Mirage Shareholders OK Merger With MGM

Mirage Resorts Inc. shareholders approved the company’s $4.4-billion merger with MGM Grand Inc., ending casino mogul Steve Wynn’s run at Mirage. At a meeting at Mirage’s Bellagio hotel, Wynn praised his company’s new owner, MGM Grand, which now becomes the second-largest gaming company in the United States. The new company will own some of the best-known casinos in Las Vegas, adding Mirage’s high-rolling Bellagio, Mirage and Treasure Island hotels to MGM’s flagship MGM Grand and its flashy New York, New York hotel/casino. Shareholders representing about 67% of Mirage’s 192 million outstanding shares voted on the deal, and of those, about 65% favored it. Wynn owned about 11.7% of Mirage’s outstanding common stock. Nevada state regulators are expected to give their go-ahead to the merger at a separate meeting. Mirage shares closed up 6 cents at $20.88, while MGM Grand closed up 50 cents at $33.81, both on the NYSE.