MGM Mirage wraps up $2.6 billion restructuring

MGM Mirage completed its $2.6 billion corporate restructuring effort Tuesday, the same day the company announced it would be involved in a $4 billion project to build and operate smaller, nongaming versions of the Bellagio and MGM Grand in Dubai.

The casino operator's restructuring plan is part of its efforts to help dig the company out from under its debt and leveraging issues.

The Strip casino giant sold 164.7 million shares of the company's stock at $7 a share on the New York Stock Exchange to raise $1.1 billion. The stock sale reflected 143 million shares placed on the open market and more than 21 million shares purchased by the company's underwriters.

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