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Robin Leach: Luxe Life
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October 29, 2008 · 9:18 AM
MGM puts casino developments on hold
By Robin Leach
MGM executives have just confirmed they have put both their casino developments on the Strip and in Atlantic City "on hold" with no advisement as to when they will be reactivated!
They have just told Wall Street analysts the Atlantis water-themed resort casino joint-venture development - with Sol Kerzner for the land between its Circus Circus property and Sahara Avenue - has been indefinitely postponed.
In addition, MGM reported earnings per share for the third quarter fell to just 22 cents after earlier bankers' predictions of 32 cents in earnings. MGM said Strip earnings suffered a whopping 18.4 percent drop compared with third quarter 2007. However the Bellagio outperformed all other properties.
MGM executives, currently holding an investor conference call, have not commented on its debt/refinancing plans or the condo sales situation at its massive CityCenter project.
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