Stock Market Thinks MGM Might Sell To Star Cruises
Shares in cruise operator Star Cruises jumped overnight on the belief (unfounded?) that they (or their sister company Genting International) might purchase MGM Mirage's half of the MGM Grand Paradise joint venture with Pansy Ho.
Last week, New Jersey casino regulators suggested that MGM Mirage "disengage itself from any business association" with Pansy Ho. MGM Mirage is a 50/50 partner in Atlantic City's Borgata with Boyd Gaming.
Some may recall that Star Cruises/Genting almost lost their license to build a casino in Singapore when they announced that they were going to engage in a Macau joint venture with Pansy Ho's father, Dr. Stanley Ho. The project - New Orisol aka Resorts World at Macau (which I think is where the new Mandarin Oriental is) was quickly scrapped by Star Cruises and its holdings were expeditiously expunged.
Until the NJCCC rules that MGMMirage must divest itself of Pansy Ho, any and all chitter chatter regarding the sale of MGMMirage's stake in MGM Grand Paradise isn't worth the vapor its printed on.