Letter: Third firm downgrades Mirage

Monday, Nov. 23, 1998 | 2:26 a.m.

Turner joins a growing number of Wall Streeters who believe the company's new $1.6 billion Bellagio hotel-casino hasn't generated the increased visitor volume needed to lift the overall Las Vegas tourism market.

Earlier this month, Goldman Sachs trimmed its rating on Mirage stock to "market outperform" from "trading buy;" while BancBoston Robertson Stephens cut Mirage to "market outperform" from "buy."

Despite the cuts, the new ratings indicate the gaming analysts expect Mirage to outperform other casino operators with exposure in Las Vegas.

Mirage stock was up 31.25 cents to $15.625 in moderate trading on the New York Stock Exchange at midday today.

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