property upgrades

MGM Mirage executives said today the company will embark on an aggressive capital spending program to upgrade its newly purchased Mandalay Resort Group casinos by adding noncasino attractions such as restaurants, retail stores, lounges and entertainment venues as well as upgrading casino floors and hotel rooms.

MGM MIRAGE After announcing the company's second-quarter earnings report, MGM Mirage President and Chief Financial Officer Jim Murren said the company expects to spend "hundreds of millions of dollars" over the next several years as part of a "long-term commitment" to upgrade the Mandalay properties.

Executives are "taking input from employees" to evaluate what form the upgrades will take and will likely have more information in the coming months, Murren said.

The company has already begun the process of installing new slot machines and slot software systems at Mandalay properties, a process that will be largely in place by the end of March. Only about 24 percent of machines at Mandalay Bay, Luxor and Excalibur were outfitted to accept and dispense paper tickets instead of coins, an upgrade favored by players, executives said. Close to 20 percent of the slots at those properties were at least five years old, they said.

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Source - Las Vegas Sun



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