MGM Mirage has $1.1 Billion Losses in 4Q
Casino giant MGM Mirage has recently reported its $1.1 billion profit loss during the fourth-quarter of last year as gamblers have also realized that their income has turned disposable for the last couple of months as the US market continuously trembles from the impact of recession.
In total, this business is now facing more than $13 billion in debt, according to its chief executive.
Casino giant MGM Mirage has recently said it experienced $1.1 billion profit loss during the fourth-quarter of 2008 as gamblers have also realized that their income has turned disposable for the last couple of months as the US economy is continuously spiraling down due to recession.
In a conference with investors, MGM chief executive Jim Murren said the company is facing more than $13 billion debt, adding that swift action should be executed immediately to cushion the impact of its slumping profit.
“There should be complicated decisions to make to address the company’s problem and I believe it wouldn’t be so easy” Murren added.
Meanwhile, the CEO allayed some concern of investors over the future of MGM, saying the business will eventually “succeed” as long as the right decisions will be made that will result to “small progress every day.”
Earlier reports said the company has $4.15 per share losses in the fourth-quarter, a huge slump from its strong profit from the previous quarter which amounted to more than $872 million.
According to MGM Mirage, its revenue slumped to $1.6 billion in the fourth quarter last year from $1.93 billion of the previous quarter-period.
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