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Two high-profile Las Vegas casino operators continue to struggle mightily with their debt obligations during the economic downturn. MGM Mirage, which faced the prospect of defaulting on $7 billion in long-term debt at the end of this month, announced that its lenders had agreed to waive payment on that obligation until May 15.
However, the operator of 10 hotel-casinos on the Vegas Strip and co-developer of the CityCenter complex said in a filing with the Securities and Exchange Commission that auditors have raised "substantial doubt" about its ability to continue, Bloomberg News reported. The auditors' comments increase the likelihood that the gaming company will need to file for bankruptcy to restructure its debts, Bloomberg said.
Meantime, Harrah's Entertainment said it may not be able to generate enough cash flow or secure additional loans to service its $23.1 billion debt. Harrah's, whose holdings include eight casino complexes in Las Vegas, made that disclosure in a filing with the SEC.
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