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***GambLux EDITOR NEWS*** |
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MGM Mirage Announces Third Quarter Report
[Sunday, November 02, 2008]
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MGM Mirage Casino could be in financial distress if the trend they are following continues based on the company's third quarter report. The recent figures are down and this could be a sign that consumers simply do not have the money to keep pumping into slot machines in Las Vegas.
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Wednesday's report was no big surprise as other companies can already predict the results and say that the economy is triggering less gambling in Las Vegas. Consumers are declining and the city's main source of income is badly affected.
MGM's net income dropped from 183.9 million USD to 61.3 million USD, a decrease of 67%, making it one of the worst meltdown for a gambling company in Las Vegas. Both the slots betting on the Vegas Strip and the table game betting at MGM's Las Vegas properties were down at 13%. Even the number of hotel accomodations were down.
The economic problems of the country has hardly hit the casino industry. Even Las Vegas, the city that usually doesn't get affected, is feeling the country's economic downfall. The city's income used to be stable and need not to worry about the state of the US economy because they have consumers coming in from different countries. But Macau's entry into the gambling industry marked an end to the glorious days of the famous Sin city as it's main source of income is heading towards recession.
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