Murren is partnering with former Morgan Stanley investors Edward King and Daniel Fetters.
Murren tells Bloomberg, “We’re going to be thoughtful and do our homework. I’ve got a lot of good contacts in the financial industry and there is a lot opportunity.”
Bloomberg reports that the trio are looking to raise $300m or more for a SPAC. The group is considering partnering with instituional investors or purchasing a small company and building it up.
Former Wynn Resorts executive Andrew Pascal is also interested in joining Murren’s group according to Bloomberg.
Murren departed from MGM to join the Nevada Covid-19 Task Force in March. MGM offered Murren a $32m settlement to be paid out over the next two years.
Bloomberg reports Murren’s exit included a non-compete clause through March 2021, but his business interests present no conflict of interests with MGM.