As you know, we have been watching developments with respect to the fluid situation that is Las Vegas. It is not pretty, fellow hedonists, and we are worried that classless venues for deniable debauchery might go quietly into the night if something is not done immediately. Towers are crashing down, people, and it is time to start writing Congresscritters. This naked aggression against sin will not stand.
MGM Mirage Inc., the gambling company owned by billionaire investor Kirk Kerkorian, said Tuesday that it may default on its debt amid development of its biggest casino project ever, the $8.6 billion CityCenter in Las Vegas.Unless the economy turns around and more people start gambling again, the Las Vegas-based casino company believes it will break its loan agreements this year, it said in a filing with the Securities and Exchange Commission.
That would mean a default on its senior credit facility, which MGM has asked to modify.
MGM Mirage will delay filing its annual report until March 17 because it is still assessing its financial position and liquidity needs, the company said in Tuesday's unscheduled filing. One factor in the delay, the company reported, was its decision last week to tap $842 million of its $4.5 billion senior revolving credit agreement to cover general expenses.
MGM Mirage casino co. says it may default on debt [Associated Press]
Posted by guest , Mar 04, 2009 10:44AM
Hahaha... PR release on GE read on CNBC... the rumors that GE is now desperate to raise new capital is a BASELESS LIE.
That means it's true! Go shorts!!!!
Posted by guest , Mar 04, 2009 10:48AM
Must be really cold in Vegas if that chick's tongue froze to the pole.
Posted by guest , Mar 04, 2009 10:51AM
It hurts doesn't it? Your hopes dashed, your dreams ("eeee!!!") down the toilet. And your fate is sitting right besides you.
Posted by guest , Mar 04, 2009 10:54AM
President Obama released a statement saying that at 3X odds on the pass line, playing the craps table at the Mirage is "compelling, from a historical standpoint"
Posted by guest , Mar 04, 2009 10:54AM
that pole just can't be sanitary
Posted by guest , Mar 04, 2009 11:07AM
Bring back the $1.00 all you can eat buffets. That's a sure way to increase traffic.
Posted by guest , Mar 04, 2009 11:17AM
Actually, that's MGM's CFO in the photo. Times are tough out there.
Posted by Anal_yst , Mar 04, 2009 11:22AM
CityCenter was doomed from the day they laid the first pad of concrete.
LET.IT.FAIL.
Posted by guest , Mar 04, 2009 12:06PM
Shit this is going to hurt the workers in Vegas. They may be forced to strip and ho. Vegas could become a low brow place if its not careful.
Posted by guest , Mar 04, 2009 12:53PM
I think she wants me.