MGM Grand, Detroit Leaders Plan Casino

MGM Grand Inc. and a group of Detroit community leaders said they’ve formed a partnership to seek a state license to own and operate a casino in Detroit. Details of the partnership and a timetable weren’t disclosed. Las Vegas-based MGM Grand, which is controlled by Kirk Kerkorian, also said its credit line will be boosted to $1 billion from $600 million, in part to finance construction of a Detroit casino. It didn’t say what institutions would provide the financing. The Detroit group includes representatives from General Motors Corp. and the Southern Christian Leadership Conference and former Wayne State University professors and officials. Michigan voters in November approved a measure to allow three casinos in Detroit. MGM Grand shares lost 12.5 cents to close at $39 on the New York Stock Exchange.