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   Monday, April 22 2024 
MGM Mirage: $2.5 billions of fundsÂ’ raising on market place

Because of the financial crisis which extremely affects physical casino activities and the extent of the competition between websites of online games, the number one among American casinos, MGM Mirage, decided to raise an important fund on market place. After coming near bankruptcy last March, the group decided to increase its working capital and to run back to bonds on Stock Exchange. Last Wednesday, a fund collection amount to $2.5 billions has been done on financial markets. In all, 81 millions ordinary shares were sent out to collect approximately $1 billion which means 13.5% increase of the number of the casino' shares. This announcement leaded into a decrease of 40% of its shares value in stock exchange markets.

On the other hand, MGM Mirage applied also for 5 and 8 years bonds on market place which is estimated at $1.5 billions in all. Its two famous casinos, Bellagio and Mirage in Las Vegas will be used as guarantee for these loans. Beside the decrease of theses casino' turnover and the fall of its hotels frequenting, the high expenses for the building of tourist complex and trading center "City Center" pressed hard on the enterprise result. This new place called to become the capital of game is expected to be open at the end of the year. During the last first quarter, in order to reduce losses, the group were already forced to sell a hotel-casino for $775 millions.

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