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MGM Resorts CEO Says New Plan Will Make Millions, Mirage Not For Sale

LAS VEGAS (AP) — MGM Resorts CEO Jim Murren says a new internal company plan is expected to cut costs and boost revenue to bring in an additional $300 million annually in earnings before taxes and other costs to pay down debt.

Murren said Tuesday during a conference call to discuss the MGM's second-quarter results that its profit growth plan is aimed at redesigning the entire company.

MGM Resorts owns nine casino-resorts on the Las Vegas Strip and a stake in the CityCenter complex of hotels, casinos and shopping.

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Shareholders and analysts have pressured the company to convert to a real estate investment trust to boost the company's value.

Murren says the company is still considering possible structures including a trust and expects to announce a plan by year's end.

Addressing rumors the company's plans to sell The Mirage casino-resort, Murren says the property isn't being actively marketed.