MGM Mirage Halts Financial Crisis

It has been a rocky trail for MGM Mirage over the last fiscal year. Room rentals were down, casino attendance was declining, it was possible they would be closing shop. Then out of nowhere, their financial minds solve the problem.

Thursday, the 14th of May, marked the day where MGM Mirage finished a $1 billion dollar public stock offering. This is just a small segment of their grand scheme to save themselves from a financial nose dive. Their total debt exceeds $13 billion dollars, and their majority leader, Kirk Kerorian, is working diligently to find different channels through which he can pay this.

MGM's CityCenter project in Vegas is meant to be a huge cash crop from the company, but was almost unable to be completed. This month could have prevented them from moving forward with the CityCenter, but relations with corporate partner Dubai World helped salvage the operation. Dubai World had promised to pay three sixths of the CityCenter projected, causing MGM stock to multiply by four, moving from $3 a share to $12 a share.

Unfortunately, the inconsistency of the stock market has sent it back down.