Shareholder Sues Over Mirage-MGM Deal

A shareholder is trying to block Mirage Resorts Inc.’s sale to MGM Grand Inc. over a clause that gives casino mogul Steve Wynn the right to buy Mirage artworks below market prices. Wynn, chairman and chief executive of Mirage, has first right of refusal in any sale of art owned by Mirage or its subsidiaries, according to documents filed with the Securities and Exchange Commission. Wynn will leave Mirage after completion of its $4.4-billion sale to MGM, as early as this summer. The suit was filed March 28 in Las Vegas by an unidentified shareholder. Mirage’s Bellagio resort in Las Vegas has an extensive art collection, including works by Edgar Degas, Auguste Renoir and Vincent van Gogh. Mirage closed unchanged at $20.44 on the NYSE.