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Casino Slump on Vegas Strip

As a follow on from last week’s story regarding the troubles at the MGM in Las Vegas, News 3 reported that the gaming sector was hit by multiple disasters.
It has been said that if you invested one hundred dollars in MGM Mirage stock in 2007, your investment would only be worth $2 today.

In an unprecedented sign of the global economic times, 98% of the company’s stock value disappeared virtually overnight. This follows on MGM signing loan agreements for billions of dollars in a move to complete City Center, the biggest project undertaken in Las Vegas in the last decade.

MGM’s financial woes have extended to other casinos along the strip. Riviera Holdings Corporation has defaulted on their $245 million credit line, according to Wachovia Bank. Stratosphere is proceeding with layoffs and salary cuts. Harrahs Entertainment credit worthiness rating has been downgraded by two notches.

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