MGM Grand to Auction Off Desert Inn:...
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From Times Staff and Wire Reports
MGM Grand to Auction Off Desert Inn: It said it has hired Bear, Stearns Cos. to auction off the hotel/casino in Las Vegas. Tracinda Corp., the Los Angeles-based investment firm of reclusive financier Kirk Kerkorian, has agreed to make a minimum bid of $130 million. The auction will take place over a 60-day period ending July 15. It may be ended earlier if a bid of $160 million or more is received or if MGM decides to accept a bid other than the one from Tracinda.
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