MGM-Mirage

March 27, 2009

MGM-Mirage is in a fight for its economic survival. The latest earnings report illustrates that MGM-Mirage ended its fourth quarter of 2008 with earnings down 16 percent and a $1.2 billion loss.

Over the past year, shares of MGM-Mirage stock have lost 95 percent of their market value. However, the company did receive some good news Tuesday when the banks agreed to back off from collecting some of the debt that the casino giant owes.

Resort giant MGM Mirage now has more than 8,500 current and 10,000 future jobs and billions of dollars in assets riding on the outcome of CityCenter, an $8.7 billion development on the Strip.

The debt payment MGM made Friday gives the company until the end of April to either proceed with the project or cut its losses.

Fitch ratings on Monday cut its rating on MGM Mirage to ‘C’, one step above default, and warned a distressed debt exchange of the casino operator’s bonds seems imminent.

Sources and Related Links:

• MGM Mirage Hires Restructuring Firm, May Miss Payment (Update1)
• Fitch cuts MGM Mirage, warns debt exchange likely
• MGM-Mirage teetering on financial implosion
• CITYCENTER: Financially troubled MGM Mirage has a month to makes its next move

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