MGM Mirage news stories on Newser

MGM Mirage Doubles Down on Global Market

Jason Farago — Wed, 20 May 2009 08:32:00 CDT

With the hospitality business gasping for air and its own core business in trouble, MGM Mirage is going global in hopes of building its brand well beyond Las Vegas. Having sealed eight deals with hotel developers and in talks with 10 more, the company will introduce the Bellagio and MGM...

Cash-Poor MGM Mirage May Sell Casinos

Harry Kimball — Sat, 04 Apr 2009 12:42:31 CDT

MGM Mirage, the gambling conglomerate, is considering the sale of casino properties in Michigan and Mississippi to pay down debt and save an underfunded Las Vegas development, the Wall Street Journal reports. The Vegas-based company has retained Morgan Stanley to shepherd the sales of the MGM Grand Detroit and Biloxi’s...

Giant Vegas Project May File for Bankruptcy

Jason Farago — Fri, 27 Mar 2009 07:33:24 CDT

City Center, the sprawling $8.6 billion Las Vegas development and the largest private construction project in history, will likely fail to make a $220 million debt payment today and may file for bankruptcy. The project is a collaboration between Kirk Kerkorian's MGM Mirage and Dubai World, a conglomerate owed...

What Downturn? Vegas Gets New $2.3B Resort

Wesley Oliver — Sat, 20 Dec 2008 16:15:01 CST

Recession has dimmed the glittering lights of Las Vegas, but it hasn’t stopped hotel and casino mogul Steve Wynn, AFP reports. Wynn is preparing to open the lavish $2.3 billion resort Encore on Monday as Sin City weathers its worst economic meltdown in decades. “I don't owe a dime...

MGM Mirage Chief Quits Amid Fake MBA Flap

Rob Quinn — Fri, 14 Nov 2008 02:04:44 CST

The CEO of MGM Mirage has announced his resignation, but denied it had anything to do with lying about having an MBA, reports the Wall Street Journal . J. Terence Lanni, one of the most powerful figures in the gambling world, has long claimed to have an MBA from the University...

MGM Delays New Casinos for Vegas, Atlantic City

Nick McMaster — Wed, 29 Oct 2008 15:03:19 CDT

MGM Mirage will suspend work on new casinos in Las Vegas and Atlantic City due to the dismal credit climate, the Wall Street Journal reports. The firm reported a 67% drop in third-quarter net income as the slumping economy quells consumers’ desire to gamble or spend at casino restaurants and...

US Casinos Dotting Macau Can't Cash In

Jonas Oransky — Thu, 22 May 2008 17:51:04 CDT

Casinos on the Chinese island of Macau create more gambling revenue than the ones in Las Vegas and Atlantic City combined, but US operators—permitted to set up shop there since 2004—are decidedly not rolling in the money. The Wall Street Journal looks at the bumps in the road...

Comeback for Siegfried & Roy?

Peter Fearon — Tue, 04 Dec 2007 07:54:55 CST

Four years after a horrific mauling by a 600-pound white tiger at the Mirage hotel almost killed Las Vegas showman Roy Horn, he and partner Siegfried Fischbacher appear to be planning a comeback, reports People magazine. "A good magician never lets the cat out of the bag," the still-recovering Horn,...

Dubai Betting $5B on Vegas Casino Giant

Heather McPherson — Wed, 22 Aug 2007 14:01:17 CDT

Dubai World—a company owned by the government of the oil-rich Persian Gulf state—plans to invest up to $5.1 billion in MGM Mirage, the world's second-largest casino company, Bloomberg reports. The move would give Dubai a presence in booming Las Vegas and free up assets for MGM Mirage...