Royally Flushed

In doing my research this past weekend for some upcoming articles, I came across tons of news items detailing the stock declines of the major players in the gaming industry.  And it’s not just the casino owners/operators who are seeing double-digit stock drops but also the game and technology manufacturers.  Thought it would be interesting to see some of the numbers — all in one spot — so here’s a chart showing just that:  (All prices are as of market close November 14, 2008.) (more…)

Screech.  Thud.  Those are the sounds of casino construction being brought to a halt across the country.  It seems there is news every week about another project being put “on hold” as the downturn in the economy continues to affect all segments of the gaming industry.  Curious, I compiled this list of who is stopping what and where…so far.

MGM Mirage – Announced in its third-quarter earnings release on October 29 that the company is postponing indefinitely its MGM Atlantic City project citing “current economic conditions and the impact of the credit market environment.”   In Las Vegas, MGM Mirage has also halted plans “for the development of a major resort complex on the southwest corner of the Las Vegas Strip and Sahara Avenue in Las Vegas….” 

There’s better news, however, for MGM’s CityCenter Las Vegas development.  In an interview with Market Watch, company officials said the $9 billion resort complex “will get the financing it needs to be completed.”  (more…)