Who would have ever thought that the stock of MGM Mirage would be making its way back up after falling so far down in recent months? Well, that is exactly what seems to have happened, and it happened in a very big way. It seems that just last week the stock for the company climbed an astonishing 36%. This rise came in soon after the news broke that the MGM Mirage had been able to secure financing to complete the CityCenter project that it began.

The CityCenter, an $.5 billion dollar project set on the strip in Las Vegas has turned into quite the debacle. But now, with the financial situation under control, the company was able to put the disputes that it has been engaged in with its partner company, Dubai World, to rest. MGM Mirage is one of those staple big-name casino companies that has taken many hard hits during this low spot for the national economy. In a time when business is booming for online casinos, even famous land-based casinos such as the MGM Mirage are not faring so well.

The online casino business is indeed soaring ahead and expanding in new ways every day. Online casinos have taken advantage of their versatility and been able to find new ways to attract people to their sites. Land-based casinos, on the other hand, have fallen into rough financial territory. As the deal for the City Center went through the stocks for the company charged ahead all the way to $8.38. That is a pretty remarkable finish seeing as how it started $2.20 below that amount.  The company was also able to secure waivers from their assortment of lenders so that they could have some more time to try and make good on their loans. Now they have until the 30^th of June to accomplish that.

Tags: Las Vegas Casinos, MGM Mirage

This entry was posted on Monday, May 4th, 2009 at 12:02 pm and is filed under Las Vegas Casinos. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.