Bad news for MGM Mirage. The gigantic gaming company and Foxwoods partner has joined 282 other companies on Moody’s Investor Services “Bottom Rung” list, which is made up of companies most likely to default on their debt.
MGM Mirage, which owns 10 Las Vegas casinos and was added to the “Bottom Rung” this quarter, has $8.1 billion of bonds outstanding, with $1.28 billion coming due this year, according to data compiled by Bloomberg. Gambling revenue in Las Vegas, the biggest betting center in the U.S., fell the most on record last year, causing declining sales at MGM Mirage.
Not surprisingly, also featured heavily on the list are media companies. Check out this handy-dandy chart from ZDnet.com.