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FRIDAY, NOVEMBER 27, 2009
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MGM Delays New Casinos for Vegas, Atlantic City

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

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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.

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)
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