Ideas were put forth about the sale of the MGM Vegas Casino properties in the strip; however, since the bids were far too low and were not anywhere near the reasonable value of the Las Vegas Casino the decision to sell was put to a halt.

Vegas Casinos will not be sold stated Jim Murren of MGM Mirage. He added “It seems like a wrong time.”

The bids which were submitted for the casino properties were evaluated by Morgan Stanley.  Morgan Stanley one of the major investment banks were hired for this reason and they evaluated the MGM Grand Detroit, the Beau Rivage, and the Gold Strike in Tunica. Eventually they decided that the bids were not anywhere near to reasonable worth of the properties.

Following the analysis, a fresh round of bidding has been called for and Murren stated we are not any longer in a forced situation to sell properties.  Following which there seems to be an influx of better paying bids in the new bidding process.

Most of the gambling businesses in Las Vegas did bottom out; however, Murren remarked that it is going to be a temporary stay and better days are soon to come.

They are likely to investigate over on their decisions on how long will the industry be in the downtrends.  Either way, the MGM management is not willing to give away their businesses for lower bids. However, it should also be noted that the shares of the MGM were down by 53% in the current year.