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MGM Back From the Brink -- for Now
Thursday, June 25, 2009 at 4:47:52 PM
MGM Mirage is proving that if you go deep enough in debt and then make several last-minute repairs, your lenders and your accountant can be quite an understanding bunch.
The casino operator got a boost Wednesday after its accountant, Deloitte & Touche, dropped the qualifying language in its financial assessment. Deloitte & Touche now agrees with the company that "there is no longer substantial doubt" about MGM Mirage's ability to continue as a "going concern."
Investors should take note that MGM Mirage's optimism is based on several recent financial events. The company will need to do more to maintain momentum.
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