Financial Times FT.com

MGM Mirage wins 11th-hour reprieve

By Matthew Garrahan in Los Angeles

Published: March 17 2009 23:50 | Last updated: March 17 2009 23:50

MGM Mirage has obtained an 11th-hour reprieve from its lenders with a waiver that will allow the heavily indebted casino operator to stay afloat for the next two months.

The company, owner of the Bellagio, Mirage and MGM Grand casinos, has been hit by a steep decline in visitors to Las Vegas and recently warned that it risked defaulting on its debt.

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