MGM Mirage Suffers $750 Million Dollar Loss In Third Quarter

Casino News - November 9th, 2009 - Written by Glen

Casinos all around the nation, except the Best USA Online Casinos, have taken hits to their revenue, but MGM Mirage has arguably been hit the hardest. Their massive CityCenter project had almost been sent into ruin until the company had partnered with foreign investors, but even new infusions of cash from these investors cannot help when Mirage posts a $750 million dollar loss in the third quarter.

As the largest casino owner on the Vegas strip, MGM Mirage has higher stakes in the area. Vegas has been suffering all across the board, and the bigger companies are seemingly those hit hardest. While on a financial downswing, the losses were not as harsh as expected - leading some optimism amongst shareholders. With the possibility of improvement on the horizon, bleak conditions may lapse and lead to positivity amongst all of those who claim a stake in MGM Mirage.

Shareholders have seen consistently plummeting stock prices, which has sent many investors into a state of panic, prompting some to sell while others are seeking joint ventures. While revenue has been down, bankruptcy has not yet been an option, due to a stock and bond offering earlier this year. MGM Mirage still totes over $4 billion dollars in debt, with a cash balance of almost $900 million.

The economy, as many would suggest, is seemingly in a state of recovery, but the future of casino gaming may be changing its face. While many states are beginning to approve and erect casinos within their own borders, many are turning away from the gambling havens on both coasts - Las Vegas and Atlantic City. Atlantic City has taken a blow more harsh than Vegas, though both areas have been suffering in recent times.

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