MGM MIRAGE, through its subsidiaries, owns and operates casino resorts in the United States. The companyÂ’s resorts offer gaming, hotel, dining, entertainment, retail, and other resort amenities. It also owns and operates golf courses and a golf club. As of September 30, 2008, the companyÂ’s properties consisted of 17 wholly-owned casino resorts and 50% investments in 4 other casino resorts. It has a strategic alliance with the Mashantucket Pequot Tribal Nation, which owns and operates Foxwoods Casino Resort in Ledyard, Connecticut. The company, formerly known as MGM Grand, Inc., was founded in 1986 and is based in Las Vegas, Nevada. MGM MIRAGE is a subsidiary of Tracinda Corporation.
http://suprastock.blogspot.com/2010/07/percentage-gainers-adc...http://suprastock.blogspot.com/ MGM Resorts International. (NYSE:MGM) spurted 5.91% to $10.40 on 12.65 million shares. In the last five trading sessions the stock went up over 12%. MGM Resorts International, formerly MGM MIRAGE, is a holding company engaged in gaming, hospitality and entertainment. The Company owns and operates casino resorts, which includes offering gaming, hotel, dining, entertainment, retail and other resort amenities.
All quite true but you have failed to mention that they are drowning in debt. They will have to sell some of their other properties, like they did with the TI, just to stay afloat. They have pinned all their hopes on their City Center project which has an unbelievable burn rate on cash flow and will be a phenomenal dud when and if it actually opens. The CEO, James Murren, was a big champion of this scheme but based his projections on a demand for luxury condos in Las Vegas that never will exist as well as a continued growth in tourism. With both these factors failing to materialize and their project partner Dubai World getting hammered financially it just seems likely that this is going to be the stone aroung that old MGM lion's neck that may finally bring it down.
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