MGM Mirage keeps on investing big money

| Published on May 25, 2008

The casino giant MGM Mirage is building its $ 8 billion CityCenter. MGM Mirage is a Wall Street favourite, because in spite of the fact that it keeps on spending a lot, it has a very strong financial position about $ 7 billion in the bank. It raised his amount in years. MGM has already sold $ 1.7 billion in condos at the CityCenter, now it has to raise the other $ 3, 5 billion to finance the megaproject. The major banks can't wait to work with the company. Not all companies get loans from a bank easily, but the fact is that MGM has its relationships with Dubai World and that's why it hasn't really problems to get the financing. Besides, the MGM Mirage wants to upgrade rooms of several of its hotels, it's a business strategy. When the economy returns to full speed, it can make easier money than.

But already before the economy slowdown, the MGM Mirage started selling rooms through company owned web sites it also shared the incomes with online booking companies and like that the management of the room inventory was even more efficient.
Harrah's Entertainment is the company's biggest competitor. Harrah's didn't have financial problems during the slowdown either, indeed it's spending over a billion dollars on a new hotel tower at its Caesars Palace flagship and it plans 3 more projects: a Margaritaville branded resort in Biloxi, Harrah's Atlantic City expansions and Horsehoe Hammond Casinos.

MGM expects to accumulate management contracts and license its brand to hotels built by partners. These hotels should be built in places like Abu Dhabi, China and Dubai and it should be non gaming hotels, obviously luxury hotels.

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