Fitch drops outlook for MGM Mirage

11 Aug 2008

NEW YORK -- Fitch Ratings said Friday it had lowered its outlook of MGM Mirage to negative from stable because of the weakening gaming sector and challenges the company is facing to secure the final $3 billion of financing for its massive CityCenter development.

Fitch has a BB rating on MGM Mirage. The ratings agency said that a downgrade or a return to a stable outlook depended on the completion of the $9.2 billion CityCenter's financing and improvement in results in Las Vegas.

During the company's quarterly earnings release on Tuesday, MGM Mirage officials said the company had secured $1.65 billion of the financing and expected to complete the remaining portion by the end of September or sooner.

MGM Mirage President and Chief Operating Officer Jim Murren said Wall Street's questions surrounding financing had been "overdone."

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	Fitch drops outlook for MGM Mirage 11 Aug 2008 NEW YORK -- Fitch Ratings said Friday it had lowered its outlook of MGM Mirage to negative from stable because of the weakening gaming sector and challenges the company is facing to secure the final $3 billion of financing for its massive CityCenter development. Fitch has a BB rating on MGM Mirage. The ratings agency said that a downgrade or a return to a stable outlook depended on the completion of the $9.2 billion CityCenter's financing and improvement in results in Las Vegas. During the company's quarterly earnings release on Tuesday, MGM Mirage officials said the company had secured $1.65 billion of the financing and expected to complete the remaining portion by the end of September or sooner. MGM Mirage President and Chief Operating Officer Jim Murren said Wall Street's questions surrounding financing had been "overdone." Copyright GamingWire. All rights reserved.