"MGM Mirage says it may break loan covenants this year unless more people gamble."
Is nothing sacred? LOL
There are a more tha a few brokerages behind them on this default curve as the punters start hitting the wall, and the loose money in the speculating economy continues to flow into the black hole of the money center banks.
AP
MGM Mirage casino company says it may default on debt
By Oskar Garcia, Associated Press Writer
Tuesday March 3, 5:23 pm ET
Casino company MGM Mirage says it may break loan covenants this year unless more people gamble
LAS VEGAS (AP) -- Casino operator MGM Mirage says it believes it will break loan convenants this year unless the economy turns around and more people gamble.
The Las Vegas-based casino operator said in a Securities and Exchange Commission filing on Tuesday that it will delay filing its annual report because it is still assessing its financial position and liquidity needs.
MGM Mirage says that if it breaks its covenants to lenders, it will default on its senior credit facility. The company says it has asked to modify the credit facility but doesn't know yet whether its terms will change.
MGM Mirage says its annual report will likely contain a report from its independent accountants about MGM Mirage's ability to continue as a company.
