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
The Vdara tower is pictured at CityCenter in Las Vegas, May 8, 2008.   (AP Photo)
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(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.