MGM Mirage investor Tracinda considers alternatives, partnerships

By Lisa Kerner

Charlotte, N.C., Oct. 20 - Tracinda Corp. is exploring the possibility of strategic partnerships or other alternatives with respect to its investment in MGM Mirage, it was announced on Tuesday.

The investor said it would not engage in any transaction until after CityCenter, which is 50% by MGM Mirage, opens on Dec. 16.

According to Tracinda, there is "substantial unrecognized value in MGM Mirage."

CityCenter, a 67-acre "city within a city" on the Las Vegas Strip, is not reflected in the market value of the company's stock, a Tracinda news release said.

MGM Mirage is Las Vegas-based gaming, hospitality and entertainment company.

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