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MGM Mirage Among Casinos Expecting Rough 2010
LAS VEGAS, NEVADA --
This past year has been a brutal year for the big casino operators. Las Vegas faces the first consistent declines in its existence, Atlantic City seems to be locked into a downward spiral only acerbated by the recession, and Macau has been purposely braked by the Chinese government. But the bad news is it's not about to get better.
Investment analysts at Fitch Ratings are predicting it will be more than a year before relief comes to the fortunes of land casino operators. Money is expected to remain tight, with discretionary income dropping due to tight credit and growing unemployment.
MGM Mirage was singled out as a company in jeopardy. Even though it recently sold off a major asset in the Treasure Island Casino, refinancing of current debt may swallow its new liquidity whole.
Further, as demand for Vegas Strip entertainment is dropping, the numbers of hotel rooms and square feet of casino floor are being raised dramatically by new projects opening, such as Wynn's Encore and MGM's CityCenter.
The casino experts think it will be at least 2010 before new business can begin to fill the cavernous resorts and casinos on the Strip. By then, who knows how many be still running?
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Recent Comments
| Posted by Steve Lost on 12/23/2008 02:20:17 AM EST |
| The guy who wrote this is a fool. |
| Posted by Steve Lost on 12/23/2008 02:25:28 AM EST |
| MGM in jeopardy? Lance you are a fool. MGM is one of if not the best company in Vegas. Where did you get your information, Cramer? |
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