Opinion on  MGM MIRAGE (MGM)     Sector: Services  >  Industry: Casinos & Gaming
Bullish on MGM ...

All quite true but you have failed to mention that they are drowning in debt. They will have to sell some of their other properties, like they did with the TI, just to stay afloat. They have pinned all their hopes on their City Center project which has an unbelievable burn rate on cash flow and will be a phenomenal dud when and if it actually opens. The CEO, James Murren, was a big champion of this scheme but based his projections on a demand for luxury condos in Las Vegas that never will exist as well as a continued growth in tourism. With both these factors failing to materialize and their project partner Dubai World getting hammered financially it just seems likely that this is going to be the stone aroung that old MGM lion's neck that may finally bring it down.