mandj98's Flickr photostream/Creative Commons
MGM Mirage, the largest casino company on the Las Vegas strip, has said that auditors of the company are questioning its ability to remain in business. The admission, which came in a regulatory filing by the company today, shows the dire straits the company has reached due to its debt structure and dwindling gambling revenues which in the past had glossed over its balance sheet. Amongst the many outstanding loans owed by MGM is the massive City Center multiple use development project on the Las Vegas Strip, which the company insists will be completed on schedule.
So this is what it’s come to? Even the ginormous MGM Mirage corporation, a gambling concern with casinos all over the world reaching from Nevada to Macau to Detroit is on the brink of filing Chapter 11 due to the troubled economy. It’s almost enough to drive someone to go drink and gamble all night.
You can takepart in helping those with gambling problems by checking out Gamblers Anonymous.
LINKS:
AP: Casino Giant MGM Mirage loses $1.1 B in 4th Qtr
MSNBC: Detroit’s MGM Grand may be for sale
Bloomberg: MGM Mirage said to offer casinos as loan collateral
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This can’t be true. How can such dazzle and glitz be broke. Where has all the money gone!
Where Have All the Greenbacks Gone
Inspired by Wall Street when the Bubble Burst
Written to “Where Have All The Flowers Gone?” by Pete Seeger
Where have all the greenbacks gone?
Shorted by passing.
Greenbacks wall street built upon.
Short while ago!
No greenbacks to play a pawn?
Gone to experts, Dem and Con.
When will these experts learn?
Explain it so experts learn!
Where have all the experts gone?
None are passing.
Experts get to play the lawn,
With a drink to go.
Jobs are what men base worth on.
Jobs not kids to thrive upon.
When will the mothers learn?
Job share so mothers learn!
Where have all the good jobs gone?
Global passing.
Menial jobs just make us yawn!
Do the job or go.
Big profit players wait and fawn.
For profits some work dawn till dawn.
We need profits, fathers learn.
Kids hurt, please fathers learn!
Where have all the profits gone?
Play buck passing.
Balance profit by brains and brawn.
Play fair or go.
Share those greenbacks. GO! GO ON!
Earn your money! Don’t wish upon!
When will our leaders learn?
Please help our leaders learn!
Where have all the greenbacks gone?
Lets be passing,
Greenbacks for all to live upon.
Let it all go.
Spend the money to lite the dawn.
How to share? Use brain plus brawn!
When will we ever learn?
Now WE ALL must learn!
Love Lora Bruncke