Like many other casino companies, MGM believe in the future of the gambling industry
Posted on August 7, 2008 - Filed Under NEWS
With the crisis of the subprime, the real estates prices are going down which puts a halt to the constructions of new buildings.
In this situation, a grandeur City Center complex worth $11.2 billion is to be constructed in the Las Vegas strip, USA. The complex will comprise hotels, casinos and condominiums. An incredible number of renowned banks will finance the project and MGM, The casino company, has received $1,65 billion loans for their future CityCenter.
MGM Mirage is a society that believe in its future and believes that the crisis will pass with time.
Like most companies, MGM’s profit was reduced, in the second-quarter the profit fell down with 68,6 % . Las Vegas-based casino operator’s net incomes have slumped from $360.2 million to US$113.1 million.
The casino market has suffered enormously under a situation of economic recession, soaring fuel prices and a huge housing slump unwithenessed since the Big Depression. Nevertheless, MGM believe in their revenues growth and huge future profits in return to their investing in CityCenter
