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March 2nd, 2009, 03:03 PM
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Executive Member
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Join Date: May 2006
Location: NYC
Posts: 5,248
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MGM moving towards Bankruptcy?
Echoing Harrahs move a week or so ago, MGM has now drawn a major part of its Credit Reserve to use for everyday operating expenses. This does not bode well for the companies future.
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Only those who will risk going too far can possibly find out just how far one can go.
We cannot direct the wind, we can only adjust our sails.
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March 2nd, 2009, 04:24 PM
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Senior Member
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Join Date: May 2007
Location: Midwest
Posts: 203
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I could see MGM selling other properties though. Say Mirage is next...there's another hundreds of millions in the bank
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March 2nd, 2009, 05:08 PM
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Senior Member
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Join Date: Dec 2008
Posts: 200
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Quote:
Originally Posted by chichow
I could see MGM selling other properties though. Say Mirage is next...there's another hundreds of millions in the bank
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Are you buying Mirage?  
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P.D.
A gambler with a private wire......
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March 2nd, 2009, 05:27 PM
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Senior Member
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Join Date: Aug 2007
Posts: 345
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Looks like they've withdrawn the last of their available credit. Things certainly are not looking good for them. It will be interesting to see whether they decide to sell additional properties as they recently sold TI.
http://www.cfo.com/article.cfm/13209...todayinfinance
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March 2nd, 2009, 05:50 PM
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Executive Member
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Join Date: Oct 2007
Location: East Coast, U S A
Posts: 1,818
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Maybe they will unload The Gold Strike in Tunica.
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"I have approximate answers and possible beliefs and different degrees of
certainty about different things, but I'm not absolutely sure about anything."
… Richard Feynman, 1965 Nobel Laureate
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March 2nd, 2009, 06:57 PM
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Senior Member
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Join Date: Apr 2008
Posts: 211
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im sure having $3.05 a share stock losing 10% of its value almost daily isnt helpin gthem out much either
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March 4th, 2009, 01:09 PM
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Executive Member
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Join Date: May 2006
Location: NYC
Posts: 5,248
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MGM announced today that it may seek bankruptcy protection. It is trying to sell 300 acres of undeveloped land in Vegas and two jets. MGM and its partner,Dubai Worlds, are an estimated 1.3 billion dollars short of the cash needed to finish City Center, and have a more than 5 billion dollar ballon payment due on its debt in 2010.
__________________
Only those who will risk going too far can possibly find out just how far one can go.
We cannot direct the wind, we can only adjust our sails.
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March 4th, 2009, 05:42 PM
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Executive Member
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Join Date: Apr 2008
Posts: 1,902
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Quote:
Originally Posted by shadroch
1.3 billion dollars short of the cash needed to finish City Center
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I'd be extraordinarily sad if they didn't finish City Center ...
... I hate walking to Monte Carlo from the Bellagio! 
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March 4th, 2009, 07:23 PM
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Administrator
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Join Date: Mar 2005
Posts: 1,625
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Here's a news story:
http://news.yahoo.com/s/ap/20090304/...age_finances_1
My wife made an amusing Freudian slip when confronted with this news, mentioning Kevorkian instead of Kerkorian. Very apropos.
And, to callipygian, yes, it was a sad day when the shuttle down to Monte Carlo was shut down. That was a regular part of my scouting path in those days.
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March 4th, 2009, 07:42 PM
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Senior Member
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Join Date: May 2008
Posts: 139
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Be careful Ken, Kirk may be asking to borrow the keys to your new Merc!
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