|
Economic recession impact on MGM Mirage
 March 19, 2009, 2:27 am (2 years ago)The worldwide economic slump has laid its hands on casino gambling giant MGM Mirage, causing $1.15 billion loss in the 4th quarter of 2008. Earnings at one of the world's biggest casino gambling companies dropped from $1.93 billion the previous year to $1.6 billion in the Q4 of 2008, whilst analysts’ estimations were for $1.71 billion. The huge loss and the added $1.18 billion charge associated with some attainments made the in the previous years brought the company's loss to $4.15 per share. The Las Vegas casino company is claiming that it’s because of the economy slump, the decline in income and for the big losses taken by the gambling enterprise.
In the meantime investors keep on to be anxious about the situation of the casino giant, as MGM Mirage explained that the total loss for the whole 2008 was at $855 million, compared to the $1.58 billion income it took in 2007. Also, officials at the casino gambling company stated at the beginning of this month that MGM can in fact default on its debt related to the $8.6 billion CityCenter complex project on the Las Vegas Strip.
Automatic Translation
|
Comments (0)
