We've been seeing the signs / numbers and most have been awaiting the announcement of bankruptcy filing by Project City Center. This information was published online by KLAS TV in an online breaking news alert. Their anonymous source for this was from someone within MGM Mirage, which of course serves as the parent company of Project City Center, LLC. The source and the alert indicated that City center may file bankruptcy as soon as tomorrow.
With the recent suit filed by Dubai World, a massive debt load (13 billion plus), and reduced revenue from gaming and most other tourism activities during a poor economy, it's surprising that this hasn't happened earlier. In reality, it may be their only logical survival ticket. It's likely that business will continue as usual if in fact this bankruptcy filing actually occurs. We'll see.
Cheers...
Chuck60
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