from Leisure Opportunities (11/3):
MGM Mirage postpones casino projects after profit slump
by: Luke Tuchscherer
"MGM Mirage, the US casino giant, has announced that it will delay two projects after seeing its third quarter profits fall 67 per cent.
The credit crunch has hit Las Vegas gambling business hard, and the company – which is owned by Tracinda Corp and operates Vegas resorts such as the Bellagio and Circus Circus – has seen revenue drop 6 per cent to US$1.8bn (£1.1bn)
MGM Mirage's net income for the period ended 30 September dropped to US$61.3m (£38.5m), or 22 cents per share, compared with US$183m (£115.6m), or 62 cents per share, for the same period last year.
Shares, which were more than US$95 (£59.77) last year, rose 24 per cent on Wednesday to US$12.80 (£8.05)." ...
for the complete story
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from the Toronto Star (10/30):
Resort projects on hold as profit slumps
October 30, 2008
"MGM Mirage, the world's second-largest casino operator, said yesterday it will delay projects in Atlantic City and Las Vegas amid the global credit crisis and said third-quarter profit fell 67 per cent as business slumped on the Strip." ...
for the complete story
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