MGM Mirage announced their 3rd quarter results for 2008:
http://phx.corporate-ir.net/phoenix.zhtml?c=101502&p=IROL-NewsText&t=Regular&id=1219027&
and
http://www.lvrj.com/news/breaking_news/33503729.html
Profits are way down from the year ago quarter. MGM Grand Macau is doing a bit better and Bellagio had an unexpected uptick but generally, they're feeling the pinch as you can see in the figures.
Comments
They really are not that bad at all. But I think the 4Q might be. Stock is up 25% now, and LVS is up 70% today. Amazing.
It appears they are backing off any new developments and focusing on City Center. Also, the Detroit numbers are way up.
Profits are down, but it is still a profit. Boo hoo!
There we have it, more proof that our beloved city is not recession proof; not that any of us thought that recently. I hear reports of an empty I-15 (there is such a thing?) on Friday afternoon coming into Vegas: not a good sign.