Stock in MGM Mirage soaring on Wall Street

Las Vegas-based firms is in negotiations to sell two prime resort-style properties in Detroit and Biloxi, Miss. Shares of MGM Mirage surged nearly 40 percent on Monday following reports that the Las Vegas-based firms is in negotiations to sell two prime resort-style properties in Detroit and Biloxi, Miss.

Shares stock rose as high as $6.70 on news that the casino operator hired investment bank Morgan Stanley to manage the sale of its MGM Grand Detroit and Biloxi's Beau Rivage in Miss.

The firm is talking to rivals and private equity bidders, including LA-based private equity firm Colony Capital LLC and Australian gambling magnate James Packer.

The property sales are seen as key to help prevent MGM Mirage, owned by billionaire investor Kirk Kerkorian, from refinance its debt obligations and to fund the risky CityCenter project it jointly owns with Dubai World.

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