Moody's puts MGM Mirage ratings on review

19.07.2008, Lesen Sie hier den Bericht über «Moody's puts MGM Mirage ratings on review».

NEW YORK - Moody's Investors Service on Friday placed the ratings of MGM Mirage on review for possible downgrade, prompted by the softening of the Las Vegas gambling market and the company's need to secure financing for its City Center joint venture.

Ratings placed on review for possible downgrades include the non-investment grade "Ba2" for corporate family, probability of default and senior unsecured notes ratings as well as the "Ba1" rating for senior subordinated notes.

Las Vegas reported much larger-than-expected declines in gaming revenues in May, Moody's (nyse: MCO - news - people ) reported. The deteriorating market comprises about 80 percent of MGM's earnings before interest, taxes, depreciation and amortization.

Moody's also said the company's credit could weaken to a level inconsistent with its current "Ba2" rating because of uncertainty regarding the level of future funding support for City Center. MGM Mirage (nyse: MGM - news - people ) has a 50 percent interest in CityCenter Holdings Inc., a mixed-use project on the Las Vegas Strip.

Mirage Resorts' "Ba2" rating on senior unsecured notes and Mandalay Resort Group's "Ba2" for senior unsecured notes and "B1" for senior subordinated notes are also being reviewed.

Moody's also affirmed the company's speculative grade liquidity rating at SGL-3, reflecting adequate liquidity. The company's negative free cash flow is offset by borrowings available under its $4.5 billion revolving credit facility.

Moody's review will focus on evolving operating trends in the Las Vegas gaming market, the final terms of the City Center financing and their impact on the company's liquidity and credit profile.

Headquartered in Las Vegas, MGM Mirage owns 17 properties in Nevada, Mississippi and Michigan. Shares rose 13 cents to $26.23 in morning trading.

Copyright 2008 Associated Press. All rights reserved. This material may not be published broadcast, rewritten, or redistributed

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Über Glücksspiele Las Vegas - Gambling in Las Vegas:

Las Vegas liegt im Westen der USA im Bundesstaat Nevada und ist das Glücksspiel-Paradies von Amerika.

Las Vegas hat rund 100 Spielcasinos. Im Bundesstaat Nevada sind sogar über 300 Spielcasinos registriert. Die grössten Casinos sind das Bellagio, Caesars Palace, Venetian / Palazzo, Wynn / Encore, MGM Grand, Mandalay Bay.

Weitere bekannte Casinos sind das Mirage, frühere Heimat von Siegfried und Roy, das Luxor in Form einer Pyramide oder das Casino Rio All-Suite Hotel and Casino, in welchem jährlich die Pokerweltmeisterschaft (World Series of Poker WSOP) durchgeführt wird.

Die bekanntesten zwei Strassen sind der Las Vegas Boulevard, welcher auch als Las Vegas Strip bezeichnet wird. Daneben ist die Fremont Street eine gut besuchte Casino-Meile, wo beispielsweise das legendäre Casino Binion's (vormals Binion's Horseshoe) seine Spiele anbietet.

Las Vegas erstreckt sich über eine Fläche von 340 km2 und hat rund 650'000 Einwohner.

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