MGM Mirage Casino is Not Doomed Yet

May 6, 2009 - Written By Meagan

MGM Mirage, like the rest of the nation, has been in a financial crisis with their debtors. Breaking through a continuous decline, their 9 Hotel Casinos on the strip have begun to start showing positive figures. Slightly under seven weeks were given by their debtors to give them a window of opportunity for the company to navigate out of their dire straits. Income had finally begun to level off and people were starting to repopulate their walls.

According to their records, reservations had fallen over 25% since last year. With summer around the corner, rooms are being booked at a more consistent rate. Steps are being taken to prevent bankruptcy, as the threat had loomed on the horizons. MGM Mirage is reported to be in more than $13 billion dollars in debt and has until June 30th to get their proverbial ducks in a row and create a better level of financial organization of they could potentially be looking at the aforementioned bankruptcy, of their USA Casinos, as a reality. With the CityCenter almost complete, MGM Mirage may be well on its way to solving its problems.

One of the tactics MGM is employing is filing the paperwork needed to allow them to sell a variable amount of their stock shares. It is widely believed that the sale of stock could garner enough resources to enable MGM Mirage to pay their debts by the rapidly approaching deadlines of June and October. This could also prevent, in theory, the company from having to sell Hotel-Casinos. Despite the increasing financial troubles of the united states, MGM Mirage is not yet completely lost and a bright future could yet emerge.