MGM Resorts Narrows 3Q Loss, CEO Says Bottom Is Here - Wall Street Journal

Wednesday, 03 November 2010 14:01 administrator
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(Updates with additional CEO comments; adds details, background)

As MGM Resorts International (MGM) continues to see a profit drain related to a weak tourism and business environment in Las Vegas, the company's chief executive says declines in gaming in Sin City have hit a bottom this year.

Although gaming executives touted last year that

declines in room rates and occupancy at casino resorts were stabilizing, conditions continued to deteriorate as unemployment mounted amid a brutal recession. This forced gamblers and tourists to continue to cut back spending on discretionary activities, particularly on gambling and glitzy vacations.

"It was worse last ...



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