Like an alcoholic with someone else's bar tab, Colony Capital is going after more gaming resort assets with their intent to provide a loan to MGM Mirage. MGM was recently sued by its partner Dubai World, and faces covenant waivers expirations next week. Just to show how crazy the situation is, MGM has hired Morgan Stanley to advise (!) it on bids for some of its non-Vegas casinos.
Yes, that's the same Colony whose recently home runs have included Stations Casino (RIP). You can't fault Tom Barrack's hubris, but talk about not learning the lesson first time round. Still, every one who has touched this situation seem to be financial morons - would you have Morgan Stanley advise you on real estate, after their recent disasters with MSREF VI?
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