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Those investors who figured MGM Mirage couldn’t trade much below $20 a share a few weeks ago got another nasty surprise today, when bond rating agency Fitch Ratings issued an especially bearish outlook on the company.
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While some Strip operators have been cagey about layoffs, firings and other employee moves during this time of economic turbulence, MGM Mirage appears to be going the route of full disclosure.
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Citing cost-cutting measures, MGM Mirage said today the company has resigned from the Nevada Resort Association, the casino industry's primary voice in the state Legislature for more than 40 years. ...
The financial whirlwind swirling down Wall Street and the Las Vegas Strip won’t affect Wynn Resorts nearly as much as his big competitors, Steve Wynn said this morning.
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It wasn’t that long ago that Wall Street was criticizing Steve Wynn, who then owned Mirage Resorts, for spending money like a drunken sailor.
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It takes more than skill to survive on the Strip, especially now with business plans and financing deals imploding like so many old hotels.
The smart money on Wall Street says developers won’t be financing resorts that aren’t already far along in the construction process – at least not until banks have had a few years to recover from The Great Bad Mortgage Purge of 2008.
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While the major casinos are doing a bang up job attracting visitors to Las Vegas with big discounts and other perks, their slot business continues to suffer. And that’s bad news for Nevada, where slots make up about two thirds of the state’s gaming revenue.
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At a bankruptcy auction in 1987, local real estate broker David Atwell was lucky enough to represent a Japanese billionaire who entered the winning bid of $157 million for the Dunes hotel.