Snappy newsletters. Simple Facebook sharing. Spirited comments. Sweet features are waiting… GET THEM NOW!

Hot on Facebook
Man Tries to Order Priciest Starbucks Drink Ever Total cost: $23.60 »

MGM Delays New Casinos for Vegas, Atlantic City

After credit downgrade, firm reports 67% decline in quarterly net income

By Nick McMaster,  Newser Staff

Posted Oct 29, 2008 3:03 PM CDT

(Newser) – MGM Mirage will suspend work on new casinos in Las Vegas and Atlantic City due to the dismal credit climate, the Wall Street Journal reports. The firm reported a 67% drop in third-quarter net income as the slumping economy quells consumers’ desire to gamble or spend at casino restaurants and luxury shops. Fitch downgraded MGM Mirage’s credit rating to “junk” level last week.

The Vdara tower is pictured at CityCenter in Las Vegas, May 8, 2008.
The Vdara tower is pictured at CityCenter in Las Vegas, May 8, 2008.   (AP Photo)
MGM Grand Macau opened late last year.
MGM Grand Macau opened late last year.   (AP Photo)
Construction workers leave the construction site of MGM Mirage's mega resort CityCenter in Las Vegas in this May 10, 2007 file photo.
Construction workers leave the construction site of MGM Mirage's mega resort CityCenter in Las Vegas in this May 10, 2007 file photo.   (AP Photo/Jae C. Hong, file)
The construction site of MGM Mirage's megaresort CityCenter is shown in Las Vegas, Wednesday, June 20, 2007.
The construction site of MGM Mirage's megaresort CityCenter is shown in Las Vegas, Wednesday, June 20, 2007.   (AP Photo/Jae C. Hong)
« Prev« Prev | Next »Next » Slideshow
To report an error on this story, notify our editors.
A snapshot of the day's best news stories.
 
COMMENTS
Be the first to comment on this story.

More Newser Stories

Trump Casino Offers Plastic Surgery Jackpot

MGM Wants to Blow Up Never-Opened Vegas Hotel

Steve Wynn: Businesses 'Frightened to Death' of Obama

Two Gamblers Take NJ Casino for $11M

Las Vegas to Lose No. 2 Gambling Spot to...


NEWS FROM OUR PARTNERS
Other Sites We Like:   24/7 Wall St.   |   Betty Confidential   |   BuzzFeed   |   Cracked   |   Fark   |   Timelines   |   The Frisky   |   Geek Sugar   |   NewsOne