MGM/Mirage may have to file for bankruptcy....

TeeCee

2009-03-05 04:20:56

Interesting report in the Las Vegas Review Journal -

http://www.lvrj.com/news/breaking_news/40689252.html

Not sure what that might mean for the big Vegas hotel/Casino's, possibly not much as they just need to restructure their finance by the looks of it, but the City Centre project is draining them big time.

Station Casino's are planning to file for Chapter 11 bankruptcy too although Boyd Gaming have tried to buy several of their casinos (but have been turned down). Boyd Gaming own the Orleans, Suncoast and Sams Town amongst others.
I know chapter 11 Bankruptcy doesn't mean the end, as I understand it, US Airways have been in chapter 11 for years now?

The next couple of years are going to be very very tough for Vegas.

lesley74

2009-03-05 20:04:05

Re: MGM/Mirage may have to file for bankruptcy....

Yes, they can be in chapter 11 repeatedly. I don't know the ins and outs, but yes US Airways was planned to file for it when we were in Vegas a few years ago. We knew before we went and it was maybe about 2 days before our flight home. We were reassured that it was fine and that our flight home should be fine. I think it's just an early stage in financial proceedings. Not that sure about what it means, but it's not the definite end of a business.

Let's hope Vegas survives!

hotxbun

2009-03-16 23:02:26

Re: MGM/Mirage may have to file for bankruptcy....

I was in Vegas last week and I heard the Tropicana had gone bust and that Chinese had bought it.
The plan is to flatten it and rebuild it with a complex which includes a Great Wall of China and a Terracotta Army.

That's what a taxi driver said - it does sound possible!!

It would be a shame, I spent last Friday night at the Tropicana, it's got a lot of Las Vegas history and nostalgia - had a great time looking at all of the old photos of the stars playing there in the 70's, although it was $5 for a beer and i lost my money!

Arab money and now Chinese - that's where the money is nowadays.

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