« back to news

MGM Mirage Badly in Debt
9 march 2009
by Kiara Miller

MGM Mirage may default on its debt obligations. The company has delayed the release of their annual report until the 17th March 2009, asking for leniency based on the fact that they are still finalising their financial arrangements following the decision last week to use $842 million of their revolving credit agreement to cover general operating expenses. The company has recently been shedding properties in a bid to shore up their holdings. The properties sold include the Treasure Island Casino in Vegas and land in Nevada, Atlantic City and New Jersey. Other gaming operators such as Las Vegas Sands Corp have also been grilled by their auditors since November 2008. The City Centre project requires a further $1, 2 billion in investment and will include hotels, condos and shops.

« back to news
back to top